CALGARY, Nov. 26 /CNW/ - Golden Briar announces that it has satisfied the
filing requirements of the requisite security commissions and the TSX Venture
Exchange, resuming trading on the TSX Venture Exchange on Thursday, November
27th.
Subject to regulatory approval, Flag Resources is assigning a 50% working
interest in its Exploratory Licence of Occupation, located across Lake
Wanapitei from Flag's holdings in Rathbun and Mackelcan Township, Wanapitei
Anomaly, Sudbury, Ontario. Flag applied for the E.L.O ground because of the
surface occurrences of visible gold.
A technical report, by consulting geologist Peter Giblin, has recommended
initial exploration expenditures of $114,800.
Golden Briar has the right to earn a 50% working interest in a group of
contiguous mining claims held by Flag Resources in Rathbun Township. Prospects
in the claims include:
a) Rathbun Lake Occurrence
- a mined out surface occurrence of massive sulfide. A selected grab
sample, by the Ontario Geological Survey (Report 213, 1982) assayed 10.2%
copper, 0.14% nickel, 2.22oz silver, 0.02oz gold, 0.056oz platinum and 34.6oz
palladium per ton. Drilling in Rathbun Lake intersected interesting
mineralization, which it is proposed to follow up on.
b) Matagamasi Lake
- Drill hole ML94-1, located on the west shore of Matagamasi Lake,
intersected 1111 feet of sparsely disseminated nickel, copper and gold, from
419 to 1530 feet. Further exploration is proposed.
c) Bolands Lake
- An exploratory drill hole, at Bolands Lake, BL99-1, intersected 400
feet of visible blebs of pyrrhotite and chalcopyrite, in magnetic quartz
gabbro, in two separate intersections, in the 1000 foot vertical drill hole.
Further exploration is proposed.
The TSX Venture Exchange has approved the issue of 2,000,000 common
shares of Flag Resources, valued at $0.12 per share, to Golden Briar, in
payment for cash advances of $240,000.
The directors of Golden Briar Mines Limited are: Murdo C. McLeod,
Calgary, President, Edwin Bauer, Calgary, and Richard Dye Sr., Montpelier,
Ohio, USA.
As announced, Flag is preparing to explore, at depth, the strong north
trending linear adjoining Flag's Cobalt Hill property, Mackelcan Township, to
the west, to explore for the source of the nickel, copper and gold sulfide
inclusions found in the pyrite - rich quartz veins on Cobalt Hill.
The predominance of this mineralization, in the pyrite - rich quartz
veins at Cobalt Hill, has been confirmed by recently completed JSL 03-10,
drilled to a depth of 195 feet, northwest from A81-1. Although low in gold
values, an 8 foot sample, from 162.5 to 170.5 feet, was highly anomalous in
cobalt and nickel, assaying 1920PPM (.192%) cobalt and 2210PPM (.221%) nickel,
with 0.022oz gold per ton, representing metal values of $85.00 per ton,
approximately.
It is proposed to utilize a second drill for selected drill targets on
the Exploratory Licence of Occupation ground. |
