For those who missed the press release here it is.
News Releases
Major General Resources Ltd.
1550 - 409 Granville Street
Vancouver, B.C. V6C 1T2
Tel. (604) 685-5254
Fax: (604) 685-2814
Date: March 29, 1999
Vancouver Stock Exchange: MGJ
Shares Issued: 38,065,143
News Release #99-7
EXPLORATION PROGRAM COMMENCES ON THE VICTORIA ISLAND
DIAMOND PROPERTY, NWT
Major General Resources Ltd. is pleased to announce that its Joint Venture partner, De
Beers, has commenced a three-phase exploration program on the Victoria Island diamond
property, NWT.
Phase one will consist of a very detailed, high resolution, ground magnetic survey totaling
200 line kilometres. The survey area will cover the Snowy Owl, Golden Plover and
Longspur kimberlites as well as associated structures in the immediate area that are likely
to host kimberlite. Phase two will consist of core drilling of the kimberlites to determine
their size and diamond potential. The initial program will consist of 8 to 10 core holes that
will be drilled to depths of approximately 150 metres. Mobilization of the drill will begin on
April 5, 1999 with drilling to commence mid-April.
Phase three has begun and will continue throughout the field season. This phase will include
further analysis of sample data and landsat data to identify additional targets on the
property.
The initial cost of the 1999 field program has been revised to an estimated $450,000
(CDN).
Last season, De Beers completed an exploration program of till sampling, airborne
geophysics and shallow percussion drilling. A total of 8 targets were drill tested which led
to the discovery of 5 diamondiferous kimberlites. Included is the Snowy Owl Pipe that
returned a very favourable result of 90 diamonds from an 88 kilogram sample. The sample
material was derived from a single percussion drill hole that only penetrated 12 metres into
the kimberlite pipe.
The property is jointly owned by Major General and Ascot Resources Ltd. De Beers may
earn a 51% interest by making cash payments totaling $200,000 and spending $2 million
in exploration over three years. De Beers is in the second year of their option and have
expended an estimated $350,000 to date.
Glenn G. Shevchenko
President
Contact:
Clive Massey
Corporate Communications Manager
Major General Resources Ltd.
(604) 685-5254
1-800-667-7866
majorgeneral.com
email:info@majorgeneral.com
The Vancouver Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news release.
Maintained by Stockgroup Interactive Media
Major General Resources Ltd. © 1998. All Rights Reserved.
Good luck guys
Steve |
