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This just came in from the stockwatchFrom: <list@stockwatch.com>
To: <975339@accglobal.net>
Subject: Stockwatch: Flag Resources
Date: Sunday, April 18, 1999 7:21 PM
Drilling to reach igneous source of 1,506 feet of disseminated mineralization
Flag Resources (1985) Ltd FGR.A
Shares issued 13,030,165 Apr 15 close $0.25
Fri 16 Apr 99
FLAG RESOURCES (1985) LIMITED AND GOLDEN BRIAR MINES LIMITED
DRILLING TO REACH THE IGNEOUS SOURCE OF 1506 FEET OF DISSEMINATED
NICKEL, COPPER, PLATINUM AND PALLADIUM MINERALIZATION,
DISCOVERED IN GOWGANDA SEDIMENTARY ROCK IN A DRILL HOLE ON THE
WEST SHORE OF MATAGAMASI LAKE RATHBUN TOWNSHIP, SUDBURY, ONTARIO.
The 2500 foot vertical Matagamasi Lake drill hole is 2 miles east of the
Rathbun Lake Occurrence, a small surface occurrence of rich massive nickel,
copper, platinum, palladium, gold and silver bearing sulfides, in igneous
intrusive gabbro rock. The amounts of platinum and palladium are some of
the highest known to be associated with mafic rock. (Selected grab sample
by Ontario Geological Survey, Report 213, 1982, 10.2% copper, 0.15% nickel,
34.6 ounces of palladium, 0.056 ounces platinum, 0.02 ounces gold and 2.22
ounces of silver per ton).
The 1506 feet of mineralized intersections, from 416 to 2335 feet, is the
first physical evidence of another mineralized igneous intrusion, in 75
years of exploration in Rathbun Township, as the mineralization did not
originate in the Gowganda sedimentary rock, but was transported into it, by
hydrothermal activity, from an igneous intrusion.
The source of the mineralized igneous intrusion may be located in
Matagamasi Lake, as there is extensive faulting in the lake and
hydrothermal activity along the faults.
A deep exploratory drill hole is currently drilling into the lake, due east
from the discovered disseminated nickel, copper, platinum and palladium
bearing sulfides, to reach the projected igneous intrusive source.
Golden Briar (M.S.E.), an associated company, may earn a 50% interest, from
Flag, by the expenditure of $400,000.00 over a four year period.
Rathbun Township, is located in the Wanapitei Anomaly, the regional twin
and gravity anomaly to the Sudbury Anomaly, Canada's most prolific producer
of mineral wealth. Flag has been exploring the Wanapitei Anomaly for 18
years, with holdings in 6 adjoining townships. Cumulative exploration
expenditures total approximately $4,000,000.00. Discoveries include the
Wolf Lake gold deposit in Mackelcan Township and Jess Lake gold deposit, in
Mackelcan Township, which adjoins Rathbun Township.
For further information contact:
M.C. McLeod, President
Flag Resources
1970-540-Fifth Avenue S.W.
Calgary, Alberta, Canada T2P 0M2
Tel: (403) 262-8883 * Fax: (403) 262-8886
Web site: flagresources.com
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