Post by Franko10 ™ on Mar 21, 2005 20:34:34 GMT -5
IUC Reports Fortress Minerals Update (ccnm)
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 21, 2005) -
International Uranium Corporation ("IUC") (TSX:IUC) owns approximately 58% of the outstanding shares of Fortress Minerals Corp. ("Fortress"). Fortress recently announced an agreement to acquire a Russian gold project from Phelps Dodge Exploration Corporation and a strategic alliance with Phelps Dodge Exploration Corporation in Mongolia as follows:
Fortress Minerals Corp. ("Fortress") has agreed to terms with Phelps Dodge Exploration Corporation ("PDEC") to acquire an option to earn an 80% interest in PDEC subsidiary PD Russia, Inc. ("PDRI"). PDRI holds a 100% indirect interest in an exploration license over the Svetloye gold project in the Khabarovsk Region of eastern Russia. The Svetloye project has high grade gold mineralization outcropping at surface and an aggressive drill program is scheduled for 2005 by Fortress.
In addition, Fortress also announces that it has reached an agreement with PDEC on a separate Mongolian alliance in which PDEC can earn up to a 70% interest in Fortress's copper, gold, silver and molybdenum projects in Mongolia, subject to certain investments by PDEC in Fortress, and the funding of certain exploration and development programs on the properties.
The Svetloye business initiative is subject to the entering into of definitive agreements and both are subject to regulatory body approvals (the Mongolia definitive agreements have been completed).
Steve Swatton commented: "The Svetloye gold opportunity and the Phelps Dodge alliance in Mongolia will give Fortress an exciting platform to grow and take advantage of the buoyant metals market and demand for good exploration opportunities. The Company's aggressive exploration approach with programs at different stages of development has positioned the Company well for success in 2005."
Svetloye, Russia
The Svetloye gold project is located approximately 750km west of Magadan, close to the port of Okhotsk and is accessed by winter road or by helicopter.
A Russian wholly owned PDRI subsidiary has been active at Svetloye for 2 field seasons (2003 and 2004) and has identified a 7 km2 zone of epithermal gold mineralization. Twenty eight diamond drill holes (3,687m) and approximately 550m of trenching have identified an oxidised gold zone outcropping at surface over seven zones: Elena, Larissa, Tamara, Gorki, Ludmilla, Bill and Amy. Elena, the most intensely drilled and best understood zone, will be evaluated as a potential open pit operation and all work by Fortress will be undertaken to establish the resource to National Instrument Policy 43-101 requirements. Results to date are sourced from PDRI data but have not been verified by a Qualified Person and are therefore not conformable to the standards of National Instrument 43-101.
Highlights of the trenching and drilling at Svetloye are as follows:
--------------------------------------------------------------
From To Interval Grade (grams
(m) (m) (m) per tonne gold)
--------------------------------------------------------------
Trench Elena 0 250 250m 5.25
--------------------------------------------------------------
Trench Elena 0 31.8 31.8m 10.87
--------------------------------------------------------------
--------------------------------------------------------------
DDH-1 Elena 2.0 38.2 36.2 1.63
--------------------------------------------------------------
DDH-2 Larissa 89.1 94.0 4.9 3.3
--------------------------------------------------------------
DDH-4 Larissa 8.0 12.0 4.0 1.15
--------------------------------------------------------------
DDH-5 Elena 10.3 48.5 38.2 9.02
--------------------------------------------------------------
DDH-6 Elena 0 64.8 64.8 1.97
--------------------------------------------------------------
DDH-8 Elena 48 113.9 65.9 1.36
--------------------------------------------------------------
DDH-10 Elena 5.5 39.9 34.4 0.78
--------------------------------------------------------------
DDH-13 Elena 13 24.5 11.5 5.66
--------------------------------------------------------------
DDH-14 Elena 0 39.0 39.0 2.81
--------------------------------------------------------------
DDH-19 Tamara 0 30.3 30.3 0.67
--------------------------------------------------------------
DDH-20 Tamara 1.5 15.8 14.3 2.37
--------------------------------------------------------------
DDH-026 Amy 0 46.1 46.1 2.38
--------------------------------------------------------------
DDH-027 Amy 15.8 27 11.2 0.71
--------------------------------------------------------------
Based upon these preliminary results there appear to be two potential geological gold target types at Svetloye; a large, low-grade disseminated resource and narrower high grade structurally related resource. There are extensive zones of vuggy silica, alunite and late stage veining. This style of mineralization is common to Pierina and other 'high sulphidation' epithermal deposits. The rocks are oxidised to a depth of approximately 80m -150m based on the drilling to date.
