CALGARY, April 3 /CNW/ -
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1. Campsite Zone
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Wolf Lake, Mackelcan Township
Two 200-foot vertical drill holes, in the Campsite Zone, drilled in
January of this year, have been logged and assayed.
Drill hole WL06-02, 33 feet (10 meters) south of WL83-28 (48 feet
3.6% copper, 0.04 oz gold, 148-196 feet) intersected a 24 foot (7 meter)
mineralized breccia zone, from 80 feet (24.5 meters) to 104 feet
(31.86 meters).
Paul MacLean, Consulting Geologist, selected 10.5 feet of the 24-foot
zone for assaying.
These are the assays (Swastika Laboratories, Swastika Ontario):
Copper Gold
------ ----
80.36 - 81.67 feet (24.5 - 24.9 meters) 1.31 feet 0.87% 0.0155 oz
82.32 - 84.23 feet (25.1 - 25.68 meters) 2.05 feet 10.02% 0.0275 oz
87.74 - 92.00 feet (26.75 - 28.05 meters) 4.26 feet 3.37% 0.067 oz
92.98 - 94.30 feet (28.35 - 28.75 meters) 1.32 feet 1.55% 0.066 oz
96.62 - 99.31 feet (29.46 - 30.28 meters) 2.69 feet 2.14% 0.032 oz
102 - 103.64 feet (31.1 - 31.6 meters) 1.64 feet 0.65% 0.064 oz
The remaining 13.5 feet of the zone, not assayed, is being assayed, to
obtain the average value of copper and gold over the 24-foot length of the
mineralized zone.
WL06-03, 13 feet (4 meters) west and 13 feet (4 meters) south of WL83-28,
intersected a 58 foot (31.7 - 49.4 meter) mineralized breccia zone, from
104 feet (31.7 meters) to 162 feet (49.40 meters). Mr. MacLean selected
22.5 feet, of the 58-foot zone for assaying:
Copper Gold
------ ----
104 - 105.47 feet (31.7 - 32.15 meters) 1.47 feet 0.089% 0.168 oz
107.57 - 112.43 feet (32.79 - 34.26 meters) 4.86 feet 0.0528% 0.342 oz
119.39 - 122 feet (36.40 - 37.32 meters) 3.01 feet 1.32% 0.025 oz
122 - 125.08 feet (37.32 - 38.26 meters) 3.08 feet 0.38% 0.064 oz
127.08 - 129.68 feet (40.1 - 40.8 meters) 2.6 feet 0.175% 0.788 oz
131.18 - 132.48 feet (41.26 - 41.64 meters) 1.25 feet 1.45% 0.269 oz
137.70 - 138.58 feet (42.04 - 42.31 meters) 0.88 feet 0.99% 0.613 oz
142.46 - 143.94 feet (43.49 - 43.94 meters) 1.48 feet 0.93% 0.429 oz
143.94 - 144.21 feet (43.94 - 44.21 meters) 0.88 feet 0.223% 0.453 oz
159.05 - 162 feet (48.50 - 49.40 meters) 2.95 feet 0.412% 0.333 oz
The remaining 35.5 feet of the 58-foot long zone is being assayed to
obtain the average gold and copper values over the complete length of the
zone.
The highest gold values in the Campsite Zone were intersected in drill
hole WL90.3, 73.5 feet, 0.519 oz of gold per ton, from 104 to 177.5 feet.
As the intense fracturing in the Campsite Zone may have created channel
ways for the sulfide fluids to migrate from an underlying source, Flag
proposes to drill a 1500-foot deep exploratory drill hole, in the Campsite
Zone, to explore for the projected source of the gold and copper bearing
sulfides.
2. Rathbun Lake Occurrence
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Rathbun Lake, Rathbun Township
The Rathbun Lake Occurrence is a mined out shallow surface deposit of
copper, nickel, platinum, palladium, gold and silver metals. A selected grab
sample of the massive sulfides, by the Ontario Geological Survey (Report 213,
1982) yielded 10.2% copper, 0.14% nickel, 0.02 oz gold, 2.22 oz silver,
0.056 oz platinum, and 34.6 oz palladium per ton.
In the Report, Burkhard Dressler suggested "the mineralization formed
schlieren within the Nipissing gabbro. The schlieren possibly were part of a
bigger sulphide body, and have been separated from this bigger body during the
intrusion of the gabbro into the Huronian sedimentary rocks or dislocated from
it by faulting after the intrusions." (Pg. 102).
Flag and Golden Briar Mines are preparing to drill an exploratory drill
hole to a minimum depth of 1000 feet, to explore the suggested source of the
mineralization and up to two hundred feet west of the surface occurrence of
massive sulfides on the south east shore of Rathbun Lake.
3. Cobalt Hill Mineralization
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Mackelcan Township - 2500 feet south east of Wolf Lake
Nickel bearing sulfides, along with copper and gold, have been found in
minute inclusions predominating in pyrite mineralization at Cobalt Hill. As
chromium occurs with the mineralization, found on both sides of a 600 foot
wide valley, it is suggested the source of the chromium and the
mineralization, may be a nearby igneous intrusion, as chromium, a very inert
element, does not move far from its source, projected to be a mineralized
igneous intrusion.
Murdo McLeod, Flag's President, is recommending to the Board of
Directors, that 10,000 feet of exploratory drilling, to a depth of 1500 feet,
be completed to explore for and delineate the projected igneous intrusive
source of the Cobalt Hill mineralization.
Flag and Golden Briar's appeal against decisions from the TSX Venture
Exchange and Alberta Securities Commission, in regard to compliance
regulations, is to be heard in the Alberta Court of Appeal on May 11, 2006. |
