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Gold/Mining/Energy : International Canalaska (V.ICA) -- Ignore unavailable to you. Want to Upgrade?

To: alan von weiler who wrote (660)	4/2/1998 6:17:00 PM
From: alan von weiler	Read Replies (1) \| Respond to of 891

Announcement: International Canalaska Resources Ltd - Timmins/Michie property agreement concluded International Canalaska Resources Ltd ICA Shares issued 17407793 1998-03-04 close $0.41 Wednesday Mar 4 1998 Also Royal Oak Mines Inc (RYO) Mr Harry Barr reports A final agreement has been reached with Royal Oak Mines which has enabled CanAlaska to assume Royal Oak's interest in the 49 claim (9520 hectare) Timmins/Michie property, due south of a significant volcanogenic massive sulphide Cu-Zn-Ag discovery reported by Cross Lake Minerals. CanAlaska assumes Royal Oak's right to earn a 50% interest in the Timmins/Michie property by making cash payments and expending approximately $1 million by November 14 2000; other companies holding an interest in the property are Cross Lake Minerals, East-West Resources, and Canadian Golden Dragon. The Timmins/Michie property overlies a north-south trending package of felsic volcanic, mafic volcanic and sedimentary rocks which are key components for the development of VMS mineralization and important base metal exploration guides. Previous work conducted by Royal Oak focused on gold exploration, and drilling was concentrated within a small area in the south-central part of the property. Five of nine holes drilled by Royal Oak testing gold targets returned anomalous base metal values, including one intersection of 0.05% Cu, 0.17% Zn, and 0.22% Pb over a length of 16.9m. A number of geophysical and geochemical anomalies defined by past exploration in this area remain untested. The vast majority of the property has not been explored. CanAlaska intends to thoroughly explore the Timmins/Michie property for VMS base metal mineralization and potential gold mineralization. Commencing mid-March, an airborne mag-EM survey will be conducted over the entire property as well as over the 100% CanAlaska-owned Michie property contiguous to the south. CanAlaska anticipates followup ground geophysical surveys and a substantial drilling program to test defined targets. With a total of four projects in the area, Timmins has become a major focus for CanAlaska, and the company plans to spend over $1 million on exploration in Timmins this year. A geophysical program on the Vision project is currently being completed, and a mag/EM survey will be flown in mid-March on the Blackrock project. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com