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

To: ali who wrote (3980)	3/12/2003 10:10:33 AM
From: ali	Read Replies (1) \| Respond to of 4269

CALGARY, March 12 /CNW/ - Flag Resources has just completed a two hole drilling program and a review of previous exploration activity in the vicinity of the Rathbun Lake Occurrence (selected grab sample, Ontario Geological Survey, Report 213, 1982: 10.2% Cu, 0.14% Ni, 0.056oz Pt, 34.6oz Pd, 0.02oz Au, 2.22oz Ag per ton). Hole RL03-01, drilled due west of the Rathbun Lake Occurrence, into Rathbun Lake, did not encounter any significant mineralization and assays will be taken. Hole RL03-02, collared 140 feet northeast of the Rathbun Lake Occurrence, has reached a depth of 500 feet. The hole has just been logged with results to be reviewed shortly by Flag. As part of Flag's ongoing study by Simon Brooksbank, previous drilling in the vicinity of the Rathbun Lake Occurrence was also reviewed. RL92-96-1, drilled at 70 degrees, 150 feet north of RL03-01, intersected a 2418 foot zone of pyrrhotite - chalcopyrite mineralization in altered Gowganda sedimentary rock. Although the core was never assayed, drill logs indicate that the core contained pyrrhotite in fractures that were up to 5 centimeters thick, with local concentrations of 2% pyrrhotite over 3.28 feet. Chalcopyrite - pyrrhotite - pyrite bearing quartz carbonate veinlets were also encountered from 2000 to 2500 feet. Sudbury breccia and micro - breccia were also present throughout the drill hole. Flag believes that this large area of mineralization, in altered Gowganda sediments, is the only significant mineralized zone found near the Rathbun Lake Occurrence and therefore the source of this mineralization may be the same as the source of the Rathbun Lake Occurrence. Therefore, Flag is continuing with further exploration of this large area of mineralization prior to commencing with our previously announced proposed exploration programs for the Jess Lake gold deposit near Cobalt Hill, in Mackelcan Township, and the recommended exploration on Flag's Exploratory License of Occupation, in the northwestern sector of Lake Wanapitei.