Post by Franko10 ™ on Sept 11, 2004 14:28:13 GMT -5
News Release
July 6, 1999
The Company is pleased to announce that it has acquired by staking a further 5,200 acres in the Fort a la Corne area of Saskatchewan and is negotiating to obtain further holdings in the area. Shane has recently completed a geophysical survey at Fort a la Corne, and based on the results of this survey, the added property was staked. Activity in the area will be increasing, with two property holders just to the north of Shane's holdings having announced drill plans for 1999. Shane's plans are to conduct geophysical surveys on the newly acquired property and follow up with diamond drilling if warranted. Shane's original holdings in the area contain a magnetic feature which, according to the Company's consultant, is possibly a kimberlite body. Further work in this area may lead to a drill program for this target. The Fort a la Corne kimberlite field is one of the largest in the world, and the kimberlite pipes in the field are much larger than world averages, in some cases exceeding one billion tonnes. Also, at least 80% of the kimberlites in the area tested to date at Fort a la Corne are diamondiferous and half of those contain macro diamonds. The majority of diamonds discovered in the Fort a la Corne area are of gem quality.
Also in Saskatchewan, both of Shane's gold properties will be undergoing exploration programs. At Munro Lake, Shane's partner, Shore Gold Inc. has outlined a program consisting of extensive ground geophysics over the property followed by detailed prospecting, trenching and drilling. This 6,125 acre property is located just 6 kilometres northeast of the Seabee Gold Mine. Previous work on the property included sampling of a trench which yielded 0.06 ounces per ton gold and 0.7% copper over a width of ten metres. These results indicate potential for a large tonnage, low-grade situation.
Shane's Pine East property, which lies 4 kilometres east of the Seabee Gold Mine, will see a follow-up program this field season. Several new high-grade showings were discovered in 1998 by Shane's partner, Claude Resources Inc. Claude has an option to earn a 75% interest in the property by spending $500,000 on exploration. Shane's 25% interest is carried to the production stage.
The Company's copper-zinc property at Brownell Lake in Saskatchewan was drilled in 1998, yielding some very good results. Further work is planned for this property, subject to better base metal prices.
In Ontario, Shane's 25-claim property in Red Lake is now 100% owned by the Company. An option agreement on the property by a major gold mining company was not renewed and Shane will be seeking a new partner to further explore this property. There are many targets on the property untested by drilling, as Shane's former partner was unable to allocate proper funding to explore the property and very little actual work was carried out. Previous work on the property exposed many areas that need diamond drilling to fully evaluate.
The Company also reports that under the terms of the Company's Option Plan, an option on 400,000 shares of the Company at a price of $0.25 has been issued to a director, subject to regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS OF SHANE RESOURCES LTD.
Rick Walker
President
The Vancouver Stock Exchange has neither approved nor disapproved the contents of this news release.
July 6, 1999
The Company is pleased to announce that it has acquired by staking a further 5,200 acres in the Fort a la Corne area of Saskatchewan and is negotiating to obtain further holdings in the area. Shane has recently completed a geophysical survey at Fort a la Corne, and based on the results of this survey, the added property was staked. Activity in the area will be increasing, with two property holders just to the north of Shane's holdings having announced drill plans for 1999. Shane's plans are to conduct geophysical surveys on the newly acquired property and follow up with diamond drilling if warranted. Shane's original holdings in the area contain a magnetic feature which, according to the Company's consultant, is possibly a kimberlite body. Further work in this area may lead to a drill program for this target. The Fort a la Corne kimberlite field is one of the largest in the world, and the kimberlite pipes in the field are much larger than world averages, in some cases exceeding one billion tonnes. Also, at least 80% of the kimberlites in the area tested to date at Fort a la Corne are diamondiferous and half of those contain macro diamonds. The majority of diamonds discovered in the Fort a la Corne area are of gem quality.
Also in Saskatchewan, both of Shane's gold properties will be undergoing exploration programs. At Munro Lake, Shane's partner, Shore Gold Inc. has outlined a program consisting of extensive ground geophysics over the property followed by detailed prospecting, trenching and drilling. This 6,125 acre property is located just 6 kilometres northeast of the Seabee Gold Mine. Previous work on the property included sampling of a trench which yielded 0.06 ounces per ton gold and 0.7% copper over a width of ten metres. These results indicate potential for a large tonnage, low-grade situation.
Shane's Pine East property, which lies 4 kilometres east of the Seabee Gold Mine, will see a follow-up program this field season. Several new high-grade showings were discovered in 1998 by Shane's partner, Claude Resources Inc. Claude has an option to earn a 75% interest in the property by spending $500,000 on exploration. Shane's 25% interest is carried to the production stage.
The Company's copper-zinc property at Brownell Lake in Saskatchewan was drilled in 1998, yielding some very good results. Further work is planned for this property, subject to better base metal prices.
In Ontario, Shane's 25-claim property in Red Lake is now 100% owned by the Company. An option agreement on the property by a major gold mining company was not renewed and Shane will be seeking a new partner to further explore this property. There are many targets on the property untested by drilling, as Shane's former partner was unable to allocate proper funding to explore the property and very little actual work was carried out. Previous work on the property exposed many areas that need diamond drilling to fully evaluate.
The Company also reports that under the terms of the Company's Option Plan, an option on 400,000 shares of the Company at a price of $0.25 has been issued to a director, subject to regulatory approval.
ON BEHALF OF THE BOARD OF DIRECTORS OF SHANE RESOURCES LTD.
Rick Walker
President
The Vancouver Stock Exchange has neither approved nor disapproved the contents of this news release.