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

To: ali who wrote (914)	1/28/1999 11:38:00 AM
From: ali	Read Replies (1) \| Respond to of 4269

Flag Resources (1985) Limited says there is a direct correlation between the amount of magnesium oxide and titanium in the Wanapitei Gabbro Intrusion, Rathbun Township, Sudbury, Ontario and the amount of sulfide mineralization VANCOUVER, Jan. 28 /CNW/ - ''The association of mineralization, in Nipissing gabbro, with high magnesium (9% or more) and low titanium (0.4% or less) content, was disclosed in the 1996 publication of ''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, P.C. Lightfoot and A.J. Naldrett. An analysis of geochemical samples, on Flag's ground in Rathbun Township, in the Wanapitei Gabbro Intrusion, led to the discovery of 44 geochemical samples with 9 to over 12% magnesium oxide and .20 to 0.48% titanium with significant nickel and copper values in the samples, indicating the existence of a mineralized zone estimated to be 4700 feet in length (previously estimated to be 3000 feet), with considerable width. It is located one mile south of the Rathbun Lake Occurrence. North of the indicated zone of mineralization, seven of eight geochemical samples contain less than 9% magnesium oxide and higher titanium, with substantially lower nickel and copper values, evidence that, in Nipissing gabbro, significant nickel and copper values are associated only with high magnesium and low titanium content. Flag says the evidence indicating the existence of a large zone of mineralization is a significant discovery and a prime drill target, as it is within the proximity of the Rathbun Lake Occurrence, and in the same geological setting. The massive sulfides of the Rathbun Lake occurance contain some of the highest known abundances of platinum and palladium associated with mafic rocks (Ontario Geological Survey, Geological Survey of Canada, Report, 1993), along with rich copper and minor nickel, gold and silver values. (Grab samples, Ontario Geological Survey Report 213, 1982 - 34.6 ounces of palladium, 0.56 ounces of platinum. 2.22 ounces of silver, 0.02 ounces of gold per ton, 10.2% copper and 0.14 percent nickel per ton). The drilling program, on the undrilled indicated zone of mineralization, should commence in the week of February 1 and 5, 1999. Golden Briar, an associated company, can earn a 50% interest in the project, by spending $400,000.00 over a four year period. Flag has an offering of flow-through shares, through an Offering Memorandum, in Alberta, Ontario, British Columbia, and Manitoba.'' The Alberta Stock Exchange has neither approved nor disapproved the contents herein.