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Gold/Mining/Energy : AVL.V - AVALON VENTURES -- Ignore unavailable to you. Want to Upgrade?

To: Gary K who wrote (738)	4/22/1998 1:46:00 PM
From: DRT	Respond to of 1474

News Release: Avalon Ventures Ltd AVL Shares issued 16,762,584 Apr 21 close $1.58 Wed 22 Apr 98 News Release DRILLING CONFIRMS PLATINUM-PALLADIUM POTENTIAL AT WOLF MTN. Mr Donald Bubar reports Avalon has received the results of a first phase diamond drilling program on its 25,000 acre Wolf Mountain platinum-palladium property, 90km north of Thunder Bay, Ontario. Several shallow holes were drilled by auger to test the PGE-enriched black sands exposed at surface as well as eight diamond drill holes, totalling 1,272 metres, to establish a geological context and test the target to a maximum depth of 300 metres. The drilling has confirmed that the PGE mineralization at Wolf Mountain is hosted by a horizontally-layered ultramafic to mafic intrusion, where economic-grade PGE mineralization can occur in thin discrete horizons anywhere within the host intrusion. This intrusion, known as the Seagull Pluton, is over 7km in diameter and is entirely covered by the Wolf Mountain claims. Consulting Geologist Dr. A.J. Naldrett recommends that the PGE-enriched black sands exposed at surface be further evaluated as a potential low-grade bulk mineable PGE resource. Several shallow holes drilled into this unit with an auger showed that the unconsolidated sands locally extend to depths exceeding 6.0 metres, and average close to 0.5 g/t PGE. Grab samples of this material collected previously, assayed up to 7.6 g/t PGE. Test work is recommended to determine if this mineralization can be economically concentrated by using an inexpensive gravity type method, to process the black sands. Seven of the eight diamond drill holes intersected highly anomalous PGE values (Pt+Pd) of up to 0.875 g/t over 1.50 metres in a 1:1 ratio, within multiple mineralized horizons averaging 0.2 to 0.5 g/t over widths ranging from 6.1 to 21.0 metres. Local enrichment in sulphide mineralization also produced anomalous nickel values of up to 0.11% Ni over 5.7 metres. Although continuity to the higher grade PGE mineralization sampled previously could not be confirmed within the area drilled, Dr. Naldrett concludes that the host intrusion (the Seagull Pluton) remains an excellent target for economic PGE deposits elsewhere on the property, or at depth. Dr. Naldrett has recommended that a follow-up program, consisting of mapping, prospecting and an airborne geophysical survey, be carried out immediately to identify new PGE and nickel-copper sulphide targets. This program is currently being planned and financing for it is already in place. The Proterozoic geology of the entire Lake Nipigon region, representing an area in excess of 20,000 sq km, is regarded by Dr Naldrett and other experts as an excellent target area for giant PGE and Noril'sk-type nickel-copper deposits. With the recent strength in platinum and palladium prices, the company intends to expand its exploration efforts for new PGE mineralization in this region. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com