To: rdww who wrote (251 ) 6/8/2000 9:00:00 AM From: chevalier Respond to of 343
NAR Resources Ltd - NAR Resources acquires Lochaber Lake project NAR Resources Ltd NRL Shares issued 7,838,202 2000-06-07 close $2.47 Thursday Jun 8 2000 Mr. Claus Bartak reports NAR Resources has acquired Titanium Corporation of Canada Ltd's option to earn a 50-per-cent interest in the Lochaber Lake base metal project. Goliath Copperfields, a private company, is the underlying owner that retains the other 50 per cent. In order to earn its interest in the property, NAR Resources must undertake a $500,000 work program to be completed by June 30, 2001, and make a cash payment of $300,000 upon completion of project financing. This transaction is subject to regulatory approval including the approval of the Montreal Stock Exchange. The project is located 27 kilometres south of the community of Antigonish, N.S. and consists of 56 square km of staked ground. Earlier work by Goliath Copperfields (drilling, trenching and review of historical data) has confirmed a resource of 5.7 million tons grading between 0.33 per cent and 1.35 per cent copper mineralization located in what is now believed to be sedex style host rocks. The deposit strike length remains open to the north and southwest. In addition to the Lochaber Lake copper deposit there are many other base metal showings contained within the project area, which are ranked as high priority exploration targets for volcanogenic massive sulphides. Two prime examples are: College Grant (2.5 km to the southwest of the Lochaber Lake copper deposit) -- There is positive proof that massive sulphides are present in the exploration area. In the late 1800s massive sulphide filled fissures were exploited. Over 36 tons of ore grading 10 per cent Cu, was hand cobbed from 220 tons of rock. The working hypothesis applied to the project suggests that these rich fissures represent the near surface expression of deeper-seated massive sulphides. Cross-Roads Ohio (9.5 km to the north of the Lochaber Lake copper deposit) -- Select grab samples from a secondary volcanogenic breccia sampled earlier by the Department of Mines and Energy around old workings yielded 9.62 per cent copper, 31.0 per cent zinc and one third of an ounce silver per ton. Government assessment records state: "In 1884 an opening was made on a deposit of yellow and gray copper ore that yielded 1,120 pounds of copper, six and two thirds deadweight tonnage of gold and 3 ounces of silver per ton." A detailed exploration campaign consisting of geochemical, airborne and ground geophysics surveying is currently being initiated. Upon completion and interpretation of the data, trenching and drilling is planned to commence. The decision by the NAR board of directors to proceed with this project was reached after a comprehensive due diligence performed by the companys' consulting geologist Alex Y. Po. Furthermore, NAR management feels that having two excellent and diversified exploration projects within close proximity to each other within the province of Nova Scotia makes excellent business sense. Work is continuing on the Nova Scotia mineral sands project. Titanium Corporation of Canada has recently completed a seismic survey, which covered roughly 60 per cent of the project. The purpose of this survey is to determine the ultimate depths of the titanium bearing sands, prior to deep drilling. Preliminary results are extremely encouraging, however final interpretation of the data will not be completed until later in the month. WARNING: The company relies on litigation protection for "forward looking" statements. (c) Copyright 2000 Canjex Publishing Ltd. canada-stockwatch.com