!!!!!!NEWS RELEASE!!!!
Subject:
Stockwatch: Cartaway Resources Corporation - News Release
Date:
Mon, 15 Dec 1997 14:25:33 -0800
From:
newsout@canada-stockwatch.com
To:
edpak@georgian.net
1997 summer drill results
Cartaway Resources Corporation CWA
Shares issued 31,132,284 Dec 12 close $0.14
Mon 15 Dec 97 News Release
Mr Walter Nash reports
The company has received results from its 1997 summer exploration program.
Exploration activity was concentrated in the central and northern part of
Labrador, particularly in the Nain plutonic suite rocks which host the
Voisey's Bay copper nickel deposit.
>From September to November 1997, the company completed five diamond drill
holes (totalling 592.37m) on their 100% owned BR-E property in south
Voisey's Bay, located in central Labrador. The holes were drilled
approximately 9.5 km SSE of holes SVB-97-67, 75 and 96 drilled by Donner
Resources, all of which encountered economic grades of Ni, Cu and Co.
The company's holes were drilled to test airborne and ground EM and
magnetic anomalies in an area known to contain olivine gabbro/gabbro
intrusives.
A breakdown of the drilling results are as follows:
DD11-97-1 hole abandoned short of its target at 81m.
DD11-97-2 collared in, and intersected 65m of olivine gabbro/gabbro (true
thickness) before bottoming in 10m of gneiss.
DD11-97-3 had to be abandoned at 116.14m after only penetrating the upper
one metre of the intrusion.
DD11-97-4 intersected 36m (true thickness) of olivine gabbro/gabbro with
graphitic/pyrrhotite layers above and below the intrusion.
DD11-97-5 intersected 36m (true thickness) of the olivine gabbro with
concentrations of graphite and sulphides in the gneiss above and below.
Approximately 7.5m below the base of the intrusion, thin intersections of
semi-massive sulphide with anomalous concentrations of Ni and Cu were
encountered.
The olivine gabbro is essentially a flat lying sheet containing breccias
with gneissic fragments. The geological setting is similar to that which
host the Donner/Tech intersections to the north. Two other areas of olivine
gabbro are exposed on the BR-E property: one in the north towards the claim
boundary with Donner/NDT Ventures, and the second approximately 5 km to the
WNW of holes 1-5. Future exploration will consist of winter geophysics over
Pants Lake and geological mapping and ground geophysics commencing in the
spring of 1998. It should be noted that only a small portion of the 56
square kilometre claim block has been mapped.
Two drill holes totalling 1498m were completed on the Cirque project. Drill
hole LBN-11 tested a geophysical anomaly detected by down the hold pulse
electromagnetic surveys. LBN-11 intersected lenses of disseminated to
massive sulphides from 608.55 to 689.40m.
The best intercept was a massive sulphide lense from 664.95 to 666.53m
which returned 0.10% Co, 0.32% Cu and 0.24% Ni, grades there are similar to
those encountered in massive sulphide lenses in the bottom of hole LBN-4
and located some 300m above the intercepts in LBN-11.
Drill hole LBN-12 was drilled to test the sulphides intersected in LBN-11
some 100-150m to the south, it deviated further south than planned and did
not intercept the LBN-11 sulphide lense. Down the hole PEM indicates the
sulphide lenses are immediately north of LBN-12 and in fact are close
enough to give an in hole response.
A small surface PEM survey was completed on top of the Cirque to aid the
geophysical interpretation. The geophysical consultant recommends three
further drill holes, one to test the northern mineralization on top of the
Cirque, another to test the down plunge of the mineralization encountered
in hole LBN-11 and a third to test a much larger geophysical anomaly
detected from the bottom of hole LBN-8.
One drill hole was completed to test a time domain electromagnetic anomaly
on the property under option from International Canalaska Resources and
International Freegold Mineral Development in the Puttuaalu Brook area. It
encountered lenses of disseminated to massive sulphide mineralization over
a core length of eight metres at a depth of 112.78m. The best interval
returned 0.50% Ni, 0.58% Cu and 0.11% Co over a core length of 0.85m. The
hole was located near the south end of the flat lying, northeast trending
geophysical anomaly which has been traced over a length of 300m and width
of 125m and is open to the northeast. This anomaly was one of eight in the
Puttuaalu Brook area recommended for follow up by a geophysical consultant.
Three of the anomalies are on the option and five on the 100% wholly owned
LB-HJK property. All have been recommended for drilling.
On the Rockhopper Gem property in southern Labrador, the company collected
channel samples from the known showing and any new showings located by
prospecting in 1997. Till samples were collected down ice from the main
showing. All material has been transported to the company's Pickering
office where it is being evaluated to see if the corundum is amenable to
heat treatment.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
