Update Flag Resources (1985) Limited's Exploration Projects, Wanapitei Anomaly, Sudbury, Ontario
CALGARY, Dec. 7 /CNW/ -
A) Campsite Gold-Copper Zone, Mackelcan Township
Step-out drilling is continuing on the Campsite Gold-Copper Zone.
Previously announced drill holes, WL01-1, 2, 3 and 4 were drilled to confirm
previous drill hole results, 20 feet west and 14 feet northeast of discovery
drill hole WL83-28 (74 feet of .033oz ton/ Au (1.13 grams tonne Au), 2.50%
copper.
Significant intersections in the first 4 drill holes;
WL01-1 4.7 feet of 0.18oz ton/ Au (6.1g tonne Au)
WL01-2 43.6 feet of 0.048oz ton/ Au (1.64g tonne Au) and 2.25% Cu
WL01-3 74.1 feet of 0.149oz ton/ Au (5.11g tonne Au) and 0.38% Cu
WL01-4 82 feet of 0.248oz ton/ Au ( 8.50g tonne Au) and 0.81% Cu
All intersections were between 99 and 201 feet vertical depth.
Six additional step-out drill holes are being logged and assayed. Three
of the drill holes are 350 feet northeast of WL83-28, and 100 feet south of
the Number 3 Gold Zone. Assay results are expected shortly.
B) Cobalt Hill
The Cobalt Hill exploration project is 3/4 miles southeast of the
Campsite Zone, located north of Jones Lake. Drill hole CH92-1 was drilled to a
depth of 2900 feet on Cobalt Hill.
In a report dated August 7, 2001, consulting Geologist Eva S. Schandl
Ph.D (University of Toronto) considered the Cobalt Hill area to be a favorable
exploration target for gold and nickel-cobalt sulfide mineralization.
The occurrence of fuchsite (chromium rich muscovite), in late quartz
veins and in brecciated, silicified Lorrain quartzite, in the drill hole, the
report says suggests:
a) the presence of an ultramafic intrusion in the vicinity and
b) potential gold mineralization.
The report points out that fuchsite is a common key mineral in ultramafic
rock hosted gold deposits. Because chromium is a relatively immobile element,
even if mobilized during hydrothermal alteration, it is unlikely to move far
from the source rock.
The report refers to a 1991 report by Consulting Geologist Robin Goad.
Fourteen grab samples from the Cobalt Hill quartzites of the Lorrain formation
assayed from 153 to 3370 ppm Nickel (Ni), 162 to 6160 ppm Cobalt (Co) and 82
to 1500 ppb gold (Au). He described Cobalt Hill as an area of extensive
brecciation, sodium metasomatism and silification.
Flag proposes to proceed with further exploration of Cobalt Hill in 2002.
C) Exploratory License of Occupation
Flag's Exploratory License of Occupation is located 5 miles west of its
Mackelcan and Rathbun Township holdings, on the northwest boundary of
Wanapitei Lake, northeast of the Sudbury Anomaly.
Flag applied for and acquired the E.L.O. in 1996 as a promising gold
property, with geological studies referring to surface occurrences of visible
gold. There has been little exploration on the E.L.O. ground since the 1930's
as, held by patented claims, it was sold to the Ministry of Natural Resources
in the 1950's, later forming part of Candidate Provincial Park.
Drilling by Flag Resources, in 1997 and 1998 intersected anomalous gold
values.
The southern area of the E.L.O. ground has gabbroic rock formations,
which were prospected for the first time, by Flag Resources between November
23rd and 26th. The presence of quartz plagioclase porphyry and feldspar
porphyry in a gabbroic formation was confirmed, as well as a mafic diabase
dyke and metasediments in the immediate area.
In examining a contact between Mississauga sediment and gabbroic rock, an
area of visible magnetite was discovered. The magnetite is being assayed for
its chemical composition, to determine whether it is an iron formation or an
indication of a potential mineral bearing structure.
There is no indication that the area has been previously explored for
base metals.
D) South Boundary, Rathbun Township
On October 3 and 4, 2001, the Ontario Mining and Lands Commissioner held
a hearing, at Sudbury on a dispute over Flag's claim S809104, located in the
area of the Rathbun-Scadding Township boundary.
Flag staked the claim in 1984, to cover a surface showing of sulfides
with nickel, copper, platinum and palladiums values. Between 1984 and 2000,
Flag completed approximately $100,000 in exploration expenditure on the claim.
In the fall of 2000, Flag discovered a new zone of disseminated
mineralization, a representative grab sample assaying 0.452% nickel, 0.864%
copper and 0.126oz or 4.35 grams of P.G.E (.049 grams gold, 0.44 grams
platinum and 3.43 grams palladium per ton).
In November, 2000, a Sudbury mining recorder informed Flag that its 16
year old claim extended from Rathbun, a surveyed township, into Scadding
Township, an unsurveyed township, and therefore the Scadding portion of the
claim, covering the showing and the new find, was invalid. Complicating
matters, Flag's claim S809104 was completed overstaked in 1997, by claim
S1230297 without notification to Flag.
Flag anticipates the Mining and Land Commissioner should be handing down
her decision on the dispute in the near future.
E) Rathbun Lake Peninsula
The Rathbun Peninsula is located on the northeast boundary of Lake
Wanapitei. It contains the Rathbun Lake Occurrence, a mined out surface
occurrence of significant nickel, copper, platinum, palladium, gold and silver
mineralization, with an intersection of enriched platinum and palladium values
discovered in RL00-15, drilled 2600 feet south of the Rathbun Lake Occurrence.
The Rathbun Lake Peninsula is part of a joint venture between Flag and
associated Golden Briar Mines, covering that portion of Flag's ground from the
Peninsula northeast to Matagamasi Lake. Further exploration is proposed in
2002.
Flag holds 155 mining claims in Mackelcan, Rathbun, MacBeth and McNish
Township, Sudbury, as well as the Exploratory License of Occupation. |
