Potential expanded at Big Onion
Consolidated Magna Ventures Ltd CMV
Shares issued 21,484,464 Nov 12 close $0.15
Fri 13 Nov 98 News Release
Also Gladiator Minerals Inc (GLM)
Mr. Jason Cubitt reports
The recently completed diamond drill program at the Big Onion project near
Smithers, B.C. has extended the known limits of the mineralizing system on
the property.
The Big Onion porphyry copper deposit contains a geological resource of
approximately 80 million tons grading 0.45 per cent Cu and 0.02 per cent Mo
as outlined by Canadian Superior in 1976. An eight hole diamond drill
program, in 1992, by Varitech Resources demonstrated that the upper portion
of much of this mineralization is contained within a zone of supergene
enrichment that may be amenable to lower-cost solvent
extraction-electrowinning processing.
The 1998 drill program at Big Onion consisted of six NQ sized holes, for a
total of 1,016 metres, and tested several induced polarization and/or
magnetic anomalies in search of new zones of copper mineralization. All
holes were drilled to the south and west of the main deposit, beyond the
limits of known mineralization. Drill core was sampled at the discretion of
the project geologist, in three metre intervals, and was split on site with
half being retained for reference and half being sent to the lab. A 28
element ICP analysis was conducted on each sample at Eco-Tech Laboratories
in Kamloops.
The first two holes intersected both quartz-feldspar porphyry and quartz
diorite porphyry, the two primary hosts to copper mineralization in the
main deposit. Hole BO-98-01 bottomed in andesite, which also contained
copper mineralization, and hole BO-98-02 contained porphyry throughout its
entire length. Both holes contained abundant disseminated pyrite, in
amounts up to 10 per cent, and chalcopyrite, which locally reached
concentrations of 3 per cent over short intervals. Both holes contained
elevated copper values throughout but assays from the 3 metre samples did
not reach economic levels. The other four holes explained the geophysical
anomalies but did not intersect any copper mineralization.
The significance of these results is that holes 1 and 2 were drilled
approximately 500-600 metres away from the closest hole containing porphyry
and 800 metres from the nearest known copper mineralization. There is a
further 1,500 metres of untested ground between holes 1 and 2 and the
nearest hole to the southwest. This expansion of the known limits of the
mineralizing system has the potential to significantly increase the size of
the known porphyry copper deposit with further drilling.
Based upon these results, Magna, as the project operator, will be
submitting a recommendation for further drilling to Gladiator Minerals
which is earning a 50 per cent interest in the property.
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