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Gold/Mining/Energy : Cross Lake Minerals CRN -- Ignore unavailable to you. Want to Upgrade?

To: dave brown who wrote (3547)	5/26/1999 7:59:00 PM
From: Don Johnstone	Read Replies (1) \| Respond to of 3650

Cross Lake Minerals T.S.E. Listing Conditionally Approved; Sheraton-Timmins Second Mineralized Zone Discovered- www2.cdn-news.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ FOR FURTHER INFORMATION PLEASE CONTACT: Cross Lake Minerals Ltd. Kristina Kalmet Corporate Secretary (604)688-5448 (604)688-5443 (FAX) Website: www.crosslakeminerals.com The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS FOR: CROSS LAKE MINERALS LTD. 12(g) No. 82-2636 VSE SYMBOL: CRN MAY 26, 1999 Cross Lake Minerals T.S.E. Listing Conditionally Approved; Sheraton-Timmins Second Mineralized Zone Discovered- VANCOUVER, BRITISH COLUMBIA--CROSS LAKE MINERALS LTD. (the "Company") is very pleased to announce that the Toronto Stock Exchange has conditionally approved the Company for listing on the Toronto Stock Exchange. The Company expects to fulfill the conditions of the T.S.E. and be trading on this Exchange within a month. Results of the first phase of the 1999 diamond drilling program on its 100 percent-owned Sheraton-Timmins Project have been received. The program was successful in discovering the new Footwall Zone with hole CLS 99-69; verifying the continuity of the mineralization in the Cross Lake Zone with in-fill holes CLS 99-67 and 99-69; extending the Cross Lake Zone 150 metres down plunge from CLS 98-59 with hole CLS 99-70A; and, intersecting conductive mineralization in all Pulse EM anomalies drill tested. The highlight of the program was the discovery of the new Footwall Zone, a second mineralized horizon located 150 metres in the footwall of the main Cross Lake Zone. This horizon appears to be similar to the main Zone, which hosts a high grade zinc-silver mineralization encountered in holes CLS 97-16, CLS 98-49 and CLS 98-63, and is 150 metres lower in the stratigraphy, therefore indicating a stacked mineralized sequence. This new Footwall Zone was originally indicated in late 1998 by a Pulse Electromagnetic (EM) anomaly, similar to that which indicates the Cross Lake Zone. Hole CLS 99-69 was drilled at an angle of -65 degrees to test two Pulse EM anomalies, one on line with the Cross Lake Zone west of hole CLS 98-63 and another located 150-200 metres in the footwall of the Cross Lake Zone. This hole was successful in confirming both the Cross Lake Zone and the new Footwall Zone indicated by the Pulse EM. Both Zones are hosted by felsic volcanic breccias and cherty exhalite indicating an extensive stacked volcanogenic massive sulphide (VMS) system with more than one mineralized horizon. Anomalous values of 0.48 percent zinc and 8.6 g/t silver occur over a 88.5 metre width in the Cross Lake Zone and 0.32 percent zinc and 6.8 g/t silver over a 25 metre width in the new Footwall Zone. Significant intersections are as follows: /T/ Hole Intersection Thickness Zinc Silver # (metres) (metres) (percent) (g/t) CLS 99-69 440.0 - 441.5 1.5 1.48 2.0 449.0 - 450.5 1.5 1.66 4.2 473.0 - 476.0 3.0 1.40 24.5 651.5 - 653.0 1.5 1.62 7.8 /T/ Hole CLS 99-70A was drilled at an angle of -65 degrees to intersect the Cross Lake Zone 140 metres below previously drilled hole CLS97-28, the deepest intersection to date on the Zone. Significant intersections are as follows: /T/ Hole Intersection Thickness Zinc Silver # (metres) (metres) (percent) (g/t) CLS 99-70-A 665.0 - 700.5 35.5 1.24 11.4 incl 678.5 - 683.0 4.5 2.91 14.5 /T/ As a result of this deep drill hole intersection, 600 metres vertically from surface, the Cross Lake Zone, consisting of stratabound cherty exhalite with zinc, silver and copper mineralization, has been extended to a down plunge length of 900 metres, a further 150 metres down plunge from hole CLS 98-59, and is still open in