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Gold/Mining/Energy : SUDBURY AREA AND THE PGM PLAY -- Ignore unavailable to you. Want to Upgrade?

To: Just G who wrote (118)	2/9/2000 7:41:00 AM
From: Just G	Read Replies (1) \| Respond to of 349

Consolidated Venturex to begin Davis-Kelly drilling Consolidated Venturex Holdings Ltd CVA Shares issued 6,970,936 Feb 8 close $0.42 Wed 9 Feb 2000 News Release Also Pacific North West Capital Corp (PFN) Mr. Benjamin Ainsworth reports A phase 2 drilling program will commence at month-end on the Davis-Kelly copper-nickel platinum group metals project, situated about 50 kilometres northeast of Sudbury, Ont. Under an option agreement with Pacific North West Capital Corp., Consolidated Venturex is earning a 50-per-cent interest in three PGM-Cu-Ni properties in the Sudbury mining division, Ont. The properties are prospective for PGM-Cu-Ni sulphide mineralization that is generally hosted by a high-magnesium gabbroic rock unit close to the basal contact in Nipissing diabase intrusions. Phase 1 drilling was carried out in order to test subsurface potential of elevated surface PGM-Cu-Ni grab samples assays and to test the potential for PGM associated with previous drilling (at Sargesson Lake, ca. 1965 to 1968) that intersected Cu-Ni sulphide mineralization. Mineralization occurs proximal to the lower contact, a Nipissing diabase intrusion, where it is associated with both high-magnesium gabbro and gabbro rock units. Davis-Kelly A 3.5-kilometre induced polarization (IP) survey and a 7.6-kilometre ground magnetometer survey were completed over two principal mineralized zones on the Davis-Kelly property -- zone 1 at the main showing and zone 2 located about 700 metres north of zone 1. These surveys were designed as orientation surveys in order to evaluate the viability of IP and magnetometer surveys in this geological environment of low percentage (1 per cent to 3 per cent), disseminated sulphide mineralization. A general correlation was found between known areas of surface and subsurface mineralization and the IP chargeability highs, confirming the usefulness of IP as an exploration tool. Moreover, several new areas were outlined with high-chargeability anomalies -- these areas will be priority targets in this year's surface exploration programs and in further diamond drilling. Previously reported assay results from a five-hole (312-metre) diamond drilling program on the Davis-Kelly property included: 2.66 grams per tonne PGM, 0.31 per cent Cu and 0.19 per cent Ni over 3.33 metres and 3.93 g/t PGM, 0.44 per cent Cu and 0.3 per cent Ni over 4.4 metres. These results, from the first drill test of the basal Nipissing gabbro in this area, are highly encouraging. This property is located six kilometres northwest of PFN's Janes township property option where drill intersections of up to 3.1 g/t PGM, 1.35 per cent Cu-Ni over 15.05 metres and 4.45 g/t PGM, 1.13 per cent Cu-Ni over 8.68 metres have been reported from a similar geological environment. PFN and CVA plan to carry out another surface exploration program this year in order to investigate areas of anomalous PGM on the property that were not addressed in the earlier programs. A phase 2 drilling program will test the geophysical targets outlined in the orientation survey as well as testing the newly discovered zone 2 of mineralization located 700 metres of the main showing. This program is scheduled to begin in late February, 2000. Sargesson Lake A 320-metre, six-hole diamond drilling program carried out on the Sargesson Lake property resulted in intersections of geochemically significant PGM-Cu-Ni mineralization from all of the holes. The drilling was carried out in order to test subsurface potential of grab samples with elevated PGM-Cu-Ni assays and test the potential for PGM associated with previous drilling (ca. 1965 to 1968) that intersected Cu-Ni sulphide mineralization which occurs proximal to the lower contact with a Nipissing diabase intrusion where it is associated with both high-magnesium gabbro and gabbro rock units. Drilling results confirm the PGM-bearing character of the intrusion, and a geophysical program is being planned to define further drill targets. WARNING: The company relies on litigation protection for "forward-looking" statements. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com