Here's some news!
MOUNTAIN LAKE RESOURCES -- DRILLING HAS RESUMED AT
THE CANAGAU PROJECT NORTH EASTERN ONTARIO MOUNTAIN
LAKE RESOURCES --
TORONTO, ONTARIO--
Noranda Mining and Exploration Inc. ("Noranda"), operators of this
project, have advised Mountain Lake Resources that drilling is currently
underway at the Canagau Project in northeastern Ontario. The program
calls for drilling 2-3 deep holes for a minimum of 2,000 metres in the
vicinity of hole: Can97-01 which contained a zone of intense chlorite
alteration, combined with high sulfide content with grades of 0.55% zinc,
.05% copper and 7.3 grams per tonne silver over 107 metres. The
geological features of this project are very similar to the Noranda Camp
and using the model of the synvolcanic structural system, this project
has excellent potential for locating giant VMS (Volcano-Massive-Sulfide)
deposits.
Noranda can earn a 51% interest by carrying out a $1.2 million dollar
program and $100,000 in cash payments over a four year period. Noranda
can earn an additional 19% interest by spending $600,000 and $300,000 in
cash by the fifth anniversary of the agreement.
DRILLING TO BEGIN AT THE GOODWIN PROJECT
BATHURST MINING CAMP, NEW BRUNSWICK
Mountain Lake Resources Inc. (MOA-VSE), is further pleased to announce
that call for tenders for the next phase of drilling were submitted on
February 9, 1998. This program, prepared by Noranda geologists and
geophysicists, calls for drilling 8 holes for 2,000 metres. Drilling is
to commence during the third week of February.
The drilling program will centre around discovery hole ML97-2 of August
1997 which yielded 15.9 metres (52.5 feet) of 5.9% zinc, 0.09% copper,
and 16.1 grams per tonne silver. The results of the new drilling program
will be released as the work is completed.
DIAMOND PROPERTIES, SOUTH AFRICA
Subject to a due diligence review of the Company's diamond interests
in the Ventersdorp District of South Africa by Noble Peak Resources Ltd.
("Noble Peak"), Mountain Lake has agreed to enter into an agreement
providing Noble Peak with an option to earn a 50% interest in the
properties in return for a 100,000 shares of Noble Peak and the
expenditure of Cdn $1,000,000 in exploration work on the properties. The
due diligence review is to be completed by March 1, 1998.
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