CELTIC MINERALS LTD A COMPANY TO WATCH SHORT AND LONG TERM Message Board

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Gold/Mining/Energy : CELTIC MINERALS LTD A COMPANY TO WATCH SHORT AND LONG TERM

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To: Fraser who wrote (612)	1/13/1998 2:47:00 PM
From: Gil Kempenich	Read Replies (2) of 744

You must have missed it - here is the report: NEW BASE METAL ZONE ENCOUNTERED AT HUNGRY HILL CALGARY, Nov. 28 /CNW/ - David Graham, President, is pleased to announce drilling at Celtic's Hungry Hill project in Central Newfoundland has encountered a new base metal zone within a package of altered volcanic rocks. The following assays have been received from hole number 16, that was drilled at -55 degrees with an azimuth of 140 degrees to a depth of 351.0 metres and under previously drilled hole number 14. ------------------------------------------------------------------------- Intervals Zn% Pb% Ag Au Cu% From (m) To (m) Length(m) oz/T g/T ------------------------------------------------------------------------- 160.65 171.49 10.84 3.06 Geochemically 0.61 0.81 Geochemically Anomalous Anomalous 164.65 171.49 6.84 4.07 Geochemically 0.47 0.68 Geochemically Anomalous Anomalous 164.65 168.65 4.00 4.99 Geochemically 0.58 0.85 Geochemically Anomalous Anomalous 165.15 168.65 3.50 5.53 Geochemically 0.33 0.53 Geochemically Anomalous Anomalous 165.15 166.65 1.50 7.50 Geochemically 0.32 0.60 Geochemically Anomalous 160.65 165.65 5.00 1.83 Geochemically 0.92 1.14 Geochemically Anomalous Anomalous 163.15 165.15 2.00 0.58 Geochemically 1.67 1.89 Geochemically Anomalous Anomalous The 10.84 metre intercept represents a massive sulphide interval with local 10 - 20 cm wide sections of altered volcanic clasts described as debris flow breccias. Descriptions of the core such as framboidal aggregates of pyrite with fine sphalerite, chalcopyrite, black chlorite, and massive texture indicate an environment at the margins or in close proximity to an in situ base metal deposit. The target is open at depth and on strike. Further assay results are to be received from Eastern Analytical Labs of Spingdale Newfoundland. All cores were cut in half with a rock saw with one portion sent to the lab and the other retained for future reference. Samples were analysed utilizing the fire assay technique and are reported as such. An estimate of the true widths of the intervals cannot be made until further drilling is completed, however the stratigraphy is known to be dipping at 80 - 85 degrees to the North West. Six boxes of core from hole number 16 will be on display at the Buchans Mining Conference in Buchans, Newfoundland on November 29, 1997. In another matter, a recently completed six-hole drill program at Pipestone Pond in central Newfoundland did not return significant assay results. Celtic is operating the Hungry Hill project with a 50% joint venture partner, Jilbey Exploration Ltd. (JLB.MSE)

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