NEWS RELEASED BY CVR.V RE: JV ON CARBONEAR BASE METALS PLAY
February 24, 1997
Consolidated Viscount Resources Ltd. (CVR-VSE) is pleased to announce ithas been granted an option to acquire a 50% interest in the Carbonearbase-metals project from Devonian Resources Inc., a wholly owned subsidiary of Vulcan Minerals Inc. (VUL-ASE).
The terms of the option call for $350,000.00 in option payments over four (4) years and staged minimum work commitments of $900,000.00 over 4 years for a total of $1,250,000. Viscount is committed to spend a minimum of $150,000 on the property in the first year by drilling several targets for a total minimum program of 1,000 metres, and will operate the project through the option period. Further work by Viscount will be contingent on assessment of the drill results.
The "Carbonear" property covers 214 claims containing approximately 33 square kilometres located 80 km west of St. John's, Newfoundland. It is one of the most anomalous portions of Newfoundland in lake sediment Zn, Pb, Cu, Ag and Au values. The property contains several large gossan zones and was explored in the early 1990's by Cominco who conducted geochemical and airborne geophysical surveys. Several airborne magnetic anomalies and EM conductors were located but none were followed up by ground geophysical surveys and drilling. The property has geological potential similar to the giant Sullivan base metal deposits of British Columbia (160,000,000 tonnes of 6% lead, 6% zinc and > 2 oz/tonne silver). The geochemically anomalous belt is underlain by mid to late Precambrian aged clastic sediments. It exceeds 6 kilometres in length and averages in excess of 1.5 kilometres in width. A thin veneer of glacial till covers most of the property but where outcrops are exposed, there are numerous occurrences of 2-4% pyrite and pyrrhotite in strataform layers. The highly anomalous geochemical values from sediments in stream samples range up to 3490 ppm (.349%) zinc (Zn) and 540 ppm lead (Pb); in soil samples 5000 ppm (.5%) Zn and 897 ppm Pb; and, from pond-bottom sediments 1530 ppm Zn and 253 ppm Pb. As well, the property contains several unexplained pond sediment geochemical gold anomalies of up to 7.8 parts per billion (ppb) gold in an area where 90% of all sediment samples contained less than 2 ppb gold. During the 1996 field season Vulcan carried out approximately 40 line kilometres of magnetic, max- min electrical conductivity and VLF-EM surveying over two grid areas on the property. Several interesting conductors were identified, two of which exceed 1.5 kilometres in length and may be contiguous across a large pond exceeding 1.5 kilometres in length. These conductors are co-incident with the most anomalous lead geochemical soil targets (up to 897 ppm lead in soils). An independent geophysical consultant has recommended at least nine drill targets in a first phase of drilling. The property covers a large and highly prospective terrain for large tonnage mineralization. The upcoming drill program will mark the first time this property has never been drill tested.
Viscount is very pleased with the opportunity to be a partner in this project. Previous dealings with Vulcan principals have been both beneficial and successful. |
