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Noveder Inc
NED MSE Add to Portfolio
October 15, 1998
Update on The 1998 Exploration Program
NOVEDER INC ("NED-M;NVDR-L")
- Update on The 1998 Exploration Program
Mr. Alain Morissette, President of Noveder is pleased to announce the results of its exploration programs in Newfoundland and Quebec for its fiscal year ending September the 30th 1998.
CABOT (Newfoundland)
This property partially covers the Birchie ophiolitic complex in the Baie Verte peninsula. In the summer of 1997, a significant copper-cobalt showing was discovered within a basaltic volcano-sedimentary belt. The Cabot showing consists in a zone of banded iron formation with disseminated pyrite-chalcopyrite-magnetite (Zone 1) and a second zone of intense stockwork of pyrite-pyrrhotite-chalcopyrite mineralization within a chloritized matrix (Zone 2). The latter zone reaches a thickness of 29 m at depth (300 m). Zone 2 is interpreted as being an alteration pipe underlying a volcanogenic massive sulphide deposit while zone 1 would represent the favorable interface for the deposition of the massive ore body. Intense deformation caused both zones to become sub-parallel. They strike in a NE-SW direction and dips are steep towards the SE.
Zone 2 is open is all directions. Noveder's geologist consider that the zone could plunge at a moderate angle towards the NE. Deep drilling carried out along this axix returned the following results : Cab-98-09 : 0.99 percent Cu equivalent over 25.8 m and Cab-98-10 : 0.74 percent Cu equivalent over 28.91 m (cobalt at US$21/lb). This is the only area that has ever been submitted to drilling on the property and numerous electromagnetic anomalies (DEEPEM) remain to be tested. Noveder intends to continue its drilling on the property as soon as possible. The company is currently negociating with major companies interested in earning an interest in the property.
BETTS COVE (Newfoundland)
This property as been the object of a drilling program intended to test electromagnetic anomalies (DEEPEM) as well as a gold showing near surface. Furthermore, a lithogeochemical sampling program has been completed on diamond drill core from past programs. The drilling program did not return significant results but the lithogeochemical sampling program confirmed the extension and the strengthening of the hydrothermal alteration at depth. Thus, the alteration zone which demonstrate a thickness of about 100 m near surface, widens at depth (towards to NE) to reach 200 m at a vetical depth of 200 m. This same alteration envelope hosts the Betts Cove massive sulphide deposit near surface on the property (130,000 t @ 10 percent Cu) The down dip extension of that stratigraphy, below the 200 m level, is totally unexplored. That stratigraphy also hosts the Titl Cove deposit located at about 10 km to the NE (8 MT @ 1.7 percent Cu).
TILT COVE (Newfoundland)
Significant gold values were returned from a reconnaissance survey, 1.5 km to the west of the Tilt Cove mine. These values appear to be related to a cross cutting linear oriented in a NW-SE direction. Assays such as 12.40 g/t Au, 10.48 g/t Au, 8.40 g/t Au, 7.10 g/t au and 28.02 g/t Au were obtained within an ultramafic sequence exhibiting moderate hematitisation and disseminated pyrite. This area will be the focus of stripping, trenching and drilling during the next exploration phase.
ABITIBI (Quebec)
A drilling program was carried out along the eastern and the depth extensions of the Hamelin mineralized zone. No significant value was returned from the drilling performed to the east.
However, at depth, the zone could be followed down to the 500 m level and the following results were returned : AB-97-22 : 1.27 g/t over 1.05 m, AB-97-23 : 23.75 g/t Au over 0.88 m, AB-98-01 : 15.60 g/t Au over 1.00 m and finally 7.55 g/t Au over 1.10 m. The mineralized zone consist of a sulphide rich quartz vein, the sulphides being locally massive.
NEWFOUNDLAND, A MINING CAMP
Newfoundland experiences a renewal of exploration activity with the arrival of several majors (Billiton, Rio Algom, Phelps Dodge, Outokumpu) as well as numerous juniors (McWatters, Rubicon, Canaco, Major General, Thunderwood, Pangea and others). With cash reserves of $2.5 M and advanced properties in the region, Noveder is a leader in exploration in this province.
All samples from the Newfoundland projects were prepared and assayed by fire assay/ICP at Eastern Analytical limited of Springdale, Newfoundland. All samples from the Abitibi project were prepared and assayed at Chimitec of Val d'Or.
Corporate informationListing: Montreal Exchange (ME)Symbol : NED12 months trading: High $1.01 Low $0.17 Current $0.23Shares: outstanding 29 775 350 fully diluted 34 938 153Liquidity: 2 400 000$ Track record NED developed the Nugget Pond project to the pre-feasibility stage.The mine is now operated by Richmont Mines Inc. - 488,000 short tons at anaverage grade of 0.357 oz/t Au (172,000 oz of gold) - production costs : US$143 / ozSummary of major projectsBetts Cove Ophiolitic Complex:425 claims-150 km2- Values up to: 0.28 oz/t Au (8.55 g/t) over 6.6 feet (2.0 m) 0.38 percent Cu over 112 feet (34m) 1.33 percent Zn over 5 feet (1.5m)Cabot :- Copper and cobalt Stringer mineralization followed laterally for 450m and to a vertical depth of 300 m.- Open in all directionsAbitibi : located in the Val d'Or mining camp, near the Kiena,Siscoe, and Sullivan mines.- All drill holes from 97-06 to 97-23 (17 consecutive holes) intersected massive sulfides (gold-copper)- Values up to : 0.45 oz/t Au (14.02 g/t) over 3.6 feet (1.1 m) 1 percent Cu over 4.05 feet (1.23 m)- 275 m zone, open to the east and west- Zone open at depth below 1.050 feet (320 m)- Average of 11.64 g/t Au (1.04 m)
TEL: (514) 878-3313 Noveder inc. FAX: (514) 878-8096 Mr. Alain Morissette, President
Mr. Daniel Belanger, Investor Relations
Mr. Pierre O'Dowd, Vice-president, exploration Internet: noveder.com
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This Report Updated by Canstock at 13:08:29 Pacific Time
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