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 : IKI - International Kirkland Minerals Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Rocky510 who wrote (12)	2/25/1999 10:47:00 PM
From: Rocky510	Read Replies (1) \| Respond to of 22

International Kirkland mobilizes Quebec field crews International Kirkland Minerals Inc IKI Shares issued 5,188,001 Feb 25 close $0.68 Thu 25 Feb 99 News Release Mr. Dan Clark reports International Kirkland Minerals has mobilized field crews on its Lac Rocher, Quebec properties contiguous or near the Nuinsco Resources discovery. Foreurs Property (50 per cent IKI Option/50 per cent Dumont Nickel) The Foreurs property is north of Matagami, Quebec, east of Lac Rocher. It consists of 15 claims covering an area of 240 hectares tied on to the southern border of the Nuinsco Resources Lac Rocher group. IKI may acquire its 50 per cent interest by paying $100,000, issuing 100,000 shares of IKI and spending $375,000 in exploration all over a three-year period. Foreurs is near the contact between the Troilus volcanosedimentary belt to the north and granitic gneisses to the south. Two prominent magnetic anomalies are known to occur on Foreurs and both show a similar magnetic signature to that observed coincident with the Nuinsco gabbroic intrusive where disseminated to massive sulphides grading 3.87 per cent Ni, 0.99 per cent Cu, and 0.09 per cent Co across 17.7 metres were intersected in Nuinsco drill hole 99-1. In addition, a moderate strength airborne electromagnetic conductor is present on Foreurs coincident with one of the magnetic anomalies within two kilometres of Nuinsco's discovery hole. The Nuinsco discovery has reaffirmed the potential to discover significant magnetic Ni-Cu sulphide deposits in the Abitibi greenstone belt. Because these type of deposits often occur as clusters in a specific area (for example, Raglan and Thompson belts), this discovery also significantly emphasizes the potential of the strong lobate magnetic anomalies in the area, such as those observed on Foreurs. A phase I program consisting of 28 kilometres of line cutting and geophysics (mag/max-min/induced polarization) has been started. This will be followed by a phase II diamond drilling program of 1,220 metres. Phase II will provide a preliminary test of the most promising targets and is estimated to cost approximately $100,000. Phase II is presently scheduled to commence within the next 30 days. Huskies Property (100 per cent IKI Option) The Huskies property is north of Matagami, Quebec, 18 kilometres east of Lac Rocher. It consists of 30 claims covering an area of 480 hectares. IKI has the option to acquire 100 per cent of Huskies by paying $85,000, issuing 100,000 shares of IKI and spending $200,000 in exploration over the next three years. Huskies is within the granitic gneiss basement rocks, south of their contact with the Troilus volcanosedimentary belt. Two prominent magnetic anomalies are known to occur on Huskies and both show a similar magnetic signature to that observed coincident with the Nuinsco gabbroic intrusive. In addition, one of the magnetic anomalies measures approximately 1.5 kilometres in length, compared with 1.2 kilometres at Nuinsco. A phase I program has been started consisting of 52 kilometres of line cutting and geophysics (mag/very low frequency). This will be followed by induced polarization and/or deep electromagnetic surveys of selected areas and a 915 metre phase II diamond drilling program to test the targets generated by the geophysics. Tooms Township Property, Ont. (100 per cent IKI Option) The phase I diamond drilling program has been completed on the company's Tooms Township nickel property in northeastern Ontario. The work followed up previous, generally low-grade (less than 1 per cent Ni) scattered drill intersections by Granges and Kennecott. The target model was high-grade (3-5 per cent Ni) nickel sulphide deposits of the type currently being mined in the Kambalda district of Western Australia. A total of 792 metres of BQ coring was completed in three holes. A number of weakly mineralized zones (to 15 per cent pyrite, pyrrhotite) was intersected in sedimentary and volcanic units peripheral to altered ultramafic units. The best nickel value encountered was 1.00 per cent over 0.92 metre from 53.0 to 53.92 metres in hole 2. No values of potential economic interest were recorded in copper, cobalt, platinum or gold. Analytical work was carried out by Swastika Laboratories using standard atomic absorption techniques with two check assays on the above nickel-bearing sample. The company is undertaking a complete assessment of all results to date as a prelude to possible further drilling to follow up on the above intersection. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com