New Claymore plans Buffalo Head drilling in mid-February
New Claymore Resources Ltd
NCS
Shares issued 4,165,775
1999-02-08 close $0.55
Wednesday Feb 10 1999
Mr. Anthony Rich reports
Over the past three months,airborne geophysical surveys have been
completed on 500,000 acres of New Claymore property and a further
200,000 acres are in progress. Diamond drilling is planned to
commence in mid-February.
Panny River Prospect: These eight permits totalling 185,000 acres lie
on trend between the kimberlites of Ashton Mining of Canada Ltd. and
those more recently discovered pipes on the Legend property of
Kennecott Canada Explorations Ltd. and Montello Resources Ltd. New
Claymore's geophysical crew has carried out ground magnetic surveys
over five of numerous anomalies identified by aeromagnetics and so far,
three targets have been selected for drilling. Drilling will start
mid-February when ground geophysics will resume. Kennecott
continues to drill to the northeast, Ashton to the south and southwest and
Monopros to the west of Panny River.
Cox Prospect: This permit of 23,000 acres lies 15 miles southwest of
Slave Lake and New Claymore is earning 50 per cent interest by
performing exploration. In November 1998, New Claymore completed
ground magnetic surveys on six airborne anomalies and the principal
anomaly exhibits considerable magnetic intensity and size. Drilling on
the Cox is scheduled to begin immediately after the Panny River.
Rusalka and Calling Lake Prospects: The company's option partner has
completed airborne magnetic surveys on both of these prospects and the
data is presently being interpreted. The Rusalka prospect is 230,000
acres and Calling Lake 223,000 acres.
Kimberly/Manon/Tristan Prospects: New Claymore has earned a
one-third interest in the Kimberly prospect of 94,000 acres which
surrounds the Mountain Lake kimberlite.
Adjacent to the Kimberly are the 100 per cent owned Manon and Tristan
prospects of 135,000 acres and 105,000 acres respectively. The
company is presently conducting an airborne magnetic survey which will
cover all of the Kimberly and Manon and the western half of the Tristan.
This survey is being flown at an altitude of only 60 metres in order to
detect subtle anomalies such as that exhibited by the Mountain Lake
kimberlite. Presently, this survey is one-quarter completed.
Legend East: In January, New Claymore acquired by staking a 50 per
cent interest in 13 new permits totalling 300,000 acres to the east of the
Legend property.
Recent discoveries by Ashton and Kennecott have demonstrated the
potential for the discovery of kimberlite pipes in Northern Alberta.
Current drilling will be financed from existing treasury, which is in
excess of $1-million.
(c) Copyright 1999 Canjex Publishing Ltd.
canada-stockwatch.com |
