Been a long time , but here's some news. Any one else following Pine Channel have any comments regarding company activities ??
FOR: CONSOLIDATED PINE CHANNEL GOLD CORP.
VSE SYMBOL: KPG
MARCH 6, 1998
Consolidated Pine Channel Gold Corp.: Update on Recent
Activities
VANCOUVER, BRITISH COLUMBIA--Mr. Dale W. Hoffman, President of
Consolidated Pine Channel Gold Corp. (the "Company") is pleased to
report on various aspects of the Company's recent activities, as
follows:
SASKATCHEWAN URANIUM PROSPECTS
Area 1 - Pine Channel Area - 3 blocks, Approximately 37,000 acres
This area was staked to cover a belt of metasedimentary gneisses
and mafic intrusives that strike S.W. from Pine Channel and pass
beneath the Athabasca sandstones on the south shore. A
pitchblende showing was discovered in these rocks on the north
shore of Pine Channel in the 1950's (FKR showing). Drill core
assays ranged from 0.07 percent U3O8/ 2.0 feet to 7.22 percent
U3O8/ 3.0 feet, equivalent to 1.4 and 144.4 lbs. U3O8,
respectively. There is also weak uranium mineralization at the
unconformity just south of Pine Channel, near the northern
boundary of the claim block.
Six radioactive sandstone boulder fields were identified in
1979/1980 field programs on the south side of Lake Athabasca,
between Pine Channel and Orbenside Bay.
Previous work consisted of drilling in the vicinity of the
unconformity showing. Results were negative based on the
exploration model of the day. The area southwest of the showing
was flown (magnetometer, EM). No targets were defined from these
surveys. This is not surprising, as it is possible that uranium
deposits in this part of the Athabasca Basin may not be associated
with graphitic conductors. If so, the area of the claims is, in
effect, virgin territory and an ideal candidate for modern
prospecting techniques utilizing contemporary exploration models
for unconformity-related uranium deposits. Economic deposits
hosted entirely within basement rocks without significant graphite
occur in the McLean Lake and Rabbit Lake areas on the eastern
margin of the Athabasca Basin.
Area 2 - Crackingstone Peninsula - Uranium City Area - Approx.
15,000 acres
The claims, in an area with a complete infrastructure, cover the
Black Bay (Crackingstone) Fault and the Martin Formation in the
hanging wall of the fault. Pitchblende showings occur in the
basement gneisses to the southeast of the Martin Formation and to
the west of a fault in basement rocks beneath Lake Athabasca. The
most significant showing is the Gulch Mine, a series of
mineralized splays from the Black Bay Fault. Thus, pitchblende is
found on both sides of the Martin Formation and there is no reason
why the basement under the Martin should not be similarly
mineralized. This possibility was never explored, either on the
Crackingstone Peninsula or in other areas of the Martin Formation.
Consolidated Pine Channel's exploration program will be designed
to test the area immediately beneath the unconformity by
geophysics and drilling. The Martin Formation is not expected to
be particularly thick in this area.
The Company's immediate focus is on the acquisition through
staking of further ground in the Athabasca Basin. The Company
will immediately commence the application of modern exploration
techniques on these favourable properties.
The Company is very encouraged by the opportunity to explore for a
commodity for which a price increase is anticipated, and has been
forecast.
DON DAVID PROPERTY, CHIHUAHUA, MEXICO
We are pleased to report that an agreement has been reached with
Imdex Inc. and Cia. Minera Cascabel S.A. de C.V.
("Imdex-Cascabel") with respect to an extension for completion of
work commitments on the Don David Property. Considering the
realities of the current gold market, and the impact this has had
on gold exploration projects worldwide, Imdex-Cascabel have
granted a 4 month extension for the completion of work scheduled
for calendar 1997, subject to the Company making an acceptable
proposal for modifying the original agreement.
PRIVATE PLACEMENTS COMPLETED
The Company has now completed the private placement announced
December 22nd, 1997, which has raised $500,000 in exploration
capital, through the issuance of 3,333,333 units, each consisting
of one share and one warrant to purchase an additional share. The
warrants are exercisable at $0.15 until December 22, 1998 and,
thereafter, at $0.18 until December 22, 1999. The shares issued
and any shares issued pursuant to the exercise of warrants are
subject to a hold period expiring on April 22, 1998.
The Company has also completed the private placement announced
December 23rd, 1997, which raised a further $50,000 in exploration
capital, through the issuance of 312,500 units, each consisting of
one share and one warrant to purchase an additional share. The
warrants are exercisable at $0.16 until December 23, 1998 and,
thereafter, at $0.18 until December 23, 1999. The shares issued
and any shares issued pursuant to the exercise of warrants are
subject to a hold period expiring on April 23, 1998.
STOCK OPTION GRANTED
The Company has today granted to a director an option to purchase
up to 369,000 shares of the Company. The option is exercisable at
a price of $0.21 per share for a period of 5 years from this date,
subject to Vancouver Stock Exchange ("Exchange") and shareholder
approvals. The exercise price was determined in accordance with
the prevailing policies of the Exchange.
LEMAR PROPERTY ACQUISITION APPROVED
The agreement granting an option to the Company to acquire the two
Lemar claims, Southern Mining District, Saskatchewan, announced in
our news release of July 7, 1997, has now been accepted for filing
by the Exchange. The Company has issued the first tranche of
50,000 shares to the vendor under the agreement, which shares are
subject to a hold period expiring on July 2, 1998.
CONSOLIDATED PINE CHANNEL GOLD CORP.
Dale W. Hoffman, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Consolidated Pine Channel Gold Corp.
Dale W. Hoffman
(604) 684-5118
(604) 682-8566 (FAX)
E-mail: jnrres@skybus.com
Website: infodine.com
1 800 661 4050
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