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Caledonian Pacific Minerals N.L. - Several drilling targets defined in New Caledonia Caledonian Pacific Minerals NL - Company Website caledonian-pacific.com Minerals N.L. CDM Shares issued 39960005 1998-03-03 close $0.19 Tuesday Mar 3 1998 Mr Terence O'Leary reports Meretrice Project Reconnaissance ground geophysical exploration for zinc-lead-silver rich stratabound massive sulphide mineralization of the Meretrice type, has detected a series of discrete, intense anomalies over a 4,500m strike length, within a broad anomalous belt up to 1,000m in width. An initial detailed followup survey, during January-February 1998, over the 1,500m long central sector, has detected the Meretrice deposit as a small discrete anomaly, structurally displaced to the west of the main anomaly trend. The much larger and more intense main anomaly zone to the east, has a minimum combined strike length of 1,000m and is clearly a high priority drilling target. The main anomaly is open to the north, south and southeast, and occurs at an estimated minimum depth of 50m to the top of the anomaly. Except for the Meretrice mine area, there is no surface expression of these anomalies. The shallow to flat lying attitude of the Meretrice mineralization suggests these anomalies are of similar orientation and concealed beneath cover sediments and volcanics. The detailed, gradient array induced polarization survey is currently being extended to cover the northern 2,500m long Balangahou Anomaly and the 2,000m long Tchalabel Anomaly, 800m southwest of the Meretrice mine. Both these zones are open ended, and have a more intense response than the Central Anomaly. Based on petrophysical studies of Meretrice core samples, of both high grade pyritic base metal mineralization and a variety of host rocks; including carbonaceous schists, rhyolitic tuffs and volcanics, the massive and disseminated sulphides show strong IP response and high contrast with other lithologies. Advanced computer modelling of the geophysical data (ie sub-audio magnetics, and dipole-dipole and gradient array IP) will provide some geometry to these anomalies. Assessment at this stage suggests most of the anomalies lie at depths of 50m to 100m, with varying attitudes, from shallow to steeply dipping. The geology in this region consists of the upper Cretaceous Pilou Formation, a bimodal volcano-sedimentary sequence of carbonaceous sediments, massive and tuffaceous rhyolites and basaltic to andesitic volcanics and sills. The strongest geophysical anomalies lie nearest to the thickest development of rhyolitic volcanics. Mineralization comprising base metals and associated silver and gold, is in general throughout the Diahot Basin, intimately associated with centres of rhyolitic volcanism. The host lithologies and regional tectonic environment are indicative of a deformed continental margin extensional trough, typical of some major metallogenic provinces, such as the world class Iberian base metal province in Spain. The size, strike length and continuity of these anomalies, their lack of surface expression, and their probable stratiform base metal sulphide source, has greatly increased the possibility for the presence of a major deposit in the Meretrice project area. A substantial program of reverse circulation and diamond drilling will be required to test this 405km long zone of potential mineralization. 6,000m to 7,000m of RC and 3,000m of diamond drilling are scheduled for the initial phase. Much of this drilling will comprise PC precollaring to 50 to 150m with diamond drilling extensions up to 400m depths. RC drilling is expected to commence late March 1998, using the current drill rig in New Caledonia. Negotiations are also currently in progress to engage a second, track mounted diamond rig, for the deeper drilling extensions. Diahot Basin Project Application (Diahot and Arama PRA application) for an additional 97 sq km in December 1997 for prospective ground in the Diahot Basin will increase the strike length for potential mineralization in the company's tenements to 25km. The favourable belt of acid volcanics in the Meretrice area is known to extend semi-continuously 15km further to the northwest. The Pilou and Ao massive sulphide zinc-copper-lead silver and gold prospects are at the northern end of this volcano-sedimentary belt. Numerous smaller base metal prospects and geochemical anomalies are scattered along the 25km long Pilou-Meretrice belt. Detailed exploration of the Pilou and Ao prospects is expected to commence by mid-1998. Except for the latter two mines, there has been little exploration of this highly mineralized metallogenic belt. While the main base metal prospects are closely associated with the bimodal volcanic zones, a regionally extensive nodular barite-pyrite horizon has been mapped near the stratigraphic transition between the restricted lagoonal black shale-volcanic sequence of the Pilou Formation and the overlying, open marine limestone-siliceous siltstone succession of the Pounou Formation. Barite concentrations at this stratigraphic level in the Kone area, 100km to the south, suggest this horizon represents a major regional exhalative event. The association of stratiform barite horizons with sediment hosted exhalative zinc-lead sulphide mineralization (ie Sedex type) is well known world wide (eg, Gatata District, Selwyn Basin, Canada), but to date this horizon has never been explored for its base metal potential. Initial exploration on this new stratigraphic zone of potential base metal-barite mineralization will focus on a 5km long pyrite-barite horizon, in the rugged Roche Mauprat range, 6km northwest of the Meretrice mine. In addition to detailed ground exploration of known areas of base metal mineralization, it is proposed to fly the entire 25km long by 10km wide prospective belt in the Diahot Basin with the Dighem II airborne electromagnetic system. This helicopter EM system is capable of detecting massive sulphide mineralization to depths of 100m, and will provide definitive information for resolving the complex geology of this region. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com All comments welcome. Mr Metals | ||||||||||||||
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