CALGARY, Oct. 30 /CNW/ - ''Flag Resources says assays from grab sampling
of the surface exposure of sulfides, southwest of Rathbun Lake, ranged from:
Cu 0.58%, Ni 0.27%, Pt 0.01 ounces per ton (0.4 grams), Pd 0.06 ounces
per ton (2.1 grams). Swastika Laboratories (Swastika, Ontario).
to
Cu 1.31%, Ni O.27%, Pt 0.07 ounces per ton (2.4 grams) Pd 0.16 ounces per
ton (5.5 grams) Ontario Geological Survey Report 1982.
The surface showing and the high-grade Rathbun Lake Occurrence are
located in the Lake Wanapitei Nipissing Gabbro Intrusion. An important
Ontario Geological Survey Study, in 1996, on Nipissing Gabbro notes that there
is well documented association of mineralization with hypersthene - rich, high
magnesium oxide in Nipissing gabbro rock. (Lightfoot, P.C. and Naldrett,
A.J., 1996, Petrology and Geochemistry of the Nipissing Gabbro Exploration
Strategies for Nickel, Copper, and Platinum Group Elements in a Large Igneous
Province. Ontario Geological Survey Study 58, 81p.
Flag recently became aware that areas within its holdings in the
Wanapitei Gabbro Intrusion had been geochemically sampled, in the 1990s by the
Ontario Geological Survey. There are apparently some areas higher in
magnesium oxide than the surface sulfide exposure, southwest of Rathbun Lake,
which areas Flag is currently prospecting and grab sampling, prior to any
drilling, taking advantage of the clement weather before winter conditions.
This has held up assaying of drill core from the recent drilling completed
around the mined out high-grade Rathbun Lake Occurrence, which Flag has
optioned to associated Golden Briar Mines Limited, who may earn a 50% interest
by the expenditure of $400,000.00 over a four year period. Parts of the drill
core should be submitted for assaying, shortly.
Rathbun Township is part of Flag's 76,000 acres, approximately, in the
regional Wanapitei Magnetic and Gravity Anomaly. Flag is completing an
Offering Memorandum, an offering of up to 2,000,000 flow through, private
placement shares, with proceeds to be used for exploration of its gold-copper
deposits in Mackelcan Township, base metal prospects in McNish and MacBeth
Township, and visible surface gold occurrences in its Exploratory Licence of
Occupation ground, deleted from the Wanapitei Provincial Park, in Eastern
Rathbun Township.''
The Alberta Stock Exchange has neither approved nor disapproved the
contents herein.
-30-
For further information: M.C. McLeod, President (403) 262-8883 or
www.flagresources.com
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