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Gold/Mining/Energy : Houston Lake Mining [HLM-ASE] -- Ignore unavailable to you. Want to Upgrade?

To: DRT who wrote (175)	4/29/1999 9:25:00 PM
From: dave brown	Read Replies (1) \| Respond to of 364

Another PGE property acquired by Canadian Golden Dragon in the Thunder Bay Region. Think their serious about the area?? Canadian Golden Dragon Resources Ltd - East West and Canadian Golden Dragon acquire Ontario claims Canadian Golden Dragon Resources Ltd CGG Shares issued 11,466,593 1999-04-28 close $0.1 Thursday Apr 29 1999 See East West Resource Corp (EWR) News Release Mr. A.K. Crossley reports As part of a long-range plan to explore for significant size platinum-palladium (PGE) deposits with associated nickel-copper-gold, two 16 claim unit groups in Hele and McIvor townships, 60 kilometres northeast of Thunder Bay, Ont., have been jointly acquired by East West Resource and Canadian Golden Dragon Resources. These claims have been expanded by staking an additional 32 claim units to cover exposures of mafic-ultramafic rocks in Hele. These rocks and associated magnetic anomalies are interpreted to be proterozoic-age bodies that are the same age as the Great Lakes nickel deposit southwest of Thunder Bay and the Duluth gabbro complex, containing nickel-copper-PGE deposits, in Minnesota on the west shore of Lake Superior. The area north of Lake Superior near Lake Nipigon covers a failed arm branch of the mid-continental rift which generated magmatic extrusives and intrusions. As a result, unexplored bodies occur along this failed arm rift structure north of Lake Superior including the Seagull pluton and Disraeli dike presently under option by East West and Golden Dragon. Assays of 7.6 grams PGE have been obtained from weathered ultramafic material at Seagull where part of this six-mile diameter intrusion is exposed. This showing is further evidence that there is potential for large magmatic PGE-nickel-copper-bearing deposits in the area, including the Hole and Molvor targets. Both claim groups are being purchased for $40,000 each over three years and 100,000 shares of each company in four equal instalments of 25,000 shares of each company at six-month intervals, subject to regulatory approval. Initial work commitments of $6,400 on each property will be carried out which will involve line-cutting, magnetic and IP-resistivity surveys. This work will locate any disseminated sulphide zones that are typical settings for PGE-nickel deposits. Electromagnetic surveys may also be carried out if the initial surveys suggest the presence of massive sulphide zones prior to drilling. Both companies are now jointly holding four properties in the Nipigon area which are 638, 115, 16, and 48 claim units in size as well as other properties each held 100 per cent by the respective companies separately. All of these properties cover special magnetic anomalies that reflect ultramafic-mafic intrusions that could host significant size magmatic deposits. Both companies are in the process of acquiring additional archean and proterozoic nickel-copper-PGE targets in northwestern and northeastern Ontario in addition to the other gold and base metal properties they already hold in the Abitibi greenstone belt. (c) Copyright 1999 Canjex Publishing Ltd.