Sheraton Timmins results
Cross Lake Minerals Ltd
CRN
Shares issued 29,188,580
1998-07-15 close $0.66
Thursday Jul 16 1998
Ms. Michele Jones reports
A total of 120 metres (394 feet) of 1.03 percent zinc and 11.6 g/t silver, with a true thickness of
approximately 100 metres (328 feet), was intersected from 506.0 to 626.0 metres in hole CLS 98-59.
This hole was recently completed as part of the company's extensive exploration program on 100 per
cent held Sheraton-Timmins property near Timmins, Ontario. Included in this 120 metre section were
higher grade, narrower intervals, which are shown in the table below. This wide zone of sulphide
mineralization, containing sphalerite (zinc), chalcopyrite (copper) and banded pyrite, is hosted in felsic
volcanic breccias and tuffs which indicate a favourable setting for volcanogenic massive sulphide (VMS)
base metal deposits. This zone is twice the thickness as any previously encountered in the drilling to
date.
Hole CLS 98-59 was collared 580 metres south of hole CLS 97-16 and drilled to a total depth of 671
metres in order to intersect the Cross Lake zone at depth. The importance of this hole is not only the
presence of rhyolite and rhyolite breccias which host the widening mineralized zone but also the
presence of copper mineralization which is increasing near the base of the sulphide intersection
signifying a phase change from predominantly zinc to copper. Down-hole large loop pulse EM surveys
are being completed in hole CLS 98-59 and also in adjacent holes CLS 98-28, 98-39 and 98-53. Results
from these surveys will guide the next phase of deep drilling.
Significant intersections from Hole CLS 98-59 include:
Intersection Length Zn Cu Ag Au
m m % % g/t g/t
Hole CLS 98-59
438.6 440.0 1.4 0.27 - 1.8 11.4
506.0 626.0 120.0 1.03 - 11.6 -
Inc
516.5 519.5 3.0 2.14 - 13.8 -
534.5 539.0 4.5 2.88 - 4.6 -
551.0 558.5 7.5 1.94 - 16.5 -
573.5 578.0 4.5 2.18 - 16.9 -
602.0 605.0 3.0 2.61 - 5.7 -
624.5 626.0 1.5 2.78 0.64 25.4 -
Holes CLS 98-57, 58 and 60 were step-out geological holes 1.0 to 2.0 kilometres southwest of hole
CLS 97-16 in the Cross Lake zone. Of significance was the intersection of black chlorite and
chalcopyrite in hole CLS 98-58 which correlates with the results of follow-up pulse EM and
mise-a-la-masse surveys. These surveys identify a strong conductor (possible copper) passing below the
hole and plunging to the west. Copper mineralization has now been traced for 200 metres along strike in
the area of these holes, confirming that a series of vents occur along the 5km Cross Lake IP trend. Hole
CLS 98-61, collared 400 metres southwest of CLS 98-58, intersected a granite dyke and was
terminated.
Significant intersections are as follows:
Intersection Length Zn Cu Ag Au
m m % % g/t g/t
Hole CLS 98-57
552.5 554.0 1.5 1.03 - 25.0 -
578.0 585.5 7.5 1.01 - 38.2 -
599.0 603.5 4.5 1.27 - 41.9 -
CLS 98-53
246.5 248.0 1.5 - 1.25 3.0 -
264.5 267.5 3.0 - 1.38 4.8 -
CLS 98 60
71.0 72.5 1.5 - 1.00 1.6 -
95.0 96.5 1.5 - 1.11 5.8 -
137.0 138.5 1.5 - 1.91 6.8 -
153.0 159.5 1.5 - 1.36 3.4 -
164.0 165.5 1.5 - 1.20 3.6 -
314.2 314.7 0.5 6.30 - 3.0 -
Cross Lake is continuing to conduct extensive geophysical surveys consisting of large loop pulse EM,
mise-a-la-masse and induced polarization/magnetic surveys to guide the drilling program. A recent soil
geochemical survey has identified targets to the northeast of the Cross Lake zone which correspond with
IP anomalies outlined earlier. As a result of the successful geochemical survey, this program will be
expanded to cover areas located to the southwest of the Cross Lake zone. Additional IP/mag surveys
will be carried out to cover the area south of area E. Recent pulse EM and mise-a-la-masse surveys have
already identified conductive targets within areas A and E. In approximately three weeks, once results
from the current work programs are received and interpreted, primary targets will be identified and
drilling will continue. |
