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Gold/Mining/Energy : Cross Lake Minerals CRN -- Ignore unavailable to you. Want to Upgrade?

To: wayne cath who wrote (3647)	1/14/2003 9:15:49 AM
From: wayne cath	Read Replies (1) \| Respond to of 3650

Cross Lake's QR drill results confirm high-grade gold Cross Lake Minerals Ltd CRN Shares issued 37,768,493 Jan 13 close $0.12 Mon 13 Jan 2003 News Release Mr. Brian Kynoch reports DRILL RESULTS CONTINUE TO CONFIRM POTENTIAL OF QR GOLD ZONES ... Cross Lake Minerals and Gold Giant Ventures have released further drill results from the QR property, near Quesnel, B.C. The significant results from five holes completed in the West zone have confirmed and extended previously defined higher-grade sections of this zone. The West zone is approximately 450 metres long and 60 metres wide. The zone is flat lying, near surface and would potentially be developed by open pit mining methods. The most significant results from this new West zone drilling are tabulated below: Hole No. From To Interval Gold (m) (m) (m) (g/t) CL-02-016 36.4 50.9 14.5 4.0 CL-02-017 39.5 45.3 5.8 2.0 Including 59.0 63.5 4.5 8.8 CL-02-018 37.0 43.0 6.0 1.2 Including 50.0 53.4 3.4 1.4 Note: All holes were drilled vertically. Drill holes CL-02-2016 and 2017 offset previous drill hole 96-448, which intersected 12.7 grams per tonne (g/t) gold over 16.0 metres and have extended this area of higher-grade mineralization. Drill hole CL-02-2018 was located near the southeast end of the West zone. These drill holes, which have further tested the gold mineralization and potential of this zone, will be added to the existing database for the West zone. In the near future, the companies are planning to complete further trenching and drilling to expand the dimensions of the known gold zones and specific areas of higher-grade mineralization within each zone. With recently improving gold prices and confirmation of additional mineralization, the companies are also preparing to undertake a scoping study to evaluate the possibility of recommencing production on the QR property. This study will include independent resource and reserve calculations, mine planning for both underground and open pit development and metallurgical testing for both conventional milling of the higher-grade ore and heap leaching of the lower-grade ore. It is anticipated that the existing facilities on-site can be used for both extraction processes. In addition to evaluating the development potential of the defined gold zones through this scoping study, the QR property and the contiguous Cariboo property will be subject to continuing exploration to expand the known zones of gold mineralization. The recently completed evaluation of these properties has defined a number of exploration targets. These include the previously announced North zone, an extension of the developed Main zone; the south contact of the QR diorite, which is geologically analogous to the north contact of the diorite that hosts most of the defined gold mineralization; and the discovery zone on the Cariboo property, where the initial drill hole in 1989 intersected 5.26 g/t over 8.45 metres. Exploration will include geophysics, trenching, geological mapping and diamond drilling. The companies are confident that additional zones of mineralization will be defined by this continuing exploration. The companies are also evaluating other gold projects within the immediate area of the QR mine to further expand this potential. All exploration work was conducted under the supervision of Cross Lake's vice-president, exploration, Jim Miller-Tait, PGeo. All assays were completed by Acme Analytical Laboratories of Vancouver, B.C. The samples were analyzed by ICP-mass spectrometer following an Aqua Regia digestion on a 10-gram split. WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2003 Canjex Publishing Ltd. stockwatch.com