Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: ali who wrote (931)	2/17/1999 8:13:00 AM
From: Chuca Marsh	Read Replies (1) \| Respond to of 4269

Hey is this of interest, Oh My Canada- Flag is in -<<..WANAPITEI NIPISSING GABBRO INTRUSION, SUDBURY, ONTARIO. ''Flag owns the major portion of the Wanapitei Gabbro Intrusion, extending for 6 miles in Rathbun Township..>> I need Canadian Geography Lessons...or a good Map- Seems I read about Red Lake two years ago on an old Arizona Company Report, any Imput appreciated- the where and distances between the two sites: RE:<<..Friday February 12, 10:45 am Eastern Time Company Press Release Mustang Gold Corp. - Drilling Hits Platinum Palladium Layers at East Bull Lake TORONTO--(BUSINESS WIRE)--Feb. 11, 1999--The Management of Mustang Gold Corp. (CANADIAN DEALING NETWORK:MUST.) (''the Company'') is pleased to announce assay results from the recently completed drill program at the Company's 100 percent owned East Bull Lake PGE property located 80 kilometers west of Sudbury, Ontario. The over 6,000 hectares property hosts over 90 percent of the layered East Bull Lake Gabbro-Anorthosite Intrusion. The company recently completed 8 diamond drill holes totaling 1200 meters. The drill program was designed to evaluate the platinum group element ((PGE) Platinum (Pt), Palladium (Pd), Rhodium (Rh)) potential of the Anorthosite Zone at the ''Moon Lake Target Area'' of the East Bull Lake Intrusion. The Anorthosite Zone occurs at the contact of the intrusion and the surrounding basement rocks. This rock unit was identified as a potential host for ''contact style'' magmatic sulphide platinum group element mineralization by several Open File Reports published by the Ontario Geological Survey (''OGS'') (Peck et al 1991; 1993; 1995). The more significant results from ME 98-01 to 07 are outlined below. (True thickness of each PGM layer is interpreted to be the recorded core length). g/t=gram per tonne ---------------------------------------------------------------- Holes No. Layer Combined Core Length Depth Pt-Pd-Rh-Au ---------------------------------------------------------------- ME 98-01 A 1.07 g/t 13.5 meters 8.5-22 meters includes 1.62 g/t 5.0 meters 8.5-16 meters includes 5.65 g/t 1.5 meters 14.5-16 meters B 0.25 g/t 39 meters 37-76 meters ME 98-02 A 1.40 g/t 3.7 meters 7.3-11 meters includes 4.33 g/t 0.7 meters 7.3-8 meters ME 98-03 A 0.73 g/t 12 meters 17.5-29.5 meters includes 2.19 g/t 1.5 meters 23.5-25.0 meters B 0.50 g/t 33 meters 38.5-71.5 meters includes 1.38 g/t 3.0 meters 52-55 meters ME-98-04 A 1.1 g/t 3.0 meters 22-25 meters includes 2.0 g/t 1.5 meters 23.5-25 meters B 0.47 g/t 34.5 meters 53.5-88 meters includes 1.18 g/t 1.6 meters 64-65.6 meters ME 98-05 B 0.52 g/t 24.5 meters 43.5-68 meters includes 1.2 g/t 2.0 meters 43.5-45.5 meters ME 98-06 A/B 0.45 g/t 42 meters 28-70 meters includes 1.35 g/t 1.5 meters 28-29.5 meters includes 1.08 g/t 1.5 meters 56.5-58 meters ME 98-07 A 1.75 g/t 1.5 meters 31-32.5 meters B 0.57 g/t 31.5 meters 58-89.5 meters includes 1.76 g/t 1.5 meters 58-59.5 meters includes 1.03 g/t 4.5 meters 77.5-82 meters ---------------------------------------------------------------- NOTE: ME 98-08 intersected a mafic dyke its entire length and returned no appreciable PGE assays. The drill program was designed to test a mineralized surface area east of Moon Lake. The surface mineralization corresponded to an Induced Polarization anomaly which extended for the entire 1500 meters of the grid. Holes ME-01 and ME-02 were drilled in an area where Mustang grab samples assayed up to 5.93 g/t PGE+ Au. Holes ME-03 to ME-08 were drilled at 100 meter stepouts (two holes per station) southwest from the first two holes covering a total strike length of 300 meters. All samples from the drill program were assayed at Swastika Laboratories in Swastika, Ontario with check assays completed at Lakefield Research Laboratories in Lakefield, Ontario. The PGE mineralization had an average ratio of approximately 3:1 palladium to platinum and contained maximum rhodium credits of 0.07 g/t and maximum gold credits of 0.37 g/t. Copper and nickel values were present in all mineralized intercepts up to a maximum of 0.41 percent copper and up to 0.10 percent nickel. Check assays for rhodium have not yet been received. The results of the drill program confirm the potential for continuous and significant PGE layers (layers A & B) within the Anorthosite Zone along the margins of the intrusion. The ''contact style'' disseminated magmatic sulphide PGE mineralization encountered in the drill holes is one of the types of mineralization noted in the OGS Open File Reports. This style of mineralization can be observed in PGE occurrences outcropping along