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Does anyone know about this company? It has spent about $760,000 on helicopter magnetic survey, and other magnetic and EM surveys, etc. over a very large area around Knife Lake, Saskatchewan - about 280 kms NW from Prince Albert. They have found "bulls eye" anomolies and potential Cu, Ni targets (VMS). They seem to have cash since a $6 million exploration and drilling program is due to commence by about June 15, 1997. Here is a news release from Stockwatch: Leader Mining International Inc - News Release New discoveries at Knife Lake Leader Mining International Inc LMN Shares issued 12,700,000 May 15 close $5.90 Thu 15 May 97 News Release Mr Jasi Nikhanj reports, Leader Mining has completed the following exploration programs over the Knife Lake greenstone belt: A. A 13,000 line km helicopter-borne geophysical survey was flown by Dighem at a 200m line spacing. The survey covered an area of 3,000 sq km at a total cost of $760,000. B. Earth resource satellite remote sensing data interpretation over 3,500 sq km, has been completed by DOZ Technologies of Montreal, Quebec. C. Over the Knife Lake deposit area, a deep electromagnetic survey was completed by Geoterrex of Ottawa, and a gravity survey was completed by Sial Geophysics of Montreal, Quebec. The results from the above noted surveys have confirmed Leader's model for the Knife Lake deposit and its extrapolation over several tens of kilometres of the unexplored Knife Lake greenstone belt. The company is pleasantly surprised by the following new discoveries: 1. Kimberlite pipes identified by the Dighem survey for diamond potential in the Knife Lake are: The Dighem helicopter magnetic survey has identified a number of bulls-eye circular targets 200 too 700m across. These circular targets occur as clusters around a large, what appears to be, alkaline intrusive. The circular magnetic signatures appear typical of kimberlite pipes, which are known to host diamond deposits on a global basis. A number of diamond bearing kimberlite pipes have been discovered by Monopros (DeBeers) in the Prince Albert area of northern Saskatchewan, 280km southwest of Knife Lake. Field crews are being mobilized to test these potential kimberlite targets and to check for their heavy mineral contents, in order to establish their diamond potential. 2. The helicopter-borne geophysical survey has identified 26,000 electromagnetic (EM) conductors, of which 20,000 are considered to be bedrock-related conductors. A correlation between EM-conductors and a corresponding magnetic signature suggests that the majority of these conductors are caused by sulphide mineralization similar to the Knife Lake deposit, thus providing extensive areas for additional copper deposits over this unexplored Knife Lake greenstone belt. Similar greenstone belts in other parts of Canada host major Cu, Au, and other base metal deposits. 3. The earth resource satellite study has identified nine new high priority targets for the VMS deposits. These targets are in addition to the VMS targets already confirmed at Knife Lake. A detailed ground mapping for VMS-type alteration in the outlying areas from Knife Lake will be prepared to locate additional drill targets for the summer of 1997. The remote sensing study further complements the Dighem geophysical survey and strongly enhances the upside potential of leader's land holdings (200,000 acres) over the Knife Lake greenstone belt. 4. A gravity survey completed over the Knife Lake grid, reveals a number of gravity anomalies over areas corresponding to the electromagnetic conductors identified by the earlier deep penetrating EM-survey. The intensity of the EM and the gravity anomalies suggest an immense size to the sulphide mineralization below the Knife Lake deposit area. Drill testing of these targets is to commence by June 15 1997. In conclusion, the Knife Lake greenstone belt, controlled by Leader Mining, is proving to be beyond management's expectations revealing numerous target areas for the discovery of several major VMS deposits as well as kimberlite pipes as noted above. This belt has the potential to become a major mining camp in Canada. Leader Mining is launching an aggressive $6.0 million exploration program during 1997 to realize the exploration potential of this greenstone belt. For further information please contact Jasi Nikhanj at: Telephone: (403) 234-7501 Fax: (403) 234-7504 E-mail: gen-info@leadermining.com Web site: www.leadermining.com Or Bruce D. Whitehead, W.S. Adamson and Associates, at: Telephone: (801) 532-5322 Fax: (801) 532-5324 Toll free: 1-888-330-5322 E-mail: investing@leadermining.com | ||||||||||||||
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