Major General Resources Ltd MGJ VSE January 15, 1997
Drilling to Commence, Nepisiguit Project
Glenn G. Shevchenko, President reports that diamond drilling on Major General's Nepisiguit, N.B. project will commence on January 16, 1997. A minimum 1200 metre drill program will test five conductors on the Company's 196 claim holdings in the central portion of the Bathurst base metal camp.
The conductors were outlined by the Company's recently completed high power, large loop EM survey which penetrated up to 500 metres below surface, well beyond the range of previous EM surveys. The tops of the new conductors are situated between 100 and 300 metres below surface
and vary in length from 400 to 1000 metres.
Geologically, these conductors represent excellent targets for base metal deposits similar to the nearby Heath Steele, Brunswick #6 and Brunswick #12 deposits. These deposits are hosted by the distinctive quartz augen schists of the Nepisiguit Falls felsic volcanic formation. Substantial portions of Major General's Nepisiguit property are also underlain by these distinctive quartz augen schists and several of the conductors are apparently hosted by these prospective rocks.
Major General's Nepisiguit project consists of two optioned properties. On the 187 claim group optioned from Rio Algom Limited, the Company can earn a 100 percent equity interest, subject to a 55% back in right by Rio Algom if they complete a positive feasibility study. On the nine claim Stewart Option, the Company can earn a 100 percent interest subject to a 2% NSR, with a buy back of 1% NSR for $1 million.
Industry sources indicate that a significant new base metal zone in the Bathurst camp was recently drill intersected by a major mining company.
TEL: (604) 685-5254 Don Willoughby, Investor Relations u-link.mgj |
