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Gold/Mining/Energy : Royal International Venture RIL.V (was Labrador Int'l LAB) -- Ignore unavailable to you. Want to Upgrade?

To: Rocket Red who wrote (712)	5/4/1998 7:42:00 PM
From: gtr	Read Replies (1) \| Respond to of 3380

Pallaum Minerals Ltd - South Voisey's Bay exploration program Pallaum Minerals Ltd PLM Shares issued 11492905 1998-05-04 close $0.89 Monday May 4 1998 Also Labrador International Mining Ltd (LAB) Also GlobeNet Resources Inc (GBR) Mr. Stanley Ford and Mr. John Mooney report Labrador International Mining, the operator of the Labrador Nickel Syndicate (Labrador 50%; Pallaum 25%; GlobeNet Resources 25%) has either been unable or unwilling to deliver to the management committee a work program for the 1998 field season for its South Voisey's Bay properties within the time requirements set out in the joint venture agreement. Pallaum and GlobeNet are calling a meeting of the management committee for mid May to present a work program for the 1998 field season. These South Voisey's Bay properties are in the midst of and adjoining the Teck/Donner South Voisey's Bay project area. Adlatok River 2 The Adlatok River 2 property has exposed olivine gabbro over 4km. Regionally, this extensive olivine gabbro is over 25km long on which Teck Corp will be executing a two phase $14.8-million, plus work and drill program this season. Teck has identified its drill areas to date as the North Gabbro and the South Gabbro. Adlatok River 2's central location with 4km of exposed olivine gabbro is designated as the Central Gabbro and lies in the core area of the Teck/Donner work program. Adlatok River 2 has undergone a series of programs which have included extensive geophysical studies and subsequent shallow drilling. These programs have yielded the following indications of potential massive sulphide mineralization on the style of the world class Voisey's Bay Ni-Cu-Co deposit: magnetic EM and UTEM surveys have all identified coincident geophysical anomalies within the Central Gabbro; previous drilling encountered leopard-textured troctolite at the northern and southern reaches of the Central Gabbro; previous drilling encountered a thin layer of massive sulphides at the basal contact with the gneiss in the southern sector of the Central Gabbro. Given the highly prospective indicators of its potential to host a Voisey's Bay-style deposit, the Adlatok River 2 property is highly regarded and a prime target in the South Voisey's Bay region. Adlatok River 1 Adlatok River 1 is also adjacent to Teck's current drill program. Adlatok River 1 is north-northeast of Major General's Sarah Lake property and Northern Abitibi's South Voisey's Bay property. Work reportedly conducted on Major General's property, specifically the down-hole EM survey on SVB-97-92, has indicated the presence of an off-hole conductor that has been interpreted by Teck's consulting geophysicist to be close to 100m in thickness within a favourable troctolite unit which is trending to the north-northeast. This unit is the eastern extension of the troctolite unit that occurs on Northern Abitibi and on which three separate drill holes have encountered massive sulphide mineralization. A two phase, $1-million work and drill program is being prepared for the Adlatok River 2 and 1 properties during the 1998 season. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)