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GOLDEN BRIAR MINES LIMITED ANNOUNCES DETAILS ON OPTIONED PROPERTIES, WANAPITEI ANOMALY, SUDBURY, ONTARIO, CANADA
CALGARY, Dec. 8 /CNW/ - ''Golden Briar announces details on two base
metal prospects Flag Resources (1985) Limited (A.S.E.) has agreed to option to
Golden Briar from its 72,000 acre holdings in the Wanapitei Anomaly, opened
for exploration in 1990. The Wanapitei Anomaly is the regional twin magnetic
and gravity anomaly to the Sudbury Anomaly, the world's largest producer of
nickel and associated minerals.''
A. McNish-MacBeth Townships
Subject to regulatory approval, Golden Briar may earn a 50% interest in a
group of Flag claims by completing exploration expenditures of $300,000.00
over a 4 year period. The claims have 24 surface showings of base and
precious metal mineralization, including:
1. Surface showing, western side of Sturgeon River
In 1956, grab samples, from the surface showings, assayed from .44%
copper and .01 ounces of gold to 3.54% copper and .13 ounces of gold per ton.
There is a coinciding magnetic and E.M. conductor over the surface showing,
with drilling recommended.
2. Bedrock occurrence of massive sulfides
Two thousand feet southwest, six grab samples, in 1956, from a bedrock
occurrence of massive sulfides, averaged .75% copper, 6.78% lead, 13.5% zinc
and 1.37 ounces of silver per ton. Best values were 3.88% copper, 14.25%
lead, 22.04% zinc and 2.50 ounces of silver per ton. Initial exploration of a
close spaced ground geophysical survey has been recommended.
3. Southern sector of MacBeth Township
In 1996, a gravity survey outlined a large gravity anomaly at an
approximate depth of 1,400 feet, below surface showings, adjoining the south
boundary of MacBeth and north boundary of McNish Township. It is proposed to
drill the gravity anomaly.
B. Rathbun Township
Golden Briar may earn a 50% interest in a group of mining claims, in
Rathbun Township, by exploration expenditures of $400,000.00 over a four year
period. Two 2,500 foot deep drill holes, by Flag, on the claims, located two
miles apart, intersected large intervals of disseminated nickel and copper
mineralization. Recent research work in the area has suggested the nickel and
copper may have migrated from an underlying igneous intrusion. To test the
hypothesis, it is proposed to deepen the vertical Matagamasi Lake drill hole
from 2,500 to 4,000 feet.
Golden Briar says Flag Resources, in which it holds over 1,200,000
shares, and is the largest shareholder, is concentrating its exploration on
undrilled visible gold occurrences, on ground deleted from the Wanapitei Park,
for which its application for an Exploratory Licence of Occupation has been
approved.
Flag first applied for a Licence in 1984 when the ground was still in the
Wanapitei Provincial Park. It was about to be issued when exploration in
Ontario's provincial parks was frozen. In 1990, the Ontario government
decided the ground's significant mineral potential merited exploration by the
private sector, and should be deleted from the Wanapitei Provincial Park. The
ground was deleted from the Park on July 4, 1997. Flag's application for an
Exploratory Licence of Occupation was approved on December 3, 1997.
Flag reports the property has numerous showings of visible gold exposed
on the surface with assays indicating significant silver and minor copper
values with the gold. In 1938, grab samples from trenches along the main
2,000 foot long quartz vein system assayed from .23 to 4.66 ounces of gold per
ton. Seven hundred feet north, a 3 foot wide quartz vein assayed .32 ounces of
gold per ton (G.R. Berquist, Geologist). In 1952, a selected grab sample,
from the property assayed 21.58 ounces of gold per ton (Temiskaming Testing
Laboratories). In 1987, a grab sample, from the property, assayed .63 ounces
of gold and 7.89 ounces of silver per ton (William Rowell, Geologist). In
1997, a grab sample, from the property, assayed .39 ounces of gold and 3.85
ounces of silver per ton (Peter Giblin, Consulting Geologist, Sudbury,
Ontario).
In one of the three unpublished reports found by Flag, a report by
consulting geologist G.R. Berquist, in 1938, stated, ''The property appears
very encouraging as a gold prospect because the quartz veins show continuity
as to length, the pronounced shearing shows the widening of the quartz at
depth and the presence of free gold at the bottom of the (19 foot deep) shaft
shows continuation at depth. These factors plus structural features such as
faulting in the area have opened up channels for the hydrothermal solutions to
penetrate fractures and zones of weakness.''
The goal of the exploration program, recommended by consulting geologist
Peter Giblin, Sudbury, Ontario, is to determine the size, average grade of the
gold and tonnage of the principal vein systems, and any other visible gold
occurences found, in order to permit a preliminary evaluation of their
economic potential.
An initial 4,500 foot drill program is designed to sample the 2,000 foot
long quartz vein system over 1,100 feet of its strike length at a vertical
depth of 150 feet and at 150 to 200 foot intervals. There will also be an
initial exploratory drill hole into the gold-bearing quartz vein 700 feet to
the north and an initial exploratory drill hole into a quartz vein located
southeast of the main quartz vein system.
All samples are to be assayed for gold, silver and other metals that may
be present.
Flag says there appears to be considerable dissemminated sulfides in the
igneous intrusive rock formation, adjoining the gold-bearing quartz vein
system, which it is proposed to examine in greater detail, prior to any
exploratory work.
The Ministry of Northern Development and Mines has stated that there is
no indication that drilling has ever taken place, on the property, although
recommended at the time.
Flag's proposed exploration program at a cost of $250,000.00, has been
approved by a government appointed steering committee, consisting of
representatives from the Ministry of Northern Development and Mines, the
Ministry of Natural Resources, the Ministry of Energy and Environment, the
Sudbury District Health Unit and the Wanapitei First Nation.
Golden Briar and Flag have planned budgets of $400,000.00 each, for their
respective exploration programs.
The Montreal Stock Exchange has neither approved nor disapproved the
contents herein.
-0- 12/08/97
For further information: Golden Briar Mines Limited, 1970-540-Fifth Avenue S.W., Calgary, Alberta, Canada T2P 0M2, (403) 262-8883, Fax: (403) 262-8886
Good investing to all. RGW |
