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

To: ali who wrote (901)	1/5/1999 1:24:00 PM
From: ali	Read Replies (1) \| Respond to of 4269

Flag Resources (1985) Limited and Golden Briar Mines Limited announces results from geochemical rock sampling indicate existence of a 3000 foot long mineralized area in the Wanapitei Gabbro Intrusion, one mile south of the mineral rich Rathbun Lake Occurrence, Rathbun Township, Sudbury, Ontario CALGARY, Jan. 5 /CNW/ - ''A recent detailed study by A.J. Naldrett and P.C. Lightfoot (1996), on petrology and geochemistry of the Nipissing Gabbro, state that there is a well documented association of mineralization with hypersthene-rich, high magnesium rock, with lower abundances of titanium and zirconium in Nipissing Gabbro. The study says the typical target values for identification of these rocks are: 10-30 percent hypersthene 9 percent or better magnesium oxide 0.4 percent or less titanium 52 parts per million zirconium (Petrology and Geochemistry of the Nipissing Gabbro: Exploration Strategies for Nickel, Copper, and Platinum Group Elements in a Large Igneous Province. Ontario Geological Survey, Study 58, 1996) Using this criteria, the results from widespread geochemical sampling of the Wanapitei Gabbro Intrusion by the Ontario Geological Survey were reviewed (Geology of the Wanapitei Lake Area, Sudbury, Ontario, Burkhard Dressler, 1982). The review resulted in the discovery that in the widespread sampling there was forty four geochemical samples along a 3000 foot stretch, with the enriched magnesium oxide and low titanium values, documented to be associated with mineralization. Magnesium oxide in the forty four geochemical samples range from 9% to 12%. Thirty eight of the geochemical samples had 0.20% to 0.40% titanium and six had 0.41 to 0.48 percent titanium. The forty four geochemical samples had coinciding anomalous copper and nickel values. A selected grab sample from the dump of the small shaft on the Rathbun Lake Occurrence, by Burkhard O. Dressler, (Ontario Geological Survey Report 213) yielded 34.6 ounces of palladium per ton, 0.056 ounces of platinum per ton, 10.2% copper, 0.14% nickel and 2.22 ounces of silver per ton. The abundance of platinum and palladium in the Rathbun Lake Occurrence are some of the highest known to be associated with mafic rocks. (Differentiation and source of the Nipissing Diabase Intrusion, Ontario, Canada, Geological Survey of Canada and Ontario Geological Survey, 1993). These values underlie the significance of the potential existence of a large area of mineralization in the same geological unit, the Wanapitei Gabbro Intrusion. There has been good commercial demand for platinum and palladium. On December 31, platinum closed at $364.00 (U.S.$) an ounce and palladium at $332.00(U.S.$) per ounce. There are growing fears, apparently, that supplies of palladium from Russia will be in short supply in 1999, as they have been in 1997 and 1998 (Globe and Mail, January 1, 1999). Flag owns the major portion of the Wanapitei Gabbro Intrusion. However, the part of the Intrusion currently being explored, is joint ventured with Golden Briar Mines Limited, who can earn a 50% interest by spending $400,000.00 over a four year period. Exploration of the indicated new area of mineralization is expected to commence shortly.''