I'm still stumped by the quick and continuing rise. Reaction to Bre-X does not make sense to me. Must be something more behind the scenes. I am not a geologist so I don't really understand all the results reporting. Perhaps someone can bring it all down to laymen's terms.
Celtic's URL is
inforamp.net
Here is the latest as of 11/12/96:
STRONG BASE METAL ZONES ENCOUNTERED
AT HUNGRY HILL CELTIC MINERALS LTD.
CALGARY, Nov. 8 /CNW/ - Celtic Minerals Ltd. (CME.ASE) is pleased to
announce that Hole #9 of a 10 hole diamond drill program on the Hungry Hill
project has encountered 80 metres of mineralized debris flow breccia of which
over 22 metres is heavily mineralized. Highlights of an initial 11 metres
assayed from Hole #9 to date are 0.5% copper over 11 metres, including 1.5%
over 2.4 metres from 197.8 to 200.2 metres, 1.1% Zinc over 11 metres including
selected intervals up to 4.5%, 0.3 gm/t gold over 11 metres including selected
intervals up to 1 gm/t, and 8 gm/t Silver over 11 metres.
Celtic is operating the Hungry Hill project with joint venture partner
Jilbey Exploration Ltd. (JLB.MSE). In April 1996, Celtic staked the 144 claim
Hungry Hill property and conducted an airborne geophysical program.
Interpretation by Celtic's geophysical consultant has shown that both EM and
Magnetic signatures are similar to the Buchans volcanic rocks that hosted the
Buchans volcanogenic massive sulphide deposits. During the time it was in
production the Buchans mine produced over $4 billion in ore before it was
closed in 1984.
In late April, ground follow up began on the Hungry Hill project with
detailed geological mapping and geochemical sampling. In July, targets were
selected from soil geochem anomalies and trenching began. A gold-silver
bearing alteration zone up to 35 metres wide was exposed over a strike length
of 500 metres (limit of trenching) and debris flow breccia containing massive
pyrite, chalcopyrite and sphalerite in altered and mineralized clasts were
exposed. Trench results were followed up by a gravity survey which produced
several anomalies that corresponded with known alteration and breccia sulphide
zones.
A 10 hole diamond drill program commenced in September with 8 holes
targeting the south west anomalies. Results from these 8 holes show wide
zones of alteration, frequently greater than 30 metres wide. The latest 3
holes undercut the area containing the debris flows with sulphide clasts, and
the remaining tenth hole will be a deeper stratigraphic test.
Results are very encouraging with very wide alteration and breccia zones
containing ubiquitous pyrite as well as visible chalcopyrite, and sphalerite
in strings, clots, disseminations and clasts. The debris flow breccia in a
Volcanogenic Massive Sulphide system is primarily distal to the volcanic vents
which contains the in situ massive sulphide body.
Management is presently looking forward to the results from the complete
set of assays from Hole #6 through Hole #10. Upon compilation and review of
data from the first phase of drilling, a second phase of drilling will be
planned. On November 7th, Celtic staked an additional 133 claims adjoining
the Hungry Hill property, increasing its land position to 277 claims in this
highly prospective area.
Looks like they found "something." But how good or significant is it? Can anyone shed some more light on this? Thanks.
Gil |
