FOR FURTHER INFORMATION PLEASE CONTACT:
Leader Mining International Inc.
MR. JASI NIKHANJ
(403) 234-7501
(403) 234-7504 (FAX)
E-mail: gen-info@leadermining.com
Website: www.leadermining.com
or
FAB CORPORATE FUNDING INC., USA
PAUL TABOADA/STAN KAMINSKY
(800) 314-4727
There is a map available by contacting the company at the number
above or by accessing CCN's Internet Website at
cdn-news.com.
--------------------------------------------------------------------------------
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: LEADER MINING INTERNATIONAL INC.
ASE SYMBOL: LMN
MAY 17, 1999
Leader Mining International Inc. - Major Silver Discovery
At Knife Lake-Saskatchewan, Canada
TORONTO, ONTARIO--Leader Mining International Inc. encountered
exceptionally high grade silver values in its 1999 drill program
at Knife Lake, Saskatchewan, Canada, located 110 km northwest of
Flin Flon, Manitoba. This program was designed to follow-up the
initial silver discovery announced on March 30, 1998.
Some of the higher grade intervals include:
Hole No. 320 with 3400 g/t over 3m
Hole No. 334 with 161.8 g/t over 15m
Hole No. 337 with 190.5 g/t over 18m
Hole No. 322 with 416.7 g/t over 9m
This new silver discovery in the Canadian Shield is very
significant in view of the rebounding silver price. It is
apparent that multiple stages of base and precious metal
mineralization episodes including Cu,Au, and Ag are present at
Knife Lake, pointing to a new mining camp in the making among the
Amisk volcanics extending north of the Flin Flon mining camp.
According to the published data, Amisk volcanics are the most
prolific metal producers per sq. km. in the Canadian Shield.
In the 1999 drill program, 1592 meters of diamond drilling in 23
drill holes tested eight (8) fault structures for a total strike
length of 16 km and a vertical depth of 70 m (see attached map).
The fault structures are 3 to 80 m in true width. The mineralized
structures remain open along strike and to depth. Assays for the
mineralized intervals are included in Table 1. The initial assays
were conducted by TSL-labs of Saskatoon and Vancouver, and high
assays were reconfirmed by the X-Ral labs of Toronto. The core
recovery through the fault structures is generally poor.
Consequently, majority of the silver values are recorded among
drill cuttings recovered at regular intervals from each drill
hole.
A Petrographic study completed by Mr. Bruno Lafrance, Resident
Geologist for Saskatchewan Energy and Mines, states that:
"This low-temperature shearing event is associated with
chloritization, hematization, and illitization/seritization of the
amphibolite facies gneisses, and disseminated silver and pyrite
mineralization. The native silver occurs along grain boundaries
and in fine fractures cutting the gneissic foliation."
Since 1996, the Company has been exploring a northwestern
extension to the prolific Flin Flon - Snow Lake greenstone belt
for volcanogenic massive sulphide (VMS) Cu., Zn. deposits. Leader
Mining has invested approximately $8 million and gathered a strong
technical data base for the Knife Lake belt and identified 9
additional exploration targets.
Leader Mining is an exploration company and has been listed on the
Alberta Stock Exchange since 1987. In addition to the Knife Lake
Project, the Company has exploration projects in Northern Ontario
and diamond projects in South Africa.
/T/
TABLE 1
DRILLING SUMMARY - DRILL CUTTING SAMPLES
Major High
Mineralized Grade
Intervals Intervals
----------------------------------------------------------------
Drill Sampling Sampling
Hole Interval Ag Interval Ag
Number (Meters) (g/t) (Meters) (g/t)
----------------------------------------------------------------
317 5-8 (3 m) 77.6 5-8 (3 m) 77.6
318 44-71 (27m) 38.4 56-59 (3 m) 130.0
319 35-80 (45 m) 51.8 68-80 (12 m) 64.8
320 5-17 (12 m) 925.8 5-8 (3 m) 3400.0
(x)320 A (Twin
Hole) 1.5-12 (10.5m) 243.9 6-7.5 (1.5 m) 1105.0
321 2-41 (39 m) 27.2 2-14 (12 m) 40.0
322 24.5-69.5 (45 m) 151.7 57.5-66.5 (9 m) 416.7
323 20-50 (25 m) 48.3 41-47 (6 m) 90.5
324 6-42 (36 m) 76.2 15-25.5 (10.5 m) 112.5
325 6-67.5 (61.5 m) 60.5 33-42 (9 m) 99.7
326 6-21 (15 m) 54.6 9-13.5 (4.5 m) 83.6
30-40.5 (10.5 m) 54.4 30-34.5 (4.5 m) 66.0
46.5-60 (13.5 m) 50.2 52.5-60 (7.5 m) 68.8
327 6-12 (6 m) 46.8 9-12 (3 m) 64.5
34.5-64.5 (30 m) 49.2 36-40.5 (4.5 m) 50.0
328 5-14 (9 m) 77.0 5-11 (6 m) 88.5
17-62 (45 m) 68.6 29-62 (33m) 86.1
329 1.5-49.5 (48 m) 67.2 1.5-12 (11.5m) 147.6
330 1.5-12 (10.5 m) 331.0 7.5-9 (1.5 m) 1605.0
9-12 (3 m) 195.0
13.5-40.5 (27 m) 67.4 13.5-19.5 (6 m) 162.5
331 1.5-30 (28.5 m) 107.2 7.5-19.5 (12 m) 151.2
31.5-51 (19.5 m) 57.2 45-51 (6 m) 73.5
332 4.5-27 (22.5 m) 90.1 10.5-16.5 (6 m) 136.8
333 5-32 (27 m) 40.3 5-11 (6 m) 71.0
334 3-38 (35 m) 111.0 17-32 (15 m) 161.8
335 5-98 (93 m) 44.9 23-32 (9 m) 103.3
336 5-92 (87 m) 40.1 59-77 (18 m) 71.6
337 11-92 (81 m) 68.9 59-77 (18 m) 190.5
338 5-77 (72 m) 35.2 68-77 (9 m) 110.3
Total Weighted
Average 77.1 171.0
/T/
(x) Drilled 1 meter north of DH 320 to confirm results.
The Alberta Stock Exchange has neither approved nor disapproved of
the information contained herein.
-30-
P.S. You are welcome IKE. Would you like some more? |
