White Knight Resources Ltd - News Release
Drill results from Indian Ranch property
White Knight Resources Ltd WKR
Shares issued 22,071,844 Nov 9 close $0.76
Tue 10 Nov 98 News Release
Also Chapleau Resources Ltd (CHI)
Mr. Patrick Cavanaugh reports
White Knight Resources and Chapleau Resources have received drill results
from the first five holes on the Indian Ranch property. Management believes
the discovery of favourable host rocks at shallow depths on the property is
significant and, as a result, have recently staked a block of 90 additional
lode mining claims to bring the total property holdings to 607 claims,
covering more than 12,000 acres. As well, the company has deployed a second
drill rig to the property.
All five drill holes, 98-1 through 98-5, intersected carbonate rocks of the
Lower Plate, believed to be the Hansen Creek formation and the Roberts
Mountain formation. While all five drill holes intersected anomalous
(greater than 100 ppb) gold values, ore grade mineralization was not found.
Holes 98-1 through 98-3 did intersect lengthy intervals of gold
mineralization, which is present within both the Upper and Lower Plates.
Hydrothermal alteration in the form of pervasive silicification was found
in all holes. Realgar flakes, indicating high arsenic values, were noted in
three holes.
Gold intervals from the first five holes are as follows:
Interval
Drill From To Length Au
Hole No. (ft) (ft) (g/t)
98-1 155 320 165 0.023
145 805 660 0.012
98-2 415 440 25 0.047
695 945 250 0.005
98-3 440 520 80 0.004
620 645 25 0.019
98-4 anomalous only
98-5 anomalous only
The presence of large volumes of gold and the pathfinder elements arsenic,
antimony and mercury is indicative of a major sediment hosted gold system.
Management of White Knight believes that such a system has formed at least
one major gold deposit on the Indian Ranch property and is confident that
lengthy intercepts of ore grade mineralization will be discovered. As
drilling continues, White Knight is conducting a detailed review of all
results to determine the structural and stratigraphic controls on gold
mineralization. A gravity survey has also been started to further define
structural blocks under cover. The company has completed drilling on nine
holes and is currently drilling holes 10 and 11.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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