HEY, HEY SPINEY !
LATITUDE MINERALS CORP.
SUITE 612, 475 HOWE STREET, VANCOUVER, BC. V6C 2B3
Tel: (604) 688-2010; Fax: (604) 688-2015; Toll-free: 1 800 668-0071
e-mail: mineral @ mineweb.com
trading symbol: LTU.V
MILLER MOUNTAIN GOLD DEPOSIT OPTIONED
VANCOUVER, BC, September 15, 1998: LATITUDE MINERALS CORP. (LTU.V) has
agreed, subject to regulatory approval, to acquire a 100% interest in
the Miller Mountain Gold Deposit in west-central Montana from Miller
Mountain Corporation of New York, NY.
The Miller Mountain Gold Deposit is part of an extremely large,
intrusive-hosted gold system located in Broadwater and Meagher counties,
west-central Montana (Figure 1). The property position consists of 195
unpatented and 7 patented lode claims as well as two mill sites and 4
unpatented placer claims, all located at the head of Confederate Gulch,
one of the most prolific placer deposits in Montana (Figure 2).
At Miller Mountain, gold mineralization is hosted in granodiorite and
quartz monzonite intrusives of Cretaceous age. Mineralized intrusives
include the Miller Mountain, Schabert, and Stonewall bodies, with
possible additional mineralization in the Johnnys Gulch and Section 23
intrusives (Figure 2). Open-ended, ore-grade intercepts remain to be
offset at the Miller Mountain deposit, as well as at the Stonewall and
Schabert intrusives where only limited drilling has been performed.
A sizeable, partially open-ended resource, defined by nearly 400 holes
drilled between 1984 and 1993, exists at the Miller Mountain intrusive
proper, where a cross-sectional global resource estimate by Pegasus
yielded 864,000 to 975,000 ounces of gold. A Mine Reserves Associates
(MRA) kriged ore reserve shows 7.5MM tons @ 0.039 opt Au at a 0.020 opt
cutoff for 290,000 ounces. Within this is a mineable open pit reserve
of 4.5MM tons @ 0.035 opt Au with a 1.5:1 stripping ratio.
Of significance are the results of a recent airborne magnetic survey of
the area which suggest the presence of at least three, large,
westward-dipping tabular intrusive sheets similar to that hosting the
Miller Mountain deposit as defined by drilling. Two of these sheets
correspond to the Stonewall and Section 23 targets mentioned above. The
Stonewall is defined by gold in soil values, many ore grade, and a
geophysical aeromagnetic anomaly on par in size and strength with those
delineating the Miller Mountain Deposit (Figure 3). The magnetically
similar body in Section 23 is also defined by gold in soil anomalies and
has never been drilled (Figure 4).
The Company intends to conduct a 6,000 foot reverse circulation drill
programme on the property in the near future. The majority of the
drilling will be placed at the Schabert target where a 400 foot thick
intercept grading 0.033 opt Au is yet to be offset, and at the Stonewall
target, where only six holes have been drilled, all intercepting gold.
Exploration success at either the Schabert or Stonewall targets could
substantially increase the current resource estimate for the property.
Permits for the drill programme are in place.
Terms of the acquisition call for Latitude Minerals Corp. to conduct
exploration expenditures of USD$150,000.00 by the first anniversary of
the agreement, with further commitments by the second anniversary of
USD$250,000.00, and total exploration expenditures over 3 years of
USD$700,000.00. The Company is also responsible for maintaining annual
underlying lease payments of approximately USD$20,000.00. A finders fee
in the amount of 20,000 common shares of the Company is payable.
Additionally, the Company has consented to grant incentive stock options
to employees consisting of 50,000 common shares of the Company at
C$0.32 per share for two years, subject to regulatory approval.
Latitude Minerals Corp. is a junior exploration Company developing
advanced stage precious metals projects in the western United States.
The Company also holds a 25% interest in Project 79 in South Voiseys
Bay, Labrador in partnership with Donner Minerals Ltd. (25%) and NDT
Ventures Ltd. (50%).
On Behalf of the Board of Directors,
LATITUDE MINERALS CORP.
"Edwin A. Bomford"
Edwin A. Bomford
President
THE VANCOUVER STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF
THE INFORMATION CONTAINED HEREIN
Looks like good things are happening again. Another great prop. I have
been told that this trend will continue as ltu is still actively staying with their philosopy of adding in what they consider a bargain
market. To date my calculations are that we now hold approx. 1.8MIL oz AU. CjD (Ed Pakatis's letter/site) e-mailed me this n/r, looks
like maybe people are taking note finally. It's been trying lately,
but it looks like some of the long awaited goodies are coming out -
finally.
Getting excited again,
Joel |
