From: newsout@canada-stockwatch.com
Date: Tue, 26 May 1998 12:57:04 -0700
Subject: Stockwatch: Lucero Resource Corp - Research
To: ajanko@erinet.com
Yorkton says buy
Lucero Resource Corp LCR
Shares issued 11,624,832 May 25 close $0.45
Tue 26 May 98 Research
Also Primero Industries Ltd (PMI)
Also Morono Mines Ltd (MME)
Art Ettlinger says why
Lucero Resource Corp. (LCR VSE), Meteor Minerals Inc. (MMI ASE) and Primero
Industries Ltd. (PMI VSE) all had drilling programs begun under the
direction of James Dawson and Jonathan George. Drill targets were
identified using airborne and ground magnetic surveys combined with digital
topography. Many of the anomalies targeted for drilling had very subtle
magnetic signatures and several occurred in distinct clusters. Thirteen of
the 19 core holes drilled on the Carmon Creek (Meteor), Peace River
(Primero) and Seal Lake (Lucero) prospects intersected bedrock comprised of
marine sedimentary rocks. The remaining six holes were drilled up to depths
of approximately 140 metres but remained in till. The deepest hole, drilled
to a depth of 477 feet on the Seal Lake prospect, drilled through 61 feet
of bedrock beneath the till.
These results, though discouraging in that kimberlite was not intersected,
yielded significant information with respect to false magnetic anomalies
generated from within the till horizon. Lenses of magnetic sediments lying
above bedrock appear to be responsible for many of the anomalies drilled by
the junior companies this year. Following this experience, Mr. Lawson and
Mr. George have refocused their exploration efforts on property holdings
along the northern flank of the Buffalo Hills. This is an area of north
central Alberta where sedimentary rocks of 86-88 Ma, the reported age of
emplacement for Ashton's kimberlites, are likely to lie near surface and
buried under relatively thin sheets of glacial till. On the ITS prospect,
Lucero recently completed a suite of geophysical tests including ground
magnetics, IP/resistivity, Max-Min EM and depth sounding surveys over 25
high priority airborne magnetic targets. At least ten of the anomalies
tested had magnetic responses between 100 and 300 nT, while overburden
thickness was found to be less than 25 metres at most locations. Presently,
the three companies have engaged a Geotem deep-penetrating, airborne EM
survey over a belt of favourable stratigraphy striking across the ITS,
Tosca (Meteor) and Elektra (Primero) prospects. This technique, which can
be used to identify buried zones of electrically resistive rock, may become
more important in Alberta style diamond exploration with the recent report
of silicification in the Buffalo Hills kimberlite by Ashton. Coincident
well-defined magnetic and resistivity anomalies, buried under known areas
of shallow glacial till, will likely be targeted when drilling resumes in
early June.
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