Don, I got the following from Carlson Online... same news, but it offers a little more detail than the other post:
CELTIC CONFIRMS VOLCANOGENIC SYSTEM AT HUNGRY
HILL 2ND PHASE DRILLING TO COMMENCE IMMEDIATELY
CALGARY, Dec. 4 /CNW/ - David Graham, President of Celtic Minerals Ltd.(CME.ASE) along with 50% joint venture partner Jilbey Exploration Ltd. (JLB.MSE), is pleased to announce that Phase 2 drilling will commence on December 5th, 1996. Recently completed First Phase drilling and Pulse EM surveys have confirmed the presence of a large volcanogenic debris flow system similar in texture and form to the rich Buchans transported ore bodies. Downhole geophysical results indicate that the heavily mineralized debris flow breccia in hole no. 9 has a massive sulphide conductive component. The same conductor has been confirmed with the surface Pulse EM survey to continue for at least 900 meters along strike and is intercepted by hole no. 5. As well, a stronger parallel EM response has been detected immediately south of the known mineralization continuing also for at least one kilometer. The conductors are open to depth and to the west.
The most significant results to date are from hole no. 9 where an 80 meter thick mineralized debris flow breccia was intersected from 184 to 264 meters and encountered base metal mineralization throughout. This interval included a 22 meter heavily mineralized intercept from 184 to 206 meters. Assay results over a 15.3 meter zone from 189.0 to 204.3 meters are 0.4% Cu, 0.9% Zn, 7.2 gm/t Ag and 0.2 gm/t gold. Included in this interval are 2.4 meters with 1.5% Cu, 0.4% Zn, 9.0 gm/t Ag, and 0.1 gm/t Au. Other selected intervals contained up to 2.7% Cu, 4.5% Zn and 1 gm/t Au. This 80 meter
intercept of mineralized debris flow is similar to the low grade mineralization at the margins of the MacLean ore body at the Buchan's mine located 20 kilometers to the north west. The MacLean ore body composed of mineralized debris flows contained 3.3 million tonnes of ore grading 1.1% Cu, 7.5% Pb, 13.5% Zn, 120 gm/t Ag and 0.9 gm/t Au.
Holes no. 7 and no. 8 contained up to 0.2% Cu, 1.3% Zn, 13.6 gm/t Ag and 0.2 gm/t Au over short intervals from 85 meters to the bottom of the holes. Hole no. 7 was drilled to a depth of 175 meters and hole no. 8 to 158 meters. It should be noted that both of these holes were not deep enough to penetrate the 80 meter thick mineralized debris flow breccia target in hole no. 9. Hole no. 10 intercepted 6.6 meters of mineralized debris flow breccia from 319.8 to 326.4 meters. Assay results from hole no. 10 include 3.0 meters from 322.0 to 325.0 meters with 1.2% Zn, 10,1 gm/t Ag and 0.7 gm/t Au. Included in this interval is a one meter intercept with 1.4% Zn, 13.4 gm/t Ag and 1.3 gm/t Au. Although hole no. 6 contained anomalous gold values, it was
stratigraphically above the target zone encountered in hole no. 9.
Geology encountered in holes 7, 8, 9, and 10 consists of a dynamic
changing sequence of intercalated massive mafic, felsic volcanics and
volcaniclastic sediments typical of a volcanogenic massive sulphide setting. Included are several discrete debris flow breccias containing sulphide clasts and sulphide matrix consisting of pyrite, chalcopyrite, and sphalerite. A phase 2 drilling program of approximately 2500 meters, commencing immediately, will focus on identifying the high grade source of strong base metal values encountered to date.
The Alberta Stock Exchange has neither approved or disapproved of the information herein.
NOTE TO EDITORS:
A map to accompany this press release is available. To receive a copy please call Celtic Minerals Ltd. at (403) 261-2890 or Canada NewsWire at (403) 269-7605.
For further information: David Graham, Kevin Flaherty, Celtic Minerals ltd., (403) 261-2890, 1-800-621-1583, Fax: (403) 264-4535, E-Mail: celtic(at)nucleus.com.
Regards,
Gil |
