NR on CCN : FOR CROSS LAKE MINERALS LTD.
VSE SYMBOL: CRN
NOVEMBER 30, 1998
Cross Lake Minerals Ltd.: Sheraton-Timmins Property -
High Grade Zinc-Silver Zone Extended
VANCOUVER, BRITISH COLUMBIA--CROSS LAKE MINERALS LTD. (the
"Company") wishes to report results received to date on the first
three holes (CLS 98-62 to 98-64) from the on-going drill program
which commenced October 13, 1998 on the Company's 100 percent held
Sheraton-Timmins Project. Further results will be released as
they become available.
The most encouraging and significant result of this drilling was
the intersection of a high grade phase of the zinc-silver-lead
mineralization in hole CLS 98-63 which has extended the down
plunge length of the high grade zone from surface (near hole CLS
98-49) to over 500 metres and is still open to depth. Hole CLS
98-63 intersected a high grade phase of zinc-silver-lead
mineralization approximately 250 metres (820 feet) down plunge
from hole CLS 97-16 which in turn is 250 metres down plunge from
the high grade mineralization in hole CLS 98-49. (A schematic
drill hole plan and longitudinal section are available by fax upon
request.) The hole was completed to a depth of 701 metres and
yielded the following significant assays:
/T/
Hole Intersection Length Zinc Lead Silver Gold
Number (metres) (metres) Percent Percent (g/t) (ppb)
-------------------------------------------------------------
CLS 98-63 393.5-434.0 40.5 1.90 0.43 35.7 220
incl. 393.5-402.5 9.0 4.34 0.75 80.6 705
incl. 395.0-401.0 6.0 5.56 1.05 93.0 849
408.5-413.0 4.5 1.63 0.33 23.3 -
423.5-434.0 10.5 1.58 0.21 19.1 -
/T/
The geology in hole CLS 98-63 is similar to that of hole CLS 97-16
with massive sulphide (sphalerite-galena-pyrite-chalcopyrite)
occurring on the south side of a much wider lower grade zinc zone
hosted in tuffs and fragmentals with intercalated chert horizons.
The massive sulphide intersection in hole CLS 98-63 is located 200
metres east of hole CLS 98-59 in which a 12 metre section of
massive pyrite containing sphalerite also occurred. These
intersections indicate that a more typical massive sulphide zone
is developing at depth and confirms that Pulse EM is an effective
exploration method in delineating volcanic massive sulphide (VMS)
targets. Anomalous gold values are associated with this massive
sulphide phase in which the most significant interval assayed 3.78
g/t (3780 ppb) gold over 0.95 metres (397.05 metres to 398.0
metres).
A favourable coarse rhyolite fragmental unit with clasts up to 2.0
metres in size overlies the massive sulphide phase in CLS 98-63
indicating close proximity to a vent area and a favourable setting
for a VMS type deposit. The felsic volcanic pile appears to be
thickening and the alteration intensifying at depth. This is a
highly favourable environment for the discovery of a significant
VMS deposit.
Hole CLS 98-64 was collared 325 metres southwest of hole CLS 98-63
and drilled to a depth of 880 metres to test the geology below
holes CLS 98-39 and 98-59. A coarse rhyolite fragmental unit was
intersected in hole CLS 98-64 similar to the one located in
CLS98-63 overlying the mineralized zone. A fault and diabase dyke
were also intersected which appears to have offset the massive
sulphide phase. As a result, the main part of the hole was
drilled below the projected plunge line extending from hole CLS
98-63. Further holes are required in this area to explain the
Pulse EM conductive targets and the geology. Significant results
from this hole are as follows:
/T/
Hole Intersection Length Zinc Lead Silver
Number (metres) (metres) Percent Percent (g/t)
-----------------------------------------------------------
CLS 98-64 626.0-630.5 4.5 1.77 0.16 20.3
767.9-770.65 2.75 1.92 - 2.5
/T/
Hole CLS 98-62 was drilled in a separate target area 170 metres
east of hole CLS 98-56 and 1.2 kilometres southwest of CLS 98-63
to test a number of Pulse EM anomalies and a coincident
copper-zinc geochemical soil anomaly. A 0.5 metre wide zone of
chalcopyrite (copper) hosted in a rhyolite breccia, which assayed
3.02 percent copper, was intersected as well as several other 0.5
metre wide massive pyrite bands containing anomalous zinc, silver
and gold values in a wide zone of intense alteration. The geology
in this area suggests that a copper-bearing sulphide zone occurs
in sericite altered felsic volcanics plunging west below holes CLS
98-55, 58 and 60, as indicated by Mise-a-la-Masse and down-hole
Pulse EM. A strong Pulse EM anomaly was detected below hole CLS
98-60 which correlates with a Pulse EM anomaly below hole CLS
98-58. Further drilling to depth and along strike is required in
this area.
A second drill was mobilized to test two other geophysical targets
parallel to and northeast of the Cross Lake Zone. These holes
have now been completed and results will be released when
available.
A Pulse EM crew is presently testing the recently completed holes
in order to provide better definition of the massive sulphide
zones at depth and to aid in the planning of additional drill
holes.
Assaying for the drill core continues to be carried out by Chemex
Labs Ltd. of North Vancouver, British Columbia. Check assays are
being run on selected samples by another independent laboratory.
The Company has been advised by Golden Knight Resources Inc.,
operator of the Night Hawk Lake Joint Venture, that a 1,000 metre
diamond drill program has commenced on the property. The Company
holds a 16 percent interest in the Night Hawk Lake Property which
is adjacent to the Company's 100 percent held Sheraton-Timmins
Property.
ON BEHALF OF THE BOARD OF DIRECTORS
CROSS LAKE MINERALS LTD.
Michele A. Jones
Executive Vice President, Administration |
