NDT VENTURES LTD.
AVALON UPDATE
Mr. Fred G. Hewett, President of NDT Ventures Ltd. (VSE:NDE; OTCBB:NDTVF) today announced that the Company has completed a reconnaissance exploration program on the Avalon property, located near Goobies in Eastern Newfoundland.
The exploration program commenced in December 1998 and included prospecting over the property, linecutting of a 1,000 metre by 800 metre grid on the main prospect area, follow-up soil sampling, and VLF-EM and magnetometer geophysical surveys. In addition, four test lines of induced polarization (IP) geophysics were completed over the main gold bearing breccia zone and backhoe trenching was done adjacent to the main gold zone.
Initial analysis of the geophysical surveys show the main breccia zone to respond well to IP with two additional IP targets being located. VLF-EM and magnetometer geophysical surveys revealed complicated structural patterns that will require more in-depth analysis. Prospecting and trenching has located and exposed two additional mineralized zones of brecciated and altered sedimentary and felsic volcanic rocks in gabbros. Mineralization consists of disseminated pyrite and arsenopyrite in the breccia. Soil and rock geochemical results are pending and will be reported when received.
The Avalon property consists of 15 claims located in Eastern Newfoundland. The property was discovered by a local prospector during the summer of 1998. Gold mineralization in brecciated diorite is present on the property. The breccia contains exotic blocks and fragments of the underlying sedimentary rocks, altered gabbro and silica fragments and has many characteristics of an explosive diatreme breccia.
NDT has entered into an option agreement with Noveder Inc. to acquire a 50% interest in the Avalon property by making cash payments of $52,000, by issuing 170,000 common shares and by expending $350,000 on the property over the next three years.In Labrador, the Company was notified by Donner Minerals Ltd. that exploration for the 1998 season has been completed. Results from this program will be reported when received.
Elsewhere, the Company continued to actively pursue advanced resource properties in Central and South America, and Canada over the past year. While negotiations were undertaken on several
properties containing defined resources, no acquisitions have been completed to date.
We will remain diligent and patient in this search to ensure such an acquisition will have both immediate and long term benefits to the growth of the Company.
On Behalf of the Board,
NDT VENTURES LTD.
"Fred G. Hewett"
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