all directions. The hole was drilled a further 200 metres to test for the Footwall Zone. At 150 metres below the Cross Lake Zone, zinc mineralization was observed in a cherty exhalite unit in the correct stratigraphic horizon, but the hole intersected 45 metres of a north trending diabase dyke, which lies in the projected position of the Footwall Zone. A Pulse EM survey conducted down this hole identified a strong conductor below and to the west of the dyke, in line with the projection of the Footwall Zone. As the diabase is not the source of the conductive anomaly, the Pulse EM survey indicates that the Footwall Zone is continuing to depth and is sulphide-rich. Hole CLS 99-67 intersected a 2.5 metre massive pyrite zone containing sphalerite which forms part of the down plunge of the Cross Lake Zone. The hole was drilled to test a Pulse EM anomaly below hole CLS 98-30 which had not intersected significant mineralization but had an off-hole Pulse EM anomaly. Hole 99-67 was successful in confirming that there is good continuity of mineralization of the Cross Lake Zone in this area. The significant intersection of this hole is: /T/ Hole Intersection Thickness Zinc Silver # (metres) (metres) (percent) (g/t) CLS 99-67 365.0 - 375.5 10.5 1.88 10.4 incl 368.0 - 374.0 6.0 2.13 8.2 /T/ As holes CLS 99-68 and 99-70 were deviating and would not have intersected the planned targets, they were terminated early. The Pulse EM surveys have now indicated the presence of both the Cross Lake and Footwall mineralized horizons at depth below holes CLS 99-69, CLS 98-59 and below CLS 99-70A, which will be drill tested in a future deep drilling program. A schematic long section of the Cross Lake and Footwall Zones is available by fax upon request or on the Company's website at www.crosslakeminerals.com. After detailed geological comparisons with other typical VMS base metal models, it is evident that the Sheraton-Timmins mineralization has several similarities to the Sturgeon Lake VMS base metal deposits, such as the Mattabi, F-Group, Sturgeon Lake, Lyon Lake and Creek Zone. These similarities include: /T/ -- Mineralization overlain by unaltered, massive succession of tuffaceous rock equivalent to crystal tuff on the Cross Lake zone. -- Large hydrothermal halo with sodium depletion and manganese, magnesium, potassium enrichment and matching Ishikawa alteration index from lithogeochemical studies. -- Pyritic halo of approximately 2-5 percent in surrounding country rock. -- Mineralization associated with breccia. -- A series of stacked mineralized horizons. -- Moderate to high sericite alteration. -- High zinc to copper ratio, similar silver and lead mineralization. -- Semi-conformable chlorite alteration. /T/ The main focus of future drilling on the Sheraton-Timmins Property will concentrate on three main areas: 1. In the Cross Lake and new Footwall Zones, drilling will be targeted to define high-grade zones within this extensive system and find the central sulphide core, or vent source, of the mineralizing fluids. The Company's geological interpretation is that the zones intersected to date are distal flanking basin mineralization and that the centre of the deposit has not been identified to date. 2. The drilling to the northeast of the Cross Lake Zone has been in sodium depleted footwall rocks of rhyolite fragmentals. In this area there is a 900 metre long untested induced polarization anomaly on strike with the Cross Lake Zone. This anomaly will be drill tested for the continuation of the zinc-copper-silver mineralization. 3. The area 1.0 kilometre southwest of the Cross Lake Zone, where previous work has encountered copper mineralization and which has off-hole Pulse EM anomalies, requires further drilling and additional bore-hole Pulse EM surveying to delineate this copper mineralization to depth. ON BEHALF OF THE BOARD OF DIRECTORS CROSS LAKE MINERALS LTD. Brian Kynoch, Director -30-