Initial Drilling Results From McGarry Township Property
NEWS RELEASE
July 12, 2001
Drilling on McGarry Township Property
Vancouver, BC - Consolidated PPM Development Corp. (the “Company”) wishes to announce that a diamond-drilling program of two NQ diameter core holes totaling 982 meters (3,220 ft) has been completed on the McGarry Township, Ontario, mineral claims of Consolidated PPM Development Corp.
The Company’s consulting geologist, Locke B. Goldsmith, P.Eng. P.Geo reports:
Hole CPM-01-01 was located in the north part of patented claim L40803, oriented at azimuth 155 degrees, -70 degrees, and drilled to a length in the hole of 368.0 meters (1,207 ft). The intended length of approximately 460 meters (1,500 ft) was not achieved because a zone of crushed rock with associated intense talc-chlorite alteration from 362.0-367.0 meters (1,187–1,203 ft) caused binding and sticking of the drill rods and forced abandonment of the hole. Overburden and Huronian Cobalt sediments were intersected from the collar to 255.40 meters (838 ft). The interval from 255.40 meters to the end of the hole cored talc-chlorite altered Temiskaming metavolcanic sediments. Forty-four samples of split core from the Temiskaming rocks were submitted for analyses. Of these the first thirteen from the upper portion were sent to Chemex Labs in North Vancouver, B.C. to be analyzed for Au, Pt, Pd, and multi-element ICP geochemistry. Values for Au, Pt and Pd are low throughout the length of the hole. ICP geochemical amounts of chrome (1,300 – 1,750 ppm), nickel (600-1,100 ppm) and vanadium (95 –120 ppm) tend to confirm a volcanic orgin of the rocks. The remaining thirty-one samples were delivered to Swastika Laboratories, Swastika, Ontario, to be analyzed for Au, Pt, and Pd only; all of these results have been received and are uniformly low, with the highest gold value being 41 ppb (parts per billion).
Hole CPM-01-02 was drilled in the north part of patented claim L33281, at azimuth 155 degrees, -80 degrees, to a length in the hole of 614 meters (2,013 ft). The hole was positioned to explore below a reported intersection by Wesley Mines of 0.08 oz. Au per ton across 60 feet. Casing was left in the hole. Overburden and Huronian Cobalt sediments were intersected from the collar to 125.95 meters (413 ft). The interval from 125.95 meters to the end of the hole contains interbedded Temiskaming metasediments of both volcanic and clastic origin, altered to talc-carbonate-chlorite schist, with horizons of graphite - pyrite - marcasite - pyrrhotite iron formation. Talc-carbonate bands, with or without white and grey silica, are generally parallel to the foliation. A section from 544.0 - 560.0 meters (1,784 - 1,836 ft) contains pervasive talc-carbonate alteration with associated apple - green talc or mica (fuchsite). Seventy-nine samples of split core from the Temiskaming rocks were delivered to Swastika Laboratories to be analyzed for Au, Pt, Pd, and multi-element ICP geochemistry. Results for fifty-nine of these samples taken at various locations from 129.95 meters to 545.5 meters received. All results are low, with the highest gold values of 89 and 110 ppb occurring within sections of iron formation. ICP analyses have been received. Iron formations contain sub-economic amounts of zinc (2,000-3,600 ppm), arsenic (200 –300 ppm), as well as gold (40- 110 ppb). Copper and lead values are not elevated. Geochemical amounts of chrome (1,100 –1,850 ppm), nickel (550 – 1100 ppm) and vanadium (80-120 ppm) are characteristic of metavolcanic sediments in the hole and tend to elevated in intervals of more intense talc-carbonate alternation (Cr: 2,800 - 3,600 ppm, Ni: 1,400-1,475 ppm, V: 150-275 ppm). The talc carbonate alternation may represent a phase of rock preparation similar to alternation which preceeded gold mineralization at the adjacent Kerr Addison mine.
The remaining twenty samples are from the last part of the hole. Analytical results have not been received. Further assays will be released as soon as they are received. The Company will await the remaining assays and evaluate the results before proceeding with further work.
On Behalf of the Board of Directors
CONSOLIDATED PPM DEVELOPMENT CORP.
Simon Tam
President and Director
Disclaimer:
THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION. “SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: THIS NEWS RELEASE CONTAINS FORWARD LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE SET FORTH IN OR IMPLIED HEREIN. |
