Uited Compass Resources Ltd NEWS
UCR VSE
February 12, 1997
Proceeding With Definitive Option Agreement
UNITED COMPASS RESOURCES LTD. ("UCR-V;UCRLF-L")
- Proceeding With Definitive Option Agreement
Louis P. Lees, President of United Compass Resources Ltd.,
is pleased to report
the company is proceeding with a definitive option
agreement to purchase a
50% interest in Patricia Mines Inc. Island Gold Project
located North of Wawa, Ontario.
Diamond drilling with two rigs continues to test the
continuity of gold mineralization between the known
Island and Localsh zones previously defined on the
property.
Gold mineralization is found in altered and silicified zones
within the northeast
trending Goudreau Lake Deformation zone.
The first seven holes of a 20 hole program drilled on
approximately 50 meter centers
are now complete. All holes to date have
intersected visible gold in quartz flooded
sericite alteration zones.
While the visible gold sections are narrow
the alteration zones are 8 to 25 meters wide and
as many as 5 alteration zones have been
intersected in some of the holes.
The drilling to date has confirmed that the Localsh zone
and the Island zone are part of one larger gold deposit, a
fact which has significant implications for the tonnage
contained in the deposit. A revised estimate of the
reserves will be made once drilling in the area is complete.
Six occurrences of visible gold were noted in
hole P-L-7. An unidentified alteration zone was
intersected above the target depth which gave
only low assays but it confirms the presence
of multiple stacked
zones.
Available assay results form holes PL-6,PL-7,PL-8
and PL-9 are as follows:
Hole # Interval Length Length gm/t OPT
(ft) (m) (Au) (Au)
PL-6 147.20-150.30 10.2 3.10 24.69 0.721 (0.251 cut)
165.50-166.60 3.6 1.10 32.41 0.946 (0.324 cut)
PL-7 127.88-129.33 4.7 1.45 12.50 0.365
139.25-141.10 6.1 1.85 36.95 1.079 (0.374 cut)
224.84-226.33 4.9 1.49 6.75 0.197
296.80-304.05 23.8 7.25 22.36 0.653 (0.217 cut)
PL-8 294.50-296.50 6.6 2.00 7.31 0.213
368.60-370.25 5.4 1.65 7.67 0.224
PL-9 222.05-223.97 6.3 1.92 36.55 1.067 (0.380 cut)
Higher assays from these holes include 0.50 m at 7.25 opt,
0.26 m at 6.61 opt, 0.41 m at 3.81 opt, 0.56 m at 3.33 opt,
0.50 m at 1.07 opt, and 0.47 m at 0.96 opt.
Additional assays from holes PL-9 and PL-8
are pending. Drill core samples from PL-10, PL-11
and PL-12 have been sent out for assaying.
Hole PL-14 is currently being drilled. A deep hole,
to a depth of 500 meters below surface is planned
for the
immediate future to demonstrate that the gold
zones extend
to depth. This could also add substantially to
the tonnage
potential of the property.
The Island Gold Project consists of 123 mineral claims located approximately 50 miles Southeast of Hemlo, Ontario. The
property has a 650 tone per day carbon is pulp mill
facility and infrastructure with estimated replacement
value in excess of $40 million.
TEL: (604) 643-1708 Louis P. Lees, President TEL: 1-800-757-8885
________
(c) Corporate Dissemination Services Inc. All rights reserved.
Tel:(604) 689-1101 Fax:(604) 689-1106
RapidFAX (tm) - To get the NEWS as it happens, call 1-800-667-1617
This release processed by Canstock at 7:16:28 Pacific Time
------------------------------------------------------------------------
The Canadian Stock Market Reporter has not reviewed the information contained in this document and assumes no responsibility for its accuracy or completeness.
c1997 Canadian Stock Market Reporter |
