Rondal Gold Corp -RGD (formerly Prior Resources - PQL) Message Board

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Gold/Mining/Energy : Rondal Gold Corp -RGD (formerly Prior Resources - PQL)

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To: I_C_Deadpeople who wrote (137)	11/29/1996 2:20:00 PM
From: Stox	of 331

Here is the release I received last night: South Voisey Bay exploration results; 1997 exploration planned Prior Resources Ltd PQL Shares issued 29,238,796 Nov 28 close $0.135 Thu 28 Nov 96 News Release See Cypress Minerals Corp (CYP) News Release Mr Robert Paul reports: During September and October 1996 Cypress Minerals carried out a program of ground geophysical surveys and drilling in the South Voisey's Bay project area. The objective of this program was to test the effectiveness of types of surveys in identifying potential massive sulphide targets within the 15-20km zone of gabbroic intrusions defined by airborne surveys and geological work to date. A grid controlled, deep penetrating electromagnetic survey was conducted in the central part of the project and individual lines of induced polarization surveys were carried out adjacent to areas of disseminated sulphide mineralization which were identified during the summer drill program. The results of the induced polarization survey showed distinctive chargeability anomalies in areas of known, disseminated sulphide mineralization and also identified chargeability anomalies. Three of these anomalies were targeted for diamond drill testing. The results of the electromagnetic survey were more difficult to interpret due to the presence of graphite in the gneissic rocks within the grid area. Five shallow holes were drilled on license 2663M and two shallow holes were drilled on mineral licence 2460M to test the anomalies. Two new zones of disseminated sulphide mineralization showing the leopard texture were intersected. Preliminary assay results show that these zones contain 10m thickness of elevated copper, nickel, and cobalt values. Although total sulphide content is relatively low, typical leopard texture sections from the zones assayed from 0.15% to 0.19% nickel, 0.11% to 0.14% copper and 0.02% to 0.05% cobalt. One additional hole was drilled in the west-central part of mineral licence 2406M to test the interpretation that the sulphide mineralized, trotolitic feeder sheet dips to the east and extends below the gneissic rocks exposed in the eastern part of the project area. This hole intersected the upper contact of the olivine gabbro sheet at a depth of 70 metres and was stopped in gabbro at a depth of 175 metres. Although the basal parts of the intrusive were not penetrated the results of this hole strongly suggest that the gneissic rocks in the eastern part of the project area are underlain by this highly prospective intrusive unit. The results of this program suggest that induced polarization surveys may be an effective tool in the identification of the sulphide mineralized sections within the favourable rock units. The association of similar zones of disseminated sulphide mineralization with the zones of massive sulphide mineralization at Voisey's Bay clearly suggests that these zones are important exploration targets. Based on the overall results of the 1996 program, the company, together with Teck Exploration and its joint venture partners, intend to complete an extensive follow-up program of ground based geophysics and diamond drill testing. The 1997 work program is scheduled to begin in January. Mineral licence 2663M is owned 62.5% by Donner Resources, 12.5% by Prior Resources and 25.0% by Cypress Minerals. Mineral licence 2406M is owned by Major General Resources, Donner Resources hold an option to acquire a 60% interest in licence 2406M. (c) Copyright 1996 Canjex Publishing Ltd. canada-stockwatch.com

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