Updates from three exploration projects
International Canalaska Resources Ltd ICA
Shares issued 18,882,794 Jul 21 close $0.25
Tue 21 Jul 98 News Release
Mr. Harry Barr reports
The company has received results from three separate exploration projects.
Timmins, Ontario
CanAlaska has a received final reports and results from a 1455
line-kilometre, helicopter borne EM/magnetic survey on the Timmins, Michie
and Blackrock properties.
CanAlaska has an option to earn a 50 per cent interest in the Timmins
property from East West Resource, Canadian Golden Dragon and Cross Lake
Minerals. The property is immediately on strike to the south of Cross
Lake's Sheraton-Timmins project, where recent drilling encountered
substantial widths of zinc, silver and copper in a volcanogenic setting.
CanAlaska's airborne survey results confirm that the host formations for
the Sheraton-Timmins mineralization continue south onto the CanAlaska
ground. A program of gridding and ground geophysical survey will start in
early August to define targets for drill testing.
The Michie property, 100 per cent owned by CanAlaska, covers the
continuation of the prospective volcanic host rocks southwards from the
Timmins property. The Blackrock property, in which CanAlaska can earn a 100
per cent interest, covers possibly equivalent volcanics to the east.
Labrador
CanAlaska has received a full report of the results of the SVB-1 project in
South Voisey's Bay. Six conductors and an associated coincident magnetic
anomalies, have been identified adjacent to or at the margin of the olivine
gabbro sill which hosts mineralization on the adjoining ground, currently
being explored by Donner Minerals and joint venture partners.
Mexico
CanAlaska recently completed a program of surface sampling and geological
mapping on the Colores concession, Chihuahua state, Mexico. The work
returned a number of high grade gold values from narrow structurally
controlled shears and quartz veins. The results are being evaluated to
determine if any of the occurrences have sufficient size potential to
warrant more detailed exploration.
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