I posted yesterday's extensive report from Inco on the VNCB thread. Here is an excerpt from that release concerning the exploration program GZVB (Ground Zero Voisey's Bay) (as opposed to SVB!). A screaming buy if it falls to below $1.00. With regards to the last paragraph below: Does anyone have a map that indicates the location of junior companies in proximity to the Kiglapait property 60 km North of Voisey's Bay?
Inco
Status of Exploration Program
Exploration and geophysical work continued on plan during the second quarter of 1998. A total of 16,497 metres of drilling was completed during the quarter with four drills in operation. Consistent with the exploration program developed for 1998, drilling has continued to focus on the two-fold objective of seeking extensions to identified resources and evaluating new targets having the potential to represent significant new discoveries.
Largely as a result of recent drilling completed on the Reid Brook zone, the total current estimated resource, including the 31.7 million tonnes of proven reserves of the Ovoid section, for all of the zones or sections of the Voisey's Bay deposit to date has increased to 124.4 million tonnes from the previously announced 116.3 million tonne estimate. The total resource, including reserves, at Voisey's Bay is still anticipated to be at least 150 million tonnes.
Drilling during the quarter tested stratigraphic targets in the Red Dog and Far Eastern Deeps areas as well as in the Flood Plan grid, an area southwest of the Reid Brook zone, and in the deep, eastern part of the Reid Brook zone. A new zone of mineralization some 500 metres north of the Eastern Deeps section was intersected in three holes. The mineralization consists of strongly disseminated, nickel and copper sulphides within the shallow-dipping sheet of the Eastern Deeps feeder dyke. The best of the three intercepts to date graded 1.12% nickel, 0.91% copper and 0.08% cobalt over 23.2 metres at a depth of 640 metres. Drilling continues on this new discovery with two drill rigs.
This new discovery indicates the potential of the feeder dyke to host important mineralization. The feeder is believed to underlie an extensive area north of the Eastern Deeps section which had received little drilling prior to this discovery. Deep penetrating geophysical surveys are planned for the area with the objective of seeking new high grade orebodies.
With respect to the drilling of other targets beyond the Ovoid, Eastern Deeps and Western Extension sections, a hole in the Red Dog grid penetrated 30.4 metres of low grade disseminated sulphides at the base of the troctolite intrusion. Geophysics indicates that this may be the fringe of more significant nickel sulphide mineralization.
Preparations began late in the second quarter for a regional program on the large Kiglapait property. This property is one of the four main claim blocks in Labrador held by VBNCL and is located about 60 kilometres north of VBNCL's main claim block where the Voisey's Bay deposit is located. Grid work commenced on two of five target areas on this property. Surface geophysical surveys followed by diamond drilling are planned for a deep magneto-telluric anomaly detected last year near the centre of the Kiglapait layered complex as well as four airborne electromagnetic conductors defined by an airborne electromagnetic survey completed earlier this year.
VNCB Thread:
Subject 16036 |
