Flag Resources (1985) Ltd -
Flag Resources and Golden Briar update drilling program at Matagamasi Lake
Flag Resources (1985) Ltd FGR.AShares issued 13,030,1651999-04-21 close $0.26Thursday Apr 22 1999Also Golden Briar Mines Ltd (GLB) Flag Resources (1985) Ltd. and Golden Briar Mines Ltd. have disclosed that their 60 degree angle hole into Matagamasi Lake, Rathbun township, Sudbury, to reach the source of the 1,506 feet of disseminated platinum, palladium, nickel and copper mineralization, discovered in Gowganda sediments, to a vertical depth of 2,335 feet, on the west short of the lake, has extended the disseminated mineralization for 350 feet due east into the lake, and is still in the mineralized zone at current drilling depth of 740 feet. Flag and Golden Briar may continue the drill hole to a depth of 2,000 feet. They say that the extension of the disseminated platinum, palladium, nickel and copper mineralization, is strong physical evidence that the source of this large mineralized zone, transported into the Gowganda sediments, is an igneous intrusion underlying Matgamasi Lake, as previusly projected by them. They also suggest it would have to be a mineralized igneous intrusion of considerable magnitude to create such a large zone of disseminated mineralization, which is still continuing to the east in the lake. Golden Briar may earn a 50 per cent interest, in the discovery, from associated Flag Resources, by spending $400,000 over a four year period. |
