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Gold/Mining/Energy : Flag Resources (FGR.A A) -- Ignore unavailable to you. Want to Upgrade?

To: Tim Davies who wrote (851)	9/22/1998 2:13:00 PM
From: ali	Read Replies (3) \| Respond to of 4269

FLAG RESOURCES (1985) LIMITED DRILLING AT RATHBUN LAKE, WANAPITEI ANOMALY, SUDBURY, ONTARIO, TO LOCATE THE SOURCE OF A SURFACE OCCURRENCE OF RICH MASSIVE SULFIDE MINERALIZATION CALGARY, Sept. 22 /CNW/ - ''Flag Resources has commenced drilling a deep exploratory drill hole into Rathbun Lake, Rathbun Township, Sudbury, Ontario. Previous drilling has indicated the lake may be where the source is located of a rich occurrence of massive sulfide mineralization, situated on the east shore of the lake. A selected grab sample, from the dump of a 40 foot deep prospect shaft, into the surface occurrence, by the Ontario Geological Survey (1982), assayed 10.2% copper, 0.14% nickel, 0.05 ounces of platinum per ton, 34.6 ounces of palladium per ton, 0.02 ounces of gold per ton and 2.22 ounces of silver per ton. At $360.00 and $290.00 per ton, respectively, Flag notes that platinum and palladium are two metals that have not suffered a decline in price. Priority has been given to the drilling at Rathbun Lake, with exploratory drilling in McNish Township, 10 miles east, temporarily suspended. Forty eight shallow drill holes have been completed in a 1 by 1.3 mile area of surface base metal occurrences. Best values from the dump of a prospect shaft, on a showing at Ozhway Lake, McNish Township, includes 22.04% zinc, 14.25% lead, 3.88% copper and 2.50 ounces of silver per ton (O.G.S. Report 191, 1979). Associated Golden Briar Mines Limited can earn a 50% interest in the Rathbun and McNish Township prospects by the expenditure of $300,000.00 and $400,000.00 respectively, over a 4 year period. Flag is evaluating exploration proposals for its wholly owned Wolf-Jess Lakes copper-gold deposits, Mackelcan Township and Exploratory Licence of Occupation Ground, deleted from the Wahnapitae Provincial Park, northwest of Lake Wanapitei. Best values in the Wolf-Jess Lakes deposits include 48 feet of 3.60% copper (148-196 feet-drill hole WL83-28) and 20 feet of .47 ounces of gold per ton (165-185 feet-drill hole WL96-1). The Exploratory Licence of Occupation Ground has extensive surface occurrences of visible gold. Flag is the largest holder of mineral rights, in the Wanapitei Anomaly. It has large holdings in six adjoining townships.'' The Alberta Stock Exchange has neither approved nor disapproved the contents herein. -30- For further information: Murdo C. McLeod (403) 262-8883, Fax (403) 262-8886, www.flagresources.com This press release concerns more than one organization. To view releases from one of these organizations, please select from below. FLAG RESOURCES (1985) LIMITED GOLDEN BRIAR MINES LIMITED