Good News -- NDE now involved the developing Nuinsco area play
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NDT Ventures Lac Rocher acquisition; Avalon update
NDT Ventures Ltd NDE
Shares issued 25,518,743 Feb 18 close $0.14
Thu 18 Feb 99 News Release
Mr. Fred Hewett reports
The company has signed a letter of intent with Freewest Resources Canada
Ltd. of Montreal, Quebec to acquire a 50 per cent interest in claims
recently staked by Freewest in the Lac Rocher area of northern Quebec.
The property consists of 27 mineral claims 10 kilometres southwest of the
Nuinsco Resources Limited nickel-copper discovery, where Nuinsco recently
reported a significant drill hole intersection of 3.68 per cent Ni, 0.93
per cent Cu and 0.10 per cent Co over 19 metres. Mineralization on the
Nuinsco property consists of disseminated and massive sections of
pyrrhotite, pentlandite and chalcopyrite in a gabbroic body intruding
gneisses.
Regional government mapping indicates that the NDT/Freewest property is
underlain by mafic amphibolites, granites and gneisses. A sulphide
occurrence has been mapped within a few hundred metres of the northern
boundary of the properties. Government flown input geophysical surveys show
electromagnetic anomalies immediately north of and around the property
boundaries. A detailed analysis of this survey data will be carried out
shortly. An exploration program of prospecting and geophysics is planned
for 1999.
NDT can earn an undivided 50 per cent interest in the property by paying
$13,500 in cash and issuing the equivalent of $200 per claim ($5,400) in
shares based on the closing price of NDT shares on the date of signing the
option agreement. NDT will also incur, at its option, exploration
expenditures of $81,000 to earn its interest. NDT will be the operator.
The company has received the final geochemical and geophysical results from
the December 1998 exploration program carried out on its Avalon project
near Goobies in eastern Newfoundland. The 15 claim property contains a new
gold discovery consisting of disseminated sulphides in a breccia zone
within a gabbroic intrusion. The breccia consists of exotic blocks of
sedimentary and felsic volcanics totally enclosed within gabbroic rocks.
Chip-channel sampling by the company across the main breccia zone returned
an average grade of 4.98 grams per tonne gold and 14.8 grams per tonne
silver over 15.9 metres.
The December exploration program consisted of prospecting, soil sampling,
trenching and geophysics. Prospecting located one new mineralized breccia
zone with low gold and silver values. No significant alteration patterns or
structures were observed. The soil geochemical survey located only a few
isolated and weak arsenic and antimony anomalies all gold and silver values
were at background levels.
Rock sampling in trenches returned anomalous gold (250 ppb) and silver (11
ppm) values from other breccia zones outside of the main gold showing.
Several lines of induced polarization geophysics detected the mineralized
breccia zones. A detailed ground geophysical survey located a
northwesterly-trending, prominent magnetic low anomaly and a weak but
coincident VLF-EM conductor 150 metres east of, and subparallel to, the
gold bearing breccia zone. This feature may be related to the breccias and
requires further prospecting and geophysics. A follow up IP and VLF survey
over this magnetic low has been proposed.
The option agreement with Leader Mining International Inc. on claims held
by NDT in the Voisey's Bay area of Labrador has been terminated.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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