NEWS: CCN/Southern Africa Minerals Corporation
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: SOUTHERN AFRICA MINERALS CORPORATION
S.E.C. EXEMPTION # 82-2371 SHARES ISSUED: 19.2 MILLION
TSE SYMBOL: SAF
NOVEMBER 17, 1998
Southern Africa Minerals Corporation - New Mineralized
Horizon Intersected At Caber North, Deep Drilling Detects
Large Off-Hole Conductors
TORONTO, ONTARIO--A 4,000 meter drill program, initiated in early
September 1998, to test several mineralized zones of the Caber
North target has discovered a new zinc-rich exhalite horizon 250
meters south of the "A" zone at a vertical depth of 1,000 meters.
The new horizon possibly correlates with the Key Tuffite marker
horizon, host to all the known deposits in the Matagami Camp, and
to the Phelps Dodge and Caber deposits along strike of Caber
North. Hole 51 intersected an exhalite containing abundant
fine-grained sphalerite (assays pending), after traversing the C
and A Zones, located in hangingwall mafic volcanic rocks. This
new discovery opens up a new, untested horizon, and also suggests
the possibility for stacked deposits at Caber North. A
wide-spaced drill program to test this new horizon at shallower
depths is planned.
Four deep holes were drilled to test the down dip portion of the
Caber North zones. Drillholes 33A, 51, 31 and 50 were drilled
approximately 200m apart to intersect the "A" zone at vertical
depths of -500 meters to -700 meters. Significant intervals of
magnetite, sulfides (assays are pending) and pipe-like alteration
were encountered in hole 51. Pulse EM surveys in holes 33 and 31,
drilled either side of hole 51 at the -700 meter elevation,
detected large amplitude off-holes conductors. The conductors are
located on either side of what may be a vent area (discharge point
of mineralized fluids) intersected in hole 51, and possibly the
feeder to the "A" zone. Furthermore, the two large off-hole
conductors define the down-dip down-plunge extension of the
copper-zinc-rich zones in holes 25 and 28. Earlier drilling
returned up to 3.3 percent copper/6.6m within a 42-meter wide zone
of massive sulfides and magnetite in the "A" Zone above the
conductors. A cross section through holes 23, 25 and 28 at depth
indicates an increase of the metal content of the thick massive
sulfide/magnetite accumulations defining the "A" Zone. The
drilling also indicates that the mineralized system plunges
steeply toward the southeast.
The "A", "B", and Intragabbro zones, and possibly the "C" zone at
Caber North are interpreted to constitute one large
magnetite/sulfide body (greater than 20 MT) locally enriched in
zinc-copper. Slightly discordant mafic intrusive sills have
bifurcated and dislocated the large mineralized body into separate
lenses. This phenomenon is typical of that observed in the
massive sulfide deposits of the north flank of the Matagami Camp.
A Longitudinal section of Caber North can be obtained by
contacting the office.
Noranda is currently evaluating the possibility of accessing the
Caber deposit via a ramp. Metallurgical tests and gravity tests to
pre-concentrate the Caber ore onsite prior to trucking to the mill
are being conducted as part of a prefeasibilty study by Noranda's
Matagami Mine engineering group. Diamond drilling earlier this
year outlined a geological resource at Caber, estimated at 412,600
tonnes grading 12.3 percent zinc, 1.0 percent copper and 15 g/t
silver. This resource is contained within a larger mass of
massive sulfides where high grade copper intersections have been
obtained at the periphery and outside the calculated resource.
Hole 44 intersected 3.5 percent copper/ 4.1 meters and 13.4
percent zinc and .56 percent copper /5.9 meters as separate zones.
These intersections are open at depth. Hole 47 intersected 5.5
percent copper and 10 g/t silver/1.75m. Diamond drilling is also
planned to test the down dip extensions of the Caber deposit. The
Caber deposit is situated 1.5 km southeast of Caber North.
Southern Africa Minerals and Noranda are co-managers of the
project during the exploration phase. Noranda Inc. can earn up to
a 70 percent interest in the property by bringing the property to
production including $6.0 million in work expenditures and $2.85
million in private placements in Southern Africa Minerals
Corporation.
THE PRESS RELEASE WAS PREPARED BY SOUTHERN AFRICA MINERALS
CORPORATION WHICH ACCEPTS THE RESPONSIBILITY AS TO ITS ACCURACY.
NO STOCK EXCHANGE OR ANY REGULATORY AUTHORITIES OR SIMILAR BODY,
HAVE APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
FOR FURTHER INFORMATION PLEASE CONTACT:
Southern Africa Minerals Corporation
Denis Francoeur
President and C.E.O.
(416) 365-0250 |
