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There is a very exciting rumor that Phelps Dodge, has a huge new zinc discovery in Newfoundland. I have heard that Phelps Dodge has intersected 30 meters of 22% zinc. The rumored discovery is on a claim block that has been optioned from Noranda, and is offset by Celtic's Buchans Junction property which has been optioned to Billiton. The Phelps drilling is within 500 meters of the Celtic property boundary and the geology dips toward the Celtic's ground. I made some calls to Newfoundland to try to confirm the rumor. What I discovered was that Phelps is staking and optioning all the open ground around the rumored discovery. Also they have taken a long term lease on a nearby warehouse which will probably be used to store and log the core from the drilling. This sounds like Phelps is gearing up for a major exploration and development program.
I could not confirm the intercepts or zinc values but Phelps is acting like they have a big discovery, especially since they have slashed their exploration budget in the last couple of years.
This could be a very exciting summer for Celtic with both Rio Algom and Billton having drill programs on Celtic lands and now the rumor of a huge new base metal discovery offsetting their property.
Let the fun begin!
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