Latest Press release ,Looks Like things a progressing in the great
white north. January has brought some good run ups in lesser ,quality
stocks, I think Celtic's day is just around the corner. The secound
largest land position??. I did not know that when I bought, This winter
may heat up yet.
Celtic Minerals Ltd CME
Shares issued 11,200,000 Jan 8 close $1.01
Thu 9 Jan 97 News Release
Mr David Graham reports
Phase two drilling at the Hungry Hill base metal property in Central
Newfoundland has resumed after the holiday break. Prior to Christmas, two
holes, numbers 11 and 12 were completed, including the extension of hole
number 8. A total of 765 metres of the 2,500 metre phase two program are
complete and the first set of core samples have been sent to the lab for
assay.
Preliminary results show hole number 11 has encountered the thickest target
interval to date, penetrating 103.7 metres of favourably altered debris
flow breccia with a significant enhancement of sulphide content. A 58.0
metre interval, from 225.1 to 283.1 metres, contains disseminated,
semi-massive, and massive pyrite, chalcopyrite (copper), and sphalerite
(zinc) mineralization. Hole number 12 tested a parallel zone 200 metres
southeast of hole 11, but did not encounter favourable base metal
stratigraphy.
Hole number 13, in progress, is a deep test under hole number 9. Hole 9
encountered an 80.0 metre thick debris flow breccia containing a 15.3 metre
interval grading 0.4% copper, 0.9% zinc, 7.2 g/t silver and 0.2 g/t gold,
as reported in Stockwatch December 5 1996. In addition, this target zone
hosts semi-massive to massive pyrite, black chlorite, and large altered
rhyolite clasts, all features indicative of close proximity to insitu and
transported base metal deposits. An example would be the rich Buchans Mine
20 kilometres northwest of Hungry Hill, where over 16.2 million tonnes of
high grade base metal ore valued at over $4 billion (current metal prices),
were produced by operator Asarco Ltd.
Hole number 13 is a 400 metre test and will encounter the target zone of
hole number 9 approximately 100 to 150 metres down dip. An additional five
holes are planned in the vicinity of holes 9 and 11, testing extensions of
zones encountered to date, and a coincident pulse-EM (electro-magnetic)
geophysical anomaly 900 metres long and 250 metres deep.
Celtic is operating the Hungry Hill project with joint venture partner
Jilbey Exploration Ltd of Halifax. Completion of phase two will take
approximately three weeks and results received in two to four weeks.
Newfoundland Portfolio
Over the past 24 months, the company has developed the second largest land
position of any exploration firm active on the island. After an active 1996
exploration season, some clear priorities have emerged for the new year.
Hungry Hill, 20 Km SE of Buchans
Initial drilling has defined a volcanogenic debris flow system of
substantial proportions, similar to the debris flows that hosted the rich
Buchans Mine deposits. Within the debris flow, is a zone of sulphide
enrichment up to 58 metres thick and 900 metres in length. The Buchans ore
bodies occured within similar altered debris flow zones of enrichment. 1997
drilling has now commenced, with the objective of probing further into the
sulphide enhanced zone.
Buchans-Roberts Arm Trend
The company is now the largest single land holder in the Buchans-Roberts
Arm Trend, an area long considered prospective for additional Buchans-type
discoveries. Prospecting in 1996 returned float assays up to 58 opt silver
and 0.4 opt gold. Geophysical analysis has since identified numerous
conductors and shear zones for followup in 1997.
Pipestone Pond, Central Newfoundland
Systematic sampling has identified a 400 metre by 400 metre gold/copper
anomaly with values of up to 2.2 g/t gold and 1,600 ppm copper in soils.
This project is also scheduled for early followup in 1997.
(c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com |
