GYR stakes property 3 miles SW from DRZ/Teck JV
Here is the News Release:
Gallery Resources Limited - gallery-gold.com
Mineral claims staked; drilling activities expanded
Gallery Resources Limited GYR-ASE
1997-10-21 close $0.84
Wednesday Oct 22 1997
Mr Bruce Costerd reports
The company has improved on its land position in Labrador by staking an additional 467 mining claims (23,350 acres), which were filed on October 20 at the Mineral Claims Recorders office in St John's. The new mining claims were staked on the basis of the positive exploration results being obtained from the company's Harp Lake 2 and Okak Bay properties. The Harp Lake 2 property increased from 158 claims (7,900 acres) to 459 claims (22,950 acres) and the Okak Bay property from 232 claims (11,600 acres) to 348 claims (17,400 acres). As part of its newly acquired land package, the company was also successful in staking 50 mining claims, 2,500 acres, three miles southwest of the Donner Resources-Teck Corp joint venture property 22 miles north of the company's Harp Lake 2 property.
At Okak Bay, the company reported late last week an intersection of 160 ft of heavily disseminated sulphide mineralization in the first of two holes planned for this fall. This intersection has since been confirmed to extend a total of 205 ft. In the lower 45 ft, not previously reported, an increase in the amount of disseminated chalcopyrite (copper) mineralization was observed. The vertical drill hole which is presently at 3,050 ft has cut anorthositic rocks. These rocks were first observed at 1,765 ft and host the chalcopyrite mineralization over the lower 45 ft of the interval which now extends from 1,605 to 1,810 ft.
The company has received the final maps and interpretation report of the ground geophysics survey carried out on the Harp Lake 2 property by Labrador Exploration Services of Goose Bay. The survey results which were interpreted by Quantec Consulting Inc of Porcupine, Ontario have identified a very strong, multi-frequency HLEM anomaly corresponding to a northeast trending, high-conductivity and shallow subcropping (less than 30 ft to source), shallow east dipping, wide body conductive zone, which can be traced 500 ft and extends north of the current area of the grid survey coverage. These types of high-conductivity thickness products are similar to those obtained for nickeliferous (nickel rich) sulphides. The magnetic response obtained during the survey shows a very close correspondence between the major HLEM conductor and a magnetic high lineament. This report also recommends a collar location for the first drill hole to test the zone. Assay results received last week from surface sampling carried out in the area of the HLEM conductor returned significant nickel (0.60%) - copper (0.65%) - cobalt (0.12%) mineralization.
Based on this report, the company filed for a drilling permit with the Newfoundland and Labrador Department of Mines and Energy and this permit was issued as of 4:30 pm Newfoundland time, October 21 1997. The company is arranging for the mobilization of a drill to the Harp Lake 2 property and expects that drilling will begin late next week.
- featured on investor1.com -
cheers,
Kent |
