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

To: RJ2 who wrote (4105)	4/6/2004 10:58:11 AM
From: ali	Read Replies (3) \| Respond to of 4269

TORONTO, April 6 /CNW/ - The Cobalt Hill mineralization of pyrite-rich quartz veins, in hydrothermally altered lorrain quartzite sediments, was intersected in drill hole JL04-03, 300 meters (984 feet) south and drill hole A88-63, 1950 meters (6396 feet) south, respectively of drill hole JL03-10, located by the small shaft at Cobalt Hill. As previously reported, results of the studies of Cobalt Hill mineralization, by Dr. Eva Schandl, Geological Consultant, Research Associate, Geological Dept (University of Toronto) including earlier mineralogical and fluid inclusion reports to Flag, suggests that the saline fluids that crystallized the quartz veins and pyrite at Cobalt Hill, were similar to the late magmatic fluids documented at the Sudbury Igneous Complex and at other Ni-Cu-PGE deposits. The ubiquitous occurrence of small inclusions of nickel-rich sulfides and some chalcopyrite and gold pyrite in the quartz veins at Cobalt Hill is evidence for the mineralization of the metals by chloride rich solutions. The predominance of nickel sulfides and chalcophyrite inclusions, in pyrite at Cobalt Hill, suggests that the source of these fluids must have been nickel and copper rich, and the occurrence of chromium rich fuchsite in the same pyrite-quartz veins implies that the source of the metals and the chromium were probably a mafic/ultramafic intrusion at not too distant depth. (Dr. Evan Schandl, March 3 2002). Dr. Eva Schandl notes that in drill hole CH92-1, drilled east of the shaft on Cobalt Hill, the presence of chromium-rich fuchsite between 1200 and 2200 feet, suggests that the projected mafic/ultramafic source rocks for chromium (and therefore the metals) must be present at similar or shallower depth. Flag proposes to drill a 2000 foot vertical drill hole to explore for the projected source of the Cobalt Hill mineralization.