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

CME 278.88

+0.6%

Nov 11 3:59 PM EST

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To: workingclassman9 who wrote (615)	2/4/1998 12:07:00 PM
From: gennady	Read Replies (2) of 744

Geophysical results received; drilling contract tendered Celtic Minerals Ltd CME Shares issued 11,756,722 Feb 2 close $0.23 Wed 4 Feb 98 News Release See Jilbey Exploration Ltd (JLB) News Release Mr Daniel Whittaker reports The company has received the results of a bore hole Pulse EM Survey performed at its Hungry Hill base metal project in Central Newfoundland. Jilbey has a 50% interest and the project is being operated by joint venture partner Celtic Minerals who holds the other 50%. Hole numbers 13 and 16 were probed by Eastern Geophysics, using the Crone Pulse EM deep penetrating system. Hole No. 16 intercepted 10.84 metres of 3.06% zinc, 21.9 g/t silver, 0.81 g/t gold and geochemically anomalous copper and lead, during the recently completed drilling program. Celtic's geophysical consultant has interpreted the data and describes in his conclusions the presence of a very long wave length, 15 channel anomaly caused by a distant large conductor of good conductivity and thickness. A drilling contract calling for a minimum of 1500 metres of NQ coring has been tendered, and mobilization of a drill rig to the site will commence as soon as logistics permit. The holes will target the Pulse EM anomaly and the untested area both on strike and down dip of the intercept in hole No. 16. Celtic has also received a new interpretation of the geological environment and stratigraphy from VMS Consultants, indicating that the volcanic environment at Hungry Hill is typical of a Phanerozoic Kuroko - type system that displays considerable similarity to the Buchans deposits. Buchans is 15km northwest of Hungry Hill and is the site of a mining operation where over $4 billion in gross current metal value was mined from VMS base metal deposits. The phase three drilling program will be announced as soon as the drill contract has been awarded. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com

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