Here's the new release.
Copper zone extended on Sheraton-Timmons property
Cross Lake Minerals Ltd CRN
Shares issued 29,188,580 Dec 19 close $1.98
Mon 22 Dec 97 News Release
Mr Henry Ewanchuk reports
Recent drilling has identified a zone of copper mineralization, extending
ever 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:
Copper Zone
Core Cu Ag
Hole Interval metres % g/t
CLS
97-25 254.0-257.0 3.0 2.21 8.1
287.0-290-0 3.0 1.95 7.8
CLS
97-29 289.0-336.5 47.5 1.07 6.3
Incl 293.0-302.0 9.0 3.05 11.0
CLS
97-31 346.0-365.0 19.0 1.38 11.2
Incl 349.8-357.5 7.7 2.42 14.0
Further assays are pending below 365 metres.
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% zinc, 1.86% 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.
Zinc Zone
Core Zn Cu Ag Au
Hole Interval metres % % g/t g/t
CLS
97-24 149.0-153.5 4.5 1.04 - 3.7 -
180.5-192.5 12.0 2.80 0.12 51.6 -
246.5-248.7 2.2 0.15 0.40 33.4 1.29
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.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
