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Gold/Mining/Energy : NOVAWEST RESOURCES INC. (NVE.v) -- Ignore unavailable to you. Want to Upgrade?

To: Mike Campagna who wrote (1392)	1/31/2000 11:21:00 PM
From: Mike Campagna	Read Replies (1) \| Respond to of 1434

NovaWest to commence drilling at Bucke Pipe NovaWest Resources Inc NVE Shares issued 15,730,865 Jan 28 close $0.28 Mon 31 Jan 2000 News Release Mr. Frank Puskas reports In addition to the diamond drilling now under way on the company's GoldenPoly polymetallic Zu-Cu-Au-Ag and LodeGold-Ag project, the company will be carrying out drilling programs on its Bucke Pipe and GoldStock projects in the coming weeks. The Bucke Pipe is a diamondiferous (diamond-bearing) kimberlite. A number of kimberlite pipes have been found within the central portion of the Lake Timiskaming Rift Valley/Structural zone bordered by the 30-degree northwest-trending Cross Lake Fault and Timiskaming Fault. The diamondiferous body is located 400 metres west of Trans Canada Highway 11, opposite the northwestern end of Lake Timiskaming, 55 miles south of Kirkland Lake, Ont. This area is well-known for its mining history and offers an advanced mining/exploration infrastructure. The property is easily accessed, by an all-weather gravel road off Highway 11, which passes over the middle portion of the kimberlite pipe. The Bucke Pipe project is situated within rolling farmland. Continuous application of banked assessment credits pertaining to the property will enable the property to be kept in good standing until the year of 2090. The dimension of the body is greater than 230 metres in diameter and measures 1.350 feet (east-west) and 800 feet (north-south). This pipe belongs to group 1 kimberlites (based on Nd versus Sr isotopic compositions). The U/Pb isotopic age date was found (Heaman, 1988) to be 155 million years (such as Jurassic). A deep lithospheric source is suggested by the forsteric (high MgO) composition of the contained olivine megacrysts. In 1992-1993, a small 25-tonne bulk sample from the Bucke Pipe yielded both macrodiamonds and microdiamonds of gem quality with combined weight of 16.54 milligrams, from a 28.6-kilogram sample. An examination of polished thin sections, a microprobe analysis on ilmenite grains, and the presence of octahedral diamonds, support the contention that the Bucke Pipe kimberlite emplacement underwent a rapid change from a high-pressure, high-temperature (source) environment to a low-pressure/temperature environment. Such a rapid emplacement ensures the near-complete (95 per cent) preservation of the associated diamonds. A recent coaxial emplacement of not one, but three pipes. To date, only one-tenth of the entire diatreme has been investigated. The company proposes to undertake approximately 6,000 feet of diamond drilling on the Bucke Pipe in this phase of work. The GoldStock project is situated in Stock township, Ont., between the Timmin's camp's two large regional breaks, the Destor-Porcupine and the Pipestone. The property lies just north of the Destor-Porcupine and approximately 3/4 of a mile south of the Pipestone and appears to cover at least three volcano-sedimentary contacts within the Porcupine sediments. The Porcupine sediments continue east to the Tandem discovery located in the same sedimentary horizon. The GoldStock also hosts ultramafic volcanics. The GoldStock is believed to be favourably situated in the recently identified, "New Mine Trend." The property is adjoined on the west and south by St. Andrews Goldfields, the east by Battle Mountain Gold, and on the north by Pentland Firth Ventures (an affiliate of Kinross Gold Corp.). Many of the camp's past and present producers, on the paralleling Old Mine Trend to the south, mined orebodies below 5,000 feet in depth and several each produced over 10 million ounces of gold. The Timmins camp is the most prolific gold camp in Canada having produced more than 61 million ounces to date. The company has identified and prioritized a number of drill targets on the GoldStock. Two phases of I.P. (31-line kilometres in total) and Total Field magnetic (16.3-line kilometres in total) surveying were carried out to assist target identification. The company will advise, as results becomes available.