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 21, 2005) -
International Uranium Corporation ("IUC") (TSX:IUC) owns approximately 58% of the outstanding shares of Fortress Minerals Corp. ("Fortress"). Fortress recently announced an agreement to acquire a Russian gold project from Phelps Dodge Exploration Corporation and a strategic alliance with Phelps Dodge Exploration Corporation in Mongolia as follows:
Fortress Minerals Corp. ("Fortress") has agreed to terms with Phelps Dodge Exploration Corporation ("PDEC") to acquire an option to earn an 80% interest in PDEC subsidiary PD Russia, Inc. ("PDRI"). PDRI holds a 100% indirect interest in an exploration license over the Svetloye gold project in the Khabarovsk Region of eastern Russia. The Svetloye project has high grade gold mineralization outcropping at surface and an aggressive drill program is scheduled for 2005 by Fortress.
In addition, Fortress also announces that it has reached an agreement with PDEC on a separate Mongolian alliance in which PDEC can earn up to a 70% interest in Fortress's copper, gold, silver and molybdenum projects in Mongolia, subject to certain investments by PDEC in Fortress, and the funding of certain exploration and development programs on the properties.
The Svetloye business initiative is subject to the entering into of definitive agreements and both are subject to regulatory body approvals (the Mongolia definitive agreements have been completed).
Steve Swatton commented: "The Svetloye gold opportunity and the Phelps Dodge alliance in Mongolia will give Fortress an exciting platform to grow and take advantage of the buoyant metals market and demand for good exploration opportunities. The Company's aggressive exploration approach with programs at different stages of development has positioned the Company well for success in 2005."
Svetloye, Russia
The Svetloye gold project is located approximately 750km west of Magadan, close to the port of Okhotsk and is accessed by winter road or by helicopter.
A Russian wholly owned PDRI subsidiary has been active at Svetloye for 2 field seasons (2003 and 2004) and has identified a 7 km2 zone of epithermal gold mineralization. Twenty eight diamond drill holes (3,687m) and approximately 550m of trenching have identified an oxidised gold zone outcropping at surface over seven zones: Elena, Larissa, Tamara, Gorki, Ludmilla, Bill and Amy. Elena, the most intensely drilled and best understood zone, will be evaluated as a potential open pit operation and all work by Fortress will be undertaken to establish the resource to National Instrument Policy 43-101 requirements. Results to date are sourced from PDRI data but have not been verified by a Qualified Person and are therefore not conformable to the standards of National Instrument 43-101.
Highlights of the trenching and drilling at Svetloye are as follows:
--------------------------------------------------------------
From To Interval Grade (grams
(m) (m) (m) per tonne gold)
--------------------------------------------------------------
Trench Elena 0 250 250m 5.25
--------------------------------------------------------------
Trench Elena 0 31.8 31.8m 10.87
--------------------------------------------------------------
--------------------------------------------------------------
DDH-1 Elena 2.0 38.2 36.2 1.63
--------------------------------------------------------------
DDH-2 Larissa 89.1 94.0 4.9 3.3
--------------------------------------------------------------
DDH-4 Larissa 8.0 12.0 4.0 1.15
--------------------------------------------------------------
DDH-5 Elena 10.3 48.5 38.2 9.02
--------------------------------------------------------------
DDH-6 Elena 0 64.8 64.8 1.97
--------------------------------------------------------------
DDH-8 Elena 48 113.9 65.9 1.36
--------------------------------------------------------------
DDH-10 Elena 5.5 39.9 34.4 0.78
--------------------------------------------------------------
DDH-13 Elena 13 24.5 11.5 5.66
--------------------------------------------------------------
DDH-14 Elena 0 39.0 39.0 2.81
--------------------------------------------------------------
DDH-19 Tamara 0 30.3 30.3 0.67
--------------------------------------------------------------
DDH-20 Tamara 1.5 15.8 14.3 2.37
--------------------------------------------------------------
DDH-026 Amy 0 46.1 46.1 2.38
--------------------------------------------------------------
DDH-027 Amy 15.8 27 11.2 0.71
--------------------------------------------------------------
Based upon these preliminary results there appear to be two potential geological gold target types at Svetloye; a large, low-grade disseminated resource and narrower high grade structurally related resource. There are extensive zones of vuggy silica, alunite and late stage veining. This style of mineralization is common to Pierina and other 'high sulphidation' epithermal deposits. The rocks are oxidised to a depth of approximately 80m -150m based on the drilling to date.