the margins of the intrusion for a total distance in excess of 30 kilometers. Maximum surface values observed in these outcrops at the East Bull Lake Intrusion are up to 18 g/t combined PGE + gold. Mustang's Vice President of Exploration Ken Lapierre stated; ''This is a great first start. We are very pleased with the results of this drill program as it indicates the significant potential for platinum group metals at East Bull Lake. We were fortunate in that the years of study and fieldwork contained in the OGS reports provided Mustang with a distinct exploration target and geological model. The fact that drilling intersected significant mineralization at 100 meter stepouts confirms to us that we have located a very large mineralized horizon. We consider this initial program to be a important drill discovery.'' Acquisition of AECL Drill Core In a related development, Mustang is pleased to announce that it has acquired 2,617 meters of core from Atomic Energy of Canada Limited (AECL) which was drilled at East Bull Lake in 1983. The four deep drill holes totaling 2,617 meters of NQ core were part of a geological program unrelated to mineral development. The holes were drilled approximately 1500 meters west of the Company's recent drill holes. Preliminary investigation of the AECL drill core by Mustang has identified the same Anorthosite Zone as in the Company's holes ME 98-01 through to ME 98-07. The Anorthosite Zone in the AECL core ranges from 150 meters to over 350 meters thick and has been intersected down to a vertical depth of over 750 meters. Several sulphide rich layers within this Anorthosite Zone in AECL Hole No. 4 are presently out for assaying. The remaining AECL drill holes are presently being evaluated and sampled for their PGE potential. The Company intends to resume exploration activities at East Bull Lake following shareholder voting on the strategic alliance outlined in the Mustang Gold Corp. News Release dated December 22, 1998. The meeting date for this vote is scheduled for March 9, 1999. For more detailed assay tables, drill location and property maps and other information on the drill program, the East Bull Lake Property and the company please access the company website at www.mustang-gold.com or contact: On the date of this release the ask spot prices of the platinum group metals on the New York Spot Market were: (per ounce) Platinum US$ 361.50; Palladium US$359.00; Rhodium US$ 950.00 -------------------------------------------------------------------------------- Contact: Mustang Gold Corp. Robin Dunbar, 416/955-4773 rdunbar@mustang-gold.com or Trish Bongard Godfrey, 416/955-4773 investors@mustang-gold.com Geologic Overview (East Bull Lake PGE Property Map) The East Bull Lake Intrusion lies along the boundary of the Superior and Southern Provinces 80 kilometers west of the world-class Sudbury Igneous Complex. The intrusion is approximately 22 km long, 3.5 km wide and averages greater than 1.0 km thick. Sulphide mineralization is primarily concentrated in the Lower Series of the Intrusion although 'reef style' mineralization in the Upper Series has been observed. The three types of mineralization that have been noted are: 1. Contact mineralization - similar to that found at the Norilsk deposit in Siberia 2. Reef style mineralization - similar to that found at the Merensky Reef in South Africa 3. Structurally controlled mineralization - where contact mineralization has been remobilized and deposited by subsequent hydrothermal activity. Mineral Exploration History Limited activity took place between 1950 and 1962 involving a number of mining and exploration companies that were exploring a portion of the property for copper and nickel deposits. The potential for PGE deposits on the property was not considered until the late 1980's, by which time the central part of the property (including the Moon Lake Target area) had been withdrawn from staking. In 1990, the Ontario Ministry of Northern Development provided funds to Laurentian University to study the mineral potential of intrusive rocks between Sudbury and Elliot Lake. These studies focused mainly on the East Bull Lake Intrusive. From 1990 to 1995 fieldwork including geological mapping, sampling (over 1,000 samples), and analysis of Atomic Energy of Canada's drill core was completed. Metallurgical and petrographic studies were also completed. The 1993 Ontario Geological Survey Reports concluded that the "potential exists for extremely large tonnages of sulphide mineralization, perhaps even massive sulphides (along the floor of the intrusion), which have platinum-group element-enrichment levels equating to reef environments." Exploration Target (Induced Polarization Survey) / (Grab Sample Locations) ..>> Chuca