!!!!NEWS RELEASE!!!!!
Subject:
Stockwatch: Cartaway Resources Corporation - News Release
Date:
Wed, 31 Dec 1997 10:54:42 -0800
From:
newsout@canada-stockwatch.com
To:
edpak@georgian.net
Canalaska and Freegold to earn interest in Labrador properties
Cartaway Resources Corporation CWA
Shares issued 31,132,284 Dec 30 close $0.13
Wed 31 Dec 97 News Release
Mr Walter Nash reports
The company has entered into a letter agreement with International
Canalaska Resources and International Freegold Mineral Development whereby
ICA/ITF can earn a 50% interest in map staked license 3307M containing 224
claim units (the SVB-1 property) in Labrador, Newfoundland. ICA/ITF can
earn a 50% interest in the SVB-1 property by completing a $100,000 private
placement into CWA (333,333 units at $0.30 , each unit consisting of one
share and one warrant of CWA); by exercising $50,000 of CWA warrants on or
before May 31 1998; by financing an exploration budget and program
totalling $100,000 to complete a big loop Time Domain electromagnetic and a
magnetic survey on or before, April 30 1998; and expending $500,000 on the
SVB-1 property on or before December 31 1999. After completion of the
initial geophysical program ICA will be the operator of the SVB-1 property.
The SVB-1 property is 7km south of the Donner/Northern Abitibi property
where recent drilling returned 1.13% Ni, 0.78% Cu and 0.20% Co over a core
length of 15.7 metres. The massive sulphides are hosted by an olivine
gabbro which is known to extend onto the northeast part of the SVB-1
property. The PEM survey will ground proof several AEM anomalies associated
with the layered intrusive rocks.
ICA/ITF agree to amend CWA's right to earn an interest in map staked
licence 5446M consisting of 80 claim units (the Can-12 property). Cartaway
will earn a 50% interest (reduced from 60%) by spending $2,000,000 on or
before December 31 1999 (originally $3,000,000 on or before September 1
1999 with a minimum of $500,000 on or before December 31 1997). CWA will
use its best efforts to complete a minimum of 1000 metres of core drilling
on the Can-12 property on or before December 31 1998.
The Can-12 property occurs in the Puttuaalu Brook area and is 15km north of
CWA's Cirque property. CWA drilled one hole in 1997 on a conductor located
by a Crone PEM survey. The hole returned 0.50% Ni, 0.58% Cu and 0.11% Co
over a core length of 0.85 metres. This massive sulphide interval is part
of a flat lying deposit of disseminated to massive sulphides intersected
from 112.76 to 120.26 metres. The conductor has been traced over a length
of 300 metres and a width of 125 metres and is open to the northeast. There
are two other untested PEM conductors on the Can-12 property.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com |
