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Regal Goldfields Commences Drilling In Cheticamp Highlands
TORONTO, ONTARIO--Regal Goldfields Limited (CDN: REGL) announces
that it has commenced a drilling program in the Cheticamp
Highlands on northwestern Cape Breton Island, Nova Scotia.
Monitored by Watts, Griffis and McOuat, Consulting Geologists and
Engineers, this initial program is designed to test two of eight
target areas defined by a thorough compilation of previous work.
The first target consists of silver-lead-zinc-mineralization in an
area where some high grade mineralization was mined at the turn of
the century. Three holes are being drilled to test the continuity
and the extent of the silver-lead-zinc mineralization encountered
in holes drilled in the area east of the Galena mine by Highland
Mercury and Amax in the late 1970's. Of the eight holes drilled
in this area in the 1970's, three intersected economically
interesting mineralization, with narrow zones of low grade zinc
mineralization in another three holes. Values in the better three
holes were 4.6 oz silver per ton, 0.8 percent lead and 19.5
percent zinc over 1.2 metres; 5.85 silver per ton, 6.22 percent
lead and 0.33 zinc over 1.06 metres; and 1.40 oz silver per ton,
0.9 percent lead and 21 percent zinc over 0.3 metres. Five holes
are targeted on a conductive zone with a coincident zinc-lead soil
geochemical anomaly on strike with this mineralization, about 300
metres to the south.
The second drill target consists of a coincident zinc-lead soil
geochemical anomaly. Several high grade sulphide boulders have
been discovered in the stream valley about 200 metres down slope
of this drill target, including one which assayed 38.9 oz silver
per ton, 42.3 percent lead and 8.00 percent zinc.
Regal presently has 14,290,029 common shares and 2,000,000 special
warrants outstanding. The special warrants are exercisable into
2,000,000 common shares and 1,000,000 common share purchase
warrants within six business days after a receipt is issued by the
Ontario Securities Commission for a final prospectus qualifying
such common shares and warrants, or on June 23, 1999, whichever is
earlier. Each common share purchase warrant entitles the holder
to acquire one common share in the capital of Regal at an exercise
price of $0.20 per common share at any time on or before December
23, 1999. Further, a rights offering with an expiry date of April
8, 1998 is currently outstanding under which a maximum of
3,672,160 common shares could be issued at $0.14 per share.
Regal is engaged in exploration for and development of mineral
properties in Canada. It currently has active exploration
programs in northwestern Cape Breton Island, Nova Scotia, and Kidd
Township in Timmins, Ontario.
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FOR FURTHER INFORMATION PLEASE CONTACT:
Regal Goldfields Limited
Richard Brissenden
President
(416) 364-1130
(416) 364-6745 (FAX)
E-mail: regalgld@interlog.com
NO REGULATORY AUTHORITIES OR SIMILAR BODIES HAVE APPROVED OR
DISAPPROVED THE INFORMATION CONTAINED HEREIN. |
