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Gold/Mining/Energy : Paramount Ventures & Finance -- Ignore unavailable to you. Want to Upgrade?

To: Diamond Daze who wrote (713)	4/22/1998 11:09:00 AM
From: Diamond Daze	Read Replies (2) \| Respond to of 4884

Ross from the CNB thread posted this it is of interest to us too.... << This is a news release I dug up on the Ontario Govt's home page. There is reference to a staking rush in the Wawa area. NEWS RELEASE Ministry of Northern Development and Mines March 9, 1998 139 Hodgson Announces New Mineral Exploration Targets In Kapuskasing Area New discoveries have increased the possibility of finding diamond-bearing kimberlite, base metal and gold deposits in the Kapuskasing area, Northern Development and Mines Minister Chris Hodgson announced today. "These encouraging preliminary results create new and exciting opportunities for mineral exploration in Ontario," said Hodgson. "These types of discoveries help ensure the long-term viability of the $5-billion-a-year mining industry." The important mineral indicators were discovered by the ministry's Ontario Geological Survey (OGS). The results are being presented at the Prospectors and Developers Association of Canada convention in Toronto. A soil sampling project being completed by OGS staff in the Kapuskasing area reveals the mineral potential is higher than previously thought. The ministry has confirmed the presence of kimberlite indicator minerals, four of which are positive indicators of diamond-bearing kimberlites. "The findings suggest an excellent opportunity for the presence of diamond-bearing kimberlite along a large geological structure known as the Kapuskasing Structural Zone," said Dr. Tom Morris, a geoscientist with the Ontario Geological Survey (OGS). In addition to the kimberlite indicator minerals, several minerals associated with base-metal deposits were recovered. The presence and distribution of these minerals suggest several potential targets for base metal exploration in the Kapuskasing area. One anomalous gold result provides an interesting exploration target for this metal. The soil sampling work in the Kapuskasing area follows on the heels of a similar, successful program conducted by the OGS in the Wawa area. The Wawa program recovered several rare and important indicator minerals and the release of this information sparked a staking rush. Subsequent exploration resulted in the discovery of diamond-bearing rock and kimberlite. A strong exploration thrust continues in that area to this day. The important indicator minerals discovered in the Wawa area were found on the Kapuskasing Structural Zone. This belt extends from Wawa through Kapuskasing to the James Bay lowlands. To evaluate the potential for diamond-bearing kimberlite elsewhere along this belt of rock, the OGS initiated an overburden study south of Kapuskasing. Dr. Morris will present a report containing the data and interpretations pertaining to the Kapuskasing area at the Prospectors and Developers Convention in Toronto, March 9-11, 1998. This work is one of more than two dozen ongoing OGS field projects investigating Ontario's geology and mineral potential. -30- For further information, please contact: Dr. Tom Morris MNDM-Sudbury (705) 670-5958 Dr. Ronald Sage MNDM-Sudbury (705) 670-5949