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Gold/Mining/Energy : Cross Lake Minerals CRN -- Ignore unavailable to you. Want to Upgrade?

To: Leo Raftis who wrote (3439)	11/30/1998 8:59:00 PM
From: Wilse	Read Replies (1) \| Respond to of 3650

NR on CCN : FOR CROSS LAKE MINERALS LTD. VSE SYMBOL: CRN NOVEMBER 30, 1998 Cross Lake Minerals Ltd.: Sheraton-Timmins Property - High Grade Zinc-Silver Zone Extended VANCOUVER, BRITISH COLUMBIA--CROSS LAKE MINERALS LTD. (the "Company") wishes to report results received to date on the first three holes (CLS 98-62 to 98-64) from the on-going drill program which commenced October 13, 1998 on the Company's 100 percent held Sheraton-Timmins Project. Further results will be released as they become available. The most encouraging and significant result of this drilling was the intersection of a high grade phase of the zinc-silver-lead mineralization in hole CLS 98-63 which has extended the down plunge length of the high grade zone from surface (near hole CLS 98-49) to over 500 metres and is still open to depth. Hole CLS 98-63 intersected a high grade phase of zinc-silver-lead mineralization approximately 250 metres (820 feet) down plunge from hole CLS 97-16 which in turn is 250 metres down plunge from the high grade mineralization in hole CLS 98-49. (A schematic drill hole plan and longitudinal section are available by fax upon request.) The hole was completed to a depth of 701 metres and yielded the following significant assays: /T/ Hole Intersection Length Zinc Lead Silver Gold Number (metres) (metres) Percent Percent (g/t) (ppb) ------------------------------------------------------------- CLS 98-63 393.5-434.0 40.5 1.90 0.43 35.7 220 incl. 393.5-402.5 9.0 4.34 0.75 80.6 705 incl. 395.0-401.0 6.0 5.56 1.05 93.0 849 408.5-413.0 4.5 1.63 0.33 23.3 - 423.5-434.0 10.5 1.58 0.21 19.1 - /T/ The geology in hole CLS 98-63 is similar to that of hole CLS 97-16 with massive sulphide (sphalerite-galena-pyrite-chalcopyrite) occurring on the south side of a much wider lower grade zinc zone hosted in tuffs and fragmentals with intercalated chert horizons. The massive sulphide intersection in hole CLS 98-63 is located 200 metres east of hole CLS 98-59 in which a 12 metre section of massive pyrite containing sphalerite also occurred. These intersections indicate that a more typical massive sulphide zone is developing at depth and confirms that Pulse EM is an effective exploration method in delineating volcanic massive sulphide (VMS) targets. Anomalous gold values are associated with this massive sulphide phase in which the most significant interval assayed 3.78 g/t (3780 ppb) gold over 0.95 metres (397.05 metres to 398.0 metres). A favourable coarse rhyolite fragmental unit with clasts up to 2.0 metres in size overlies the massive sulphide phase in CLS 98-63 indicating close proximity to a vent area and a favourable setting for a VMS type deposit. The felsic volcanic pile appears to be thickening and the alteration intensifying at depth. This is a highly favourable environment for the discovery of a significant VMS deposit. Hole CLS 98-64 was collared 325 metres southwest of hole CLS 98-63 and drilled to a depth of 880 metres to test the geology below holes CLS 98-39 and 98-59. A coarse rhyolite fragmental unit was intersected in hole CLS 98-64 similar to the one located in CLS98-63 overlying the mineralized zone. A fault and diabase dyke were also intersected which appears to have offset the massive sulphide phase. As a result, the main part of the hole was drilled below the projected plunge line extending from hole CLS 98-63. Further holes are required in this area to explain the Pulse EM conductive targets and the geology. Significant results from this hole are as follows: /T/ Hole Intersection Length Zinc Lead Silver Number (metres) (metres) Percent Percent (g/t) ----------------------------------------------------------- CLS 98-64 626.0-630.5 4.5 1.77 0.16 20.3 767.9-770.65 2.75 1.92 - 2.5 /T/ Hole CLS 98-62 was drilled in a separate target area 170 metres east of hole CLS 98-56 and 1.2 kilometres southwest of CLS 98-63 to test a number of Pulse EM anomalies and a coincident copper-zinc geochemical soil anomaly. A 0.5 metre wide zone of chalcopyrite (copper) hosted in a rhyolite breccia, which assayed 3.02 percent copper, was intersected as well as several other 0.5 metre wide massive pyrite bands containing anomalous zinc, silver and gold values in a wide zone of intense alteration. The geology in this area suggests that a copper-bearing sulphide zone occurs in sericite altered felsic volcanics plunging west below holes CLS 98-55, 58 and 60, as indicated by Mise-a-la-Masse and down-hole Pulse EM. A strong Pulse EM anomaly was detected below hole CLS 98-60 which correlates with a Pulse EM anomaly below hole CLS 98-58. Further drilling to depth and along strike is required in this area. A second drill was mobilized to test two other geophysical targets parallel to and northeast of the Cross Lake Zone. These holes have now been completed and results will be released when available. A Pulse EM crew is presently testing the recently completed holes in order to provide better definition of the massive sulphide zones at depth and to aid in the planning of additional drill holes. Assaying for the drill core continues to be carried out by Chemex Labs Ltd. of North Vancouver, British Columbia. Check assays are being run on selected samples by another independent laboratory. The Company has been advised by Golden Knight Resources Inc., operator of the Night Hawk Lake Joint Venture, that a 1,000 metre diamond drill program has commenced on the property. The Company holds a 16 percent interest in the Night Hawk Lake Property which is adjacent to the Company's 100 percent held Sheraton-Timmins Property. ON BEHALF OF THE BOARD OF DIRECTORS CROSS LAKE MINERALS LTD. Michele A. Jones Executive Vice President, Administration