Don,
You state: "...The word is that they have just received results from
soil samples with unbeliveable grades"
Is this further to their announcement of 11/8 (follows)? Because if that is what people are talking about, it would already be reflected in the share price, since this is now old news. Excuse my ignorance in this, as I'm not familiar with the region or the language of geology...
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.
Incidentally I watched today as Celtic stock slowly declined on very low volume. Not acting like a high flyer yet...
Thanks.
Gil |
