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Gold/Mining/Energy : Jilbey Exploration JLB-MSE -- Ignore unavailable to you. Want to Upgrade?

To: J T who wrote (119)	5/27/1998 1:58:00 PM
From: Dan Gregoire	Read Replies (1) \| Respond to of 229

CELTIC AND JILBEY RECEIVE COMPILATION REPORT ON HUNGRY HILL PROJECT, NEWFOUNDLAND CALGARY, May 27 /CNW/ - David Graham, President, Celtic Minerals Ltd. (CME.ASE) and Dan Whittaker, President, Jilbey Exploration Ltd. (JLB.MSE) are pleased to report the companies have received a compilation report on work to date at their Hungry Hill base metal joint venture project in Central Newfoundland. Dr. J.G. Thurlow of VMS Consultants Inc., has provided the results of a compilation that included re-logging all 22 drill holes, compiling the data into a G.I.S. computer database, interpreting the geology, and making recommendations for future work. A summary of Dr. Thurlow's conclusions are as follows: 1. The style, size, and strength of mineralization and alteration are commensurate with that expected on the immediate periphery of an orebody-sized volcanogenic massive sulphide (''VMS'') system. 2. Remarkable similarities to the former producing Buchans Mines and other Kuroko type VMS systems. 3. Numerous high grade base metal sulphide clasts; encountered in hole No. 22 (press release 98-05) indicate the source deposit has economically attractive grade. Samples of two of the clasts assayed as follows: << (x)Sample Size of Copper Lead Zinc Gold Silver No. Depth Clasts(s) (cm) % % % g/T g/T ------------------------------------------------------------------------- HH-22-A 219.20 3.0 x 3.0 x 2.0 0.92 1.17 16.40 5.28 122.07 HH-22-B 220.62 2.5 x 4.0 x 2.0 1.56 3.34 15.40 2.06 167.34 ------------------------------------------------------------------------- >> 4. The project is in a low strain structural environment and complications by late faulting are minimal. 5. The project warrants a systematic well-funded exploration program proceeding both along strike and down-dip. The high grade clasts occur within a package of altered volcanic rocks described as polylithic breccia conglomerate (debris flow rocks) and rhyolite breccia. The debris flow rocks were encountered in drill hole No. 22 between a drill depth of 193.74 and 256.60 metres. Within this unit, numerous 3 cm to 20 cm diameter massive sulphide clasts occur from 202.71 to 220.67 metres. Celtic Geologists, since 1995 have been performing detailed studies including geological, geochemical, geophysical surveys, and drilling over a package of volcanic rocks that exhibit strong similarities to the Buchans area volcanics. Buchans was a former high-grade base metal producer located 16.5 kilometres northwest of the Hungry Hill project. The Buchans mine produced a total of 16.2 million tonnes of ore from two in situ and three transported (debris flow) ore bodies with an average mill head grade of 1.33% Copper, 7.56% Lead, 14.51% Zinc, 1.37 g/T Gold and 126.00 g/T Silver. Management of Celtic and Jilbey are strongly encouraged by the results of the compilation. The next phase of exploration is anticipated to include elements of geochemical sampling, geophysics, and a substantial drill program. (x)Samples were shipped to Loring Laboratories Ltd. of Calgary, Alberta for analysis. Gold results are reported from values obtained utilizing the fire assay technique, while copper, lead, zinc, and silver results are reported from values obtained utilizing the atomic absorption analytical technique. All cores were drilled with ''NQ'' size drill rods. The Alberta Stock Exchange Neither Approves Nor Disapproves of the Information Contained Herein. -30- For further information: David R. Graham, President, Celtic Minerals Ltd., (403) 261-2890, Fax: (403) 264-4535; Dan Whittaker, Jilbey Exploration Ltd., (902) 422-0028, Fax: (902) 422-4564