ST. GENEVIEVE RESOURCES LTD. - COPPER DISCOVERY NEAR SEPT-ILES
MONTREAL, Dec. 19 /CNW/ - St. GeneviŠve Resources Ltd.
(``St. GeneviŠve'') is pleased to announce the discovery of a shear zone
trending north-east (same orientation as the mineralized dyke discovered by
the Ministry of Natural Resources), located in the Lac Nipisso and Lac Manitou
region, some 60 km to 100 km north-east of Sept-Iles and containing 10% to 15%
pyrite and decimated chalcopyrite. Grades up to 3.99% Cu and 0.14% Co were
obtained from selected samples.
St. GeneviŠve now owns interests in excess of 1700 mining claims in the
Region of Lac Nipisso and Lac Manitou, where in excess of 9000 claims were
recently staked. St. GeneviŠve's sites are composed of 11 blocs of claims or
properties, mainly 100% owned by St. GeneviŠve. Several claims are owned in
partnership.
The Lac Nipisso and Lac Manitou region is part of a multicyclic
allochtonous belt in the geological Province of Grenville which includes:
- the igneous complex of Matamec, where the Lac Volant occurrence was
discovered in August 1996 by the Ministry of Natural Resources
(average grade or 2% Ni, 2.3% Cu and 0.1% Co); and
- the anorthositic complex of Lac Tortue and Havre-Saint-Pierre (western
portion) where 14 important Cu and Ni occurrences where reported
recently.
The properties acquired by St. GeneviŠve overlie several geological
environments of the region, i.e.: anorthosite/gabbro contact zone,
hydrothermal alterations of granitic gneiss and mafic intrusion. Some
properties were acquired for their magnetic anomalies, others for possible
extensions of the Soquem discovery north of Lac Manitou, another group for the
geological contacts and finally for the NE/SO structures and the same
geological environment of the recent MNR discovery.
The fact that St. GeneviŠve was present and active in this territory
before the recent discovery by the MNR, along with the Fond regional
d'exploration miniŠre de la C“te-Nord (FREM), should be taken into account.
During 1996, St. GeneviŠve has spent $1,300,000 in staking, exploration,
prospection and acquisition, in order to be and remain one of the key players
in this promising zone.
An EM-Mag heli survey at 200 m is presently underway, (MNR) and when
completed should cover the most part of the properties owned by St. GeneviŠve.
Moreover, St. GeneviŠve and its partners will undertake another exploration
program with a $1,700,000 budget to be completed before June 1997.
St. GeneviŠve is a mining exploration company whose primary objectives
are the acquisition and development of mineral opportunities in Canada and in
emerging countries.
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