Drilling to start at Dromedary property
Blackstone Resources Inc BZZ
Shares issued 10,885,501 Oct 14 close $0.105
Thu 15 Oct 98 News Release
Also Geologix Explorations Inc (GIX)
Mr. Donald McInnes reports
Geologix Explorations has authorized Blackstone to start a fall diamond
drilling program on the Dromedary silver-lead-zinc property east of Pelly
Crossing, Yukon Territory. The property is 15 kilometres northeast of the
Clear Lake deposit which hosts a geological resource of 6.1 million tonnes
grading 11.34 per cent zinc, 2.15 per cent zinc and 40.8 g/t silver.
The Dromedary property consists of 344 claims (7,184 hectares), that are
principally underlain by rocks of Devonian-Mississippian age that are host
to large tonnage sedimentary exhalative (Sedex) deposits of
zinc-lead-silver that include the Red Dog mine in Alaska and the Tom/Jason
deposits in the Yukon. Drilling of five holes by Blackstone in 1996 focused
on testing coincident geophysical anomalies from previous exploration by
Anaconda. This was successful in identifying a broad zone of alteration
containing high grade massive sulphide mineralization grading up to 5.84
per cent zinc, 6.13 per cent lead and 136.7 g/t silver in hole FRN96-02 and
up to 8.42 per cent zinc, 2.43 per cent lead, 29.8 g/t silver in hole
FRN94-04. In addition to zinc, lead and silver mineralization in hole
FRN96-02, assays from a separate 4.4 metre interval contained 2.21 g/t gold
including 3.45 g/t over 1.8m.
Prior to going public, Geologix financed a $300,000 exploration program in
1997 which consisted of a 70km magnetics survey, 33km of gravity surveying,
trenching, mapping, soil and rock sampling. The main goal of the program
was to gain a better understanding of the geophysical signature of the
massive sulphide mineralization encountered in the 1996 drill program. This
was accomplished by increasing the density of the geophysical surveys
conducted by Anaconda and expanding the survey coverage.
The survey was successful in better defining the coincident gravity and
magnetic anomaly which was the basis for drilling holes FRN96-02 and 04. In
addition, five coincident gravity and magnetic anomalies were reconfirmed
and an additional 13 geophysical anomalies were identified as a result of
the increased density and expanded geophysical coverage.
The 1998 diamond drilling program will be designed to test for lateral
continuity and down dip extension of the mineralization encountered in
holes FRN96-02 and 04.
In order to earn a 60 per cent interest in the property, Geologix must
spend a total of $1,000,000 in exploration over three years, issue to
Blackstone 50,000 shares and make cash payments totalling $50,000. |
