CROSS LAKE NEWS !!!!
Excellent news out of hole 17
They found EXCELLENT intecepts of COPPER
This is significant as it could prove up
the KIDD CRREK model which is 50k's away.
They'll be drilling thru winter I bet -
this can only help HDD.
Good Luck Bullet
Cross Lake Minerals Ltd -
Sheraton-Timmins Hole CLS97-17 assay results; private
placement to Golden Knight closed
Cross Lake Minerals Ltd
CRN
Shares issued 25028080
1997-10-23 close $4.4
Friday Oct 24 1997
Mr Henry Ewanchuk reports
Cross Lake has received assay results for a section of hole CLS 97-17 on the
100% owned Sheraton-Timmins property.
Assays were received from 231.0 to 341.0 metres, with the significant values set
out below:
Length Copper Silver Zinc
Interval (m) (%) (g/t) (%)
248.0-260.5 12.5 1.77 18.15 0.41
including
251.0-255.0 4.0 3.24 35.47 0.05
258.0-324.0 66.0 0.19 15.86 1.12
including
275.0-279.5 4.5 0.03 87.31 2.51
including
304.5-311.0 6.5 0.12 11.52 4.18
Hole CLS 97-17 was drilled at a -65 degree dip in a northwesterly direction
66.0m southwest and parallel to hole CLS 97-16 but in the opposite direction to
hole CLS 97-16. Core angles are 45 degrees indicating that the mineral zones dip
steeply, near vertical, southward at -80 degrees. Hole CLS 97-17 was drilled to
test the westward extension of the zinc-lead-silver-copper mineralization
intersected in CLS 97-16 and to determine if a copper bearing phase to the
mineralized zone occurred. This fact has now been established indicating that
further drilling is justified to trace the extent of both a copper and zinc-silver
bearing system. An IP anomaly indicated that this zone of mineralization extends
on strike for greater than 600m. Further results from this and the remaining holes
will be released when they are completed.
The company has now closed its recently announced private placement of
1,000,000 common shares at $4115 to Golden Knight Resources.
The board of directors has renegotiated 150,000 incentive stock options
previously granted to James Tutton, the president of the company, which are
exerciseable on or before October 30 1997. The option has been adjusted so that
Mr Tutton has an option to purchase 75,000 shares until March 31 1998, and an
additional 75,000 shares until October 30 1998. All other terms and
considerations remain the same. Given the tax implications of the October 30
1997 expiry date, the board of directors is of the opinion that the new expiry
dates will allow a more orderly exercise of the option and disposition of the
shares. |
