itors:
FLAG RESOURCES (1985) LIMITED AND GOLDEN BRIAR MINES LIMITED DRILLING
RATHBUN OCCURRENCE, WANAPITEI ANOMALY, SUDBURY, ONTARIO, CANADA
CALGARY, Aug. 18 /CNW/ - ''Flag Resources' large holdings, in the
Wanapitei Anomaly, includes the Rathbun Occurrence, a surface lens of mineral rich massive sulfides, in gabbro, located at Rathbun Lake, Rathbun Township.
Grab samples, from the dump of a 40 foot deep prospect shaft, taken
between 1955 and 1957, assayed:
Copper, 5.51% to 19.92%; Nickel, 0.11% to 2.86%, Platinum, 0.088 ounces to 1.08 ounces per ton; Gold, 0.002 to 0.36 ounces per ton; and Palladium, 0.17 to 0.98 ounces per ton (Ontario Geophysical Survey, Report 213 (1982) by Dr. Burkhard Dressler).
A selected grab sample, by Dr. Dressler yielded 10.2% copper; 2.22 ounces of silver per ton; 0.14% nickel, 0.056 ounces of platinum per ton; 0.02 ounces of gold per ton; and 34.6 ounces of palladium per ton.
Dr. Dressler suggested the rich sulfide lens may have faulted off from a large sulfide body. In 1994, a paper on research work, in the area (Schandl et al 1994) suggested the sulfide lens may have migrated, by hydrothermal activity, from an underlying mineralized intrusion. A review of previous drill holes, by Flag, on the Rathbun Occurrence, confirmed that a 1988 drill hole, RL88-1, may have been in proximity to an igneous intrusion. Drilled at 45 degrees, from the prospect shaft into Rathbun Lake, the 1000 foot drill hole, in Gowganda sediments, intersected a successive sequence of low temperature alteration (albitization), high temperature alteration (283 feet
of uniform, strong magnetization 303-586 feet) and low temperature alteration (albitization). The large zone of high temperature alteration indicates proximity to a heat source, which could be a mineralized intrusive body and the source of the rich sulfide surface lens.
To locate and identify the heat source, Flag and Golden Briar are
drilling a 1000 foot deep, 60 degree drill hole, underneath RL88-1.
Golden Briar has an option on the ground, from Flag Resources, earning a 50% interest by spending $400,000.00 over a 4 year period.
In Golden Briar's other option from Flag Resources, in northwest McNish Township, it has completed 47 drill holes, to an average depth of 200 feet, in the 1.3 by 1 mile area of surface mineral showings. Nearly all drill holes intersected chalcopyrite and pyrrhotite mineralization, with assay results pending. Hole Number 48 is being drilled in the vicinity of a high grade surface occurrence of zinc-copper-lead and silver at Ozhway Lake, McNish Township.
Flag Resources holds 76,000 acres, in 6 adjoining townships, in the
Wanapitei Anomaly, the adjoining regional twin magnetic and gravity anomaly to the Sudbury Anomaly.''
The Alberta Stock Exchange has neither approved nor disapproved of the
contents herein.
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