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Gold/Mining/Energy : Major General--MGJ -- Ignore unavailable to you. Want to Upgrade?

To: Zardoz who wrote (509)	7/20/1998 10:02:00 PM
From: Flea	Read Replies (1) \| Respond to of 1707

Hutch, this one contains a part 2... *Progress at South Voisey Bay; two Hemlo Belt gold properties optioned* Major General Resources Ltd MGJ Shares issued 35,650,047 Jul 20 close $0.35 Mon 20 Jul 98 News Release Mr. Harvey Keats of Donner Minerals reports A total of 1,831m has been drilled in three holes (97-92, 98-107 and 98-109) on thee Major General/Donner joint venture. A fourth hole (98-112) is in progress to test a discrete gravity anomaly. Hole 97-92 was deepened from 372m to 1097m and remained in gabbro to its termination depth. It has been interpreted that hole 97-92 encountered a 200m - 300m wide, north-south striking, sub-vertical feeder dyke. Hole 97-107 was drilled to 547m and hole 98-109 was completed at 559m. All three holes were drilled from the same collar location. Hole 98-107 drilled at -60 degrees to the southwest and hole 98-109 drilled at -60 degrees, at azimuth 080 degrees, both encountered a thickened unit of gabbro before intersecting the underlying gneiss. Hole 98-107 encountered contaminated and mineralized olivine gabbro, including 0.2m of massive sulphide containing particularly anomalous concentrations of nickel and copper. Significantly, both holes encountered several narrow gabbroic dykes, including one 12m wide, within the gneiss. These dykes are interpreted as offshoots from the main feeder identified in 97-92 and possible conduits for nickel-copper sulphides to the base of the olivine gabbro. The identification of a feeder and related dykes is an important step towards understanding the South Voisey Bay project and will help focus the exploration for a significant thickness of massive sulphides at the base of the olivine gabbro and within the feeder dykes. PEM has identified a strong anomaly in the southwest corner of the Major General/Donner area and the adjacent Northern Abitibi/Donner ground, southwest of the 0.2m thick massive sulphide intersection in 98-107. Mr. Glenn Shevchenko reports The company has optioned two properties approximately 200km east-northeast of Thunder Bay in northwestern Ontario. The contiguous Prairie River (63 claims) and Steel River (18 claims) options make up the Spider property (3472 hectares) that covers a 12km trend of altered felsic volcanic rocks. These felsic rocks are part of the Schreiber-Hemlo Greenstone Belt, and are similar to the rocks that host the Hemlo gold deposit 65km to the east. Upon production, the contained reserves at Hemlo were in the order of 80 million tonnes grading 7.7 grams/tonne gold. The deposit is exploited by three mines that together produce about 1 million ounces of gold annually and contribute approximately 50 per cent of Ontario's gold production. Gold mineralization is associated with a quartz-feldspar porphyry intrusive that is in contact with hydrothermally altered sedimentary rocks. The ore zones occur within lenses of feldspar alteration that are distributed proximal to the contact of the intrusive. This feldspar alteration produces an airborne radiometric anomaly that is characterized by a potassium high and a thorium/potassium low measuring 3km long by 1km wide. The Spider property covers a prominent airborne radiometric anomaly (3km by 1.5km) that is identical to the radiometric signature found over the Hemlo deposit. This radiometric anomaly occurs over the thicker portion of the felsic volcanic pile where previous work has identified zones of feldspar alteration proximal to a quartz-feldspar porphyry intrusive. Exploration in the area has been sporadically conducted since 1896 with the discovery of the Fire Mountain sulphide zone that returned up to four ounces per ton gold. Since that time, base metal exploration has dominated the region. In the Prairie River option, the company may earn 100 per cent interest by spending $500,000, making cash payments of $30,000 and issuing 200,000 shares over a period of five years. The claims are subject to a 2.5 per cent nsr, of which 1.5 per cent may be bought out for $1,500,000. In the Steel River option, the company may earn 100 per cent interest by spending $1,000,000, making cash payments of $100,000 and issuing 200,000 shares over a period of five years. The claims are subject to a two per cent nsr, of which 0.5 per cent may be bought out for $500,000. Major General has started a $150,000 exploration program on the Spider property, consisting of 85km of linecutting followed by magnetometer, geological mapping and prospecting surveys. (c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com