Hello George
Here is another:
Winspear Resources Ltd. reports on 1998 exploration results from the Hilltop area, NWT
VANCOUVER, Jan. 11 /CNW/ - Winspear Resources Ltd.
Trading Symbol: WSP-V
Winspear Resources Ltd. (WSP-V) is pleased to report on 1998 exploration
results from the Hilltop area, NWT, which is situated approximately 180 km
northeast of Yellowknife. During the past year, Winspear acquired by staking
approximately 320,500 acres in this area. The northern boundary of this area
adjoins the southwest boundary of the Camsell Lake property. Pursuant to a
pre-existing agreement, Winspear has joint-ventured approximately 90,150 acres
of this property to SouthernEra Resources Ltd. which has a 20% participating
interest with Winspear holding the remaining 80%. The property held by this
joint venture is now referred to as the Cache property. The remaining area,
approximately 230,350 acres and referred to as the Hilltop property, is held
100% by Winspear. Both the Hilltop and Cache properties are operated by
Winspear.
To date, Winspear has spent about $975,000 on the combined Hilltop and
Cache properties. Work completed includes a detailed helicopter-borne Mag/EM
survey undertaken at 50 metre line-spacing comprising 8900 line-km. A total
of 781 till samples were collected of which about 65% have been evaluated for
indicator minerals. In addition, on the Hilltop property (100% Winspear), a
limited ground Mag/EM survey has been completed over a small selected area and
two targets have been tested by diamond drilling.
During the course of sampling the property this season, eight indicator
mineral trains were identified. Follow-up sampling resulted in better
definition of the trains and in the discovery of numerous small kimberlite
fragments associated with some of them. Preliminary evaluation of indicator
mineral chemistry that includes pyropes, ilmenite and chromite, suggests that
a significant number of pyropes and chromites plot within compositional ranges
normally considered to be equivalent to the ''diamond stability field''.
An aggressive exploration program is being planned for this coming winter
/spring season to locate the source of the indicator minerals and kimberlite
fragments. A program budget of $1.5 million has been allocated for follow-up
geophysics and approximately 2500 metres of diamond drilling during this
winter season together with additional till sampling on the property during
the summer season. It is anticipated that the drill program will get underway
in March following completion of ground geophysics.
Winspear Resources Ltd.
(signed)
_______________________
Randy C. Turner, P. Geo.
President, Director
Regards |
