EWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: CROSS LAKE MINERALS LTD.
VSE SYMBOL: CRN
DECEMBER 22, 1997
Copper Zone Extended On The Sheraton-Timmins
Property-Large VMS System Indicated
VANCOUVER, BRITISH COLUMBIA--CROSS LAKE MINERALS LTD. (the
"Company") wishes to announce that recent drilling has identified
a zone of copper mineralization, extending over 300 metres (984
feet) and open at depth and to the west, on its Sheraton-Timmins
property. Five holes, CLS 97-17, 97-21, 97-23, 97-29 and 97-31,
have intersected the zone to date, with widths ranging from 3.0
metres (9.8 feet) in the east end (Hole CLS 97-21) to 19 metres
(62.3 feet) in Hole CLS 97-31 to the west. Initial results
indicate that widths increase to the west and to depth and the
target continues to the west.
The copper mineralization (chalcopyrite) occurs as strataform
"beds", stringers and disseminations hosted in black chlorite
alteration, siliceous (rhyolite) fragmental rocks and
bedded-banded siliceous (cherty) rhyolite volcanics, all of which
are the same favourable rocks that host the Timmins (Kidd Creek
and Kamiskotia), Noranda, Thomson Bousquet, Louvicourt and
Mattagami deposits.
The upper edge of the system that had been previously indicated by
Holes CLS 97-1 and 97-12 has now been intersected by CLS 97-25,
all of which have both the black chlorite alteration and siliceous
cherty host rocks thickening down dip to depth as indicated by CLS
97-17, 97-23, 97-29 and 97-31.
The Company has received assay results from three additional
holes, which extend this copper zone and include the following
significant intersections:
/T/
Copper Zone
Core Length Zinc Copper Silver Gold
HOLE Interval metres feet percent percent grams grams
/tonne /tonne
------------------------------------------------------------------
CLS 97-25 254.0-257.0 3.0 9.8 - 2.21 8.1 -
287.0-290.0 3.0 9.8 - 1.95 7.8 -
CLS 97-29 289.0-336.5 47.5 155.8 - 1.07 6.3 -
Incl 293.0-302.0 9.0 29.5 - 3.05 11.0 -
CLS 97-31 346.0-365.0 19.0 62.3 - 1.38 11.2 -
Incl 349.8-357.5 7.7 25.3 - 2.42 14.0 -
Further assays are pending below 365 metres.
/T/
As in many other VMS systems, zinc mineralization occurs to the
side of the copper zone. This was the case in Hole CLS 97-16 (6.7
percent zinc, 1.86 percent lead, 215 grams silver over 33 metres)
and has been confirmed in Hole CLS 97-24, the significant results
of which are set out below.
/T/
Zinc Zone
Core Length Zinc Copper Silver Gold
HOLE Interval metres feet percent percent grams grams
/tonne /tonne
------------------------------------------------------------------
CLS 97-24 149.0-153.5 4.5 14.8 1.04 - 3.7 -
180.5-192.5 12.0 39.4 2.80 0.12 51.6 -
246.5-248.7 2.2 7.2 0.15 0.40 33.4 1.29
/T/
Silver mineralization is also associated with both the zinc and
copper mineralization in the Cross Lake Zone, which is similar to
the Kidd Creek Mine. Bornite, a higher grade copper mineral, has
been noted in Hole CLS 97-31 within the chalcopyrite zone in the
high silica rhyolite. Both the zinc and copper zones appear to
plunge to the southwest and, as a result, both zones are open
"along the plunge".
A total of 19 holes (CLS 97-10, 97-18 to 97-35) are expected to be
completed before Christmas in the current program. Results are
pending for the nine remaining holes. With approximately $4.0
million in cash, the Company is well funded to continue drilling
in the New Year.
A schematic drill hole plan and longitudinal section, showing the
above holes, are available upon request.
In addition, subject to all necessary approvals, the Company has
granted to two new employees, a consultant and a director, stock
options for the purchase of up to 650,000 shares of the Company at
an exercise price of $2.51 per share exercisable for a period of
five years.
ON BEHALF OF THE BOARD OF DIRECTORS
CROSS LAKE MINERALS LTD.
"Henry G. Ewanchuk"
Henry G. Ewanchuk, Chairman & C.E.O. |
