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Gold/Mining/Energy : Flag Resources (FGR.A A) -- Ignore unavailable to you. Want to Upgrade?

To: Natedog who wrote (3655)	10/25/2000 10:28:06 AM
From: ali	Read Replies (3) \| Respond to of 4269

CALGARY, Oct. 25 /CNW/ - Flag Resources has engaged Lamontagne Geophysics, to complete a down-hole geophysical probe of CH 92-1, a 2900 foot deep vertical drill hole, in Mackelcan Township, near the northern perimeter of the Wanapitei Anomaly. CH 92-1, located on what has been called "Cobalt Hill", intersected significantly anomalous values in nickel, cobalt and gold, and variously anomalous values in copper, platinum and palladium. There is extensive albitization in the drill core. The mineral concentrations were detected in a large pyritic, albitized quartz breccia and micro breccia zone in Huronian sediments overlaying the Wanapitei Anomaly. CH 92-1 is due east of Jess Lake, and the site of Flag's recently completed drill hole. Flag notes the drill hole is in what appears to be the only surface occurrence of cobalt in the area. Cobalt is commonly associated with nickel in the adjoining regional magnetic and gravity anomaly to the Wanapitei Anomaly, the Sudbury Anomaly. Flag reports that it is commencing its appeal to the Mining and Lands Commissioner, in regard to a Provincial Mining Recorder's ruling which would delete part of Claim 809104, located in Rathbun and Scadding Townships. Flag is also endeavoring to resolve the dispute more quickly. A newspaper article, on the recent discovery on the claim, reports Flag's president as saying, there was a rich deposit of minerals, on the claim. Mr. McLeod says what he did say was that a representative grab sample, from the new discovery, had good values in nickel, copper, gold, platinum and palladium.