Major General and Cameco's Despinassy results
Major General Resources Ltd MGJ
Shares issued 38,065,143 May 14 close $0.35
Mon 17 May 99 News Release
Also Cameco Corporation (CCO)
Mr. Clive Massey reports
Major General's joint venture partner, Cameco Gold Inc., has drill intersected an ore-grade intercept of gold mineralization on the Despinassy property in Quebec. Drill hole DES99-17 encountered a 21.3-metre interval grading 6.42 g/t gold, which includes two higher grade zones grading 25.91 g/t gold (uncut) over 3.1 metres and 6.98 g/t gold over 5.3 metres. This mineralization is hosted in an upper defamation zone that assayed 2.37 g/t gold over its entire width of 61.4 metres. The hole also intersected a second lower deformation zone that returned 0.55 g/t gold over 22.6 metres. The property hosts two deformation zones termed the Ideal zone (upper) and Parallel zone (lower), which extend for at least 2.5 kilometres along strike.
Drill hole DES99-18 undercut the gold mineralization encountered in DES99-17 by 100 metres. In this hole, the Ideal zone returned 2.25 g/t gold over 4.2 metres, while the Parallel zone assayed 0.64 g/t gold over 21.6 metres and 7.58 g/t gold over 2.8 metres.
Visible gold has now been observed in three drill holes, DES99-09, 17 and 18. Hole DES99-09 is 1,100 metres east of holes DES99-17 and 18. The assay results for these holes are summarized below:
Hole From To Length Au
m m m g/t
DES99-09 98.6 98.9 0.3 34.8
DES99-17 78.7 104.1 61.4 2.37
Incl. 118.8 140.1 21.3 6.42
Incl. 118.8 121.9 3.1 25.91
(uncut)
Incl. 121.0 121.9 0.9 81.6
Incl. 134.8 140.1 5.3 6.98
(uncut)
Incl. 136.4 137.1 0.7 31.8
DES99-17 159.6 182.2 22.6 0.55
DES99-18 222.0 226.2 4.2 2.25
Incl. 222.0 222.3 0.3 18.9
DES99-18 265.2 286.8 21.6 0.64
DES99-18 297.7 300.5 2.8 7.58
Incl. 298.8 299.9 1.1 18.6
Drilling to date has identified a huge system carrying anomalous gold values within a strongly altered deformation corridor. This corridor measures 2.5 kilometres long by up to 200 metres wide and remains open along strike and to depth. To date, two zones that are dominated by altered, sulphidized and quartz-veined porphyries have been identified. The majority of the gold intercepts obtained on the property are associated with these altered porphyries and there is high potential for the discovery of economic ore zones which may have formed within this deformation corridor.
The above results are from the second drill program, consisting of 2,437 metres in 11 holes. Cameco has commenced a third drill program totalling 1,800 metres in seven holes.
The Despinassy gold property is in the Abitibi greenstone belt, which hosts numerous deposits that have produced between one million and 25 million ounces of gold. As the Despinassy area is covered by extensive overburden, a gold discovery is only possible by drilling.
The property is 70 kilometres north of Val d'Or, Que., and is currently 100-per-cent owned by Major General. Cameco is the operator and is working toward earning a 60 per cent interest in the property over a three-year period. Cameco is currently in the second year of its option.
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