Post by Franko10 ™ on Sept 11, 2004 14:29:14 GMT -5
News Release
September 30, 1999
UPDATE OF THREE GOLD PROPERTIES AND DIAMOND PROSPECT
The Company is pleased to report that discussions have commenced with a Canadian gold producer regarding a farm-out of Shane's Red Lake, Ontario, gold property. The property consists of approximately 1,000 acres, and is located at the west end of Red Lake. Previous work on the property included the sinking of a shaft to a depth of 200 feet and drifting horizontally. Gold content averaged 0.4 ounces per ton over a length of 222 feet in the drift and averaged 3.5 feet in width.
On the Company's Pine East property in Saskatchewan, Operator Claude Resources Inc. is continuing a program of prospecting and sampling previously discovered high grade zones which have been traced about 3 miles west to the Operator's very successful Seabee Gold Mine. Shane's property exhibits the same geological features on surface as exist at the Seabee Mine. Once the Operator earns a 75% interest in the property, Shane is carried to production.
The Company's Munro Lake Gold Property, which lies to the north of the Pine East Property, contains several copper-gold showings which have yielded values of 0.06 ounces of gold per ton and 0.7% copper over a 33 foot width. Plans are currently being formulated for the next phase of exploration on this 6,125-acre property. Shane is a 49% joint venture partner on this prospect.
The Company holds approximately 50,000 acres in the Fort a la Corne district of Saskatchewan, which hosts one of the largest known clusters of diamondiferous kimberlite pipes in the world. Shane has recently acquired an airborne survey covering a portion of Shane's newly acquired ground that outlines several anomalies that exhibit similar features to other anomalies in the immediate vicinity that have been shown to be diamondiferous kimberlite pipes.
More importantly, recent information has been disseminated on the Fort a la Corne district indicating that up to 50% of the macrodiamonds may have been missed in the recovery process. Retesting of the tailings has commenced and results should be available by year-end. These results could completely alter the previous calculations of the economics of the numerous diamond pipes that have already been discovered in the Fort a la Corne district. The Company plans to conduct further ground geophysics over its Fort a la Corne properties in the near future, in order to properly prioritize the drilling targets.
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.
September 30, 1999
UPDATE OF THREE GOLD PROPERTIES AND DIAMOND PROSPECT
The Company is pleased to report that discussions have commenced with a Canadian gold producer regarding a farm-out of Shane's Red Lake, Ontario, gold property. The property consists of approximately 1,000 acres, and is located at the west end of Red Lake. Previous work on the property included the sinking of a shaft to a depth of 200 feet and drifting horizontally. Gold content averaged 0.4 ounces per ton over a length of 222 feet in the drift and averaged 3.5 feet in width.
On the Company's Pine East property in Saskatchewan, Operator Claude Resources Inc. is continuing a program of prospecting and sampling previously discovered high grade zones which have been traced about 3 miles west to the Operator's very successful Seabee Gold Mine. Shane's property exhibits the same geological features on surface as exist at the Seabee Mine. Once the Operator earns a 75% interest in the property, Shane is carried to production.
The Company's Munro Lake Gold Property, which lies to the north of the Pine East Property, contains several copper-gold showings which have yielded values of 0.06 ounces of gold per ton and 0.7% copper over a 33 foot width. Plans are currently being formulated for the next phase of exploration on this 6,125-acre property. Shane is a 49% joint venture partner on this prospect.
The Company holds approximately 50,000 acres in the Fort a la Corne district of Saskatchewan, which hosts one of the largest known clusters of diamondiferous kimberlite pipes in the world. Shane has recently acquired an airborne survey covering a portion of Shane's newly acquired ground that outlines several anomalies that exhibit similar features to other anomalies in the immediate vicinity that have been shown to be diamondiferous kimberlite pipes.
More importantly, recent information has been disseminated on the Fort a la Corne district indicating that up to 50% of the macrodiamonds may have been missed in the recovery process. Retesting of the tailings has commenced and results should be available by year-end. These results could completely alter the previous calculations of the economics of the numerous diamond pipes that have already been discovered in the Fort a la Corne district. The Company plans to conduct further ground geophysics over its Fort a la Corne properties in the near future, in order to properly prioritize the drilling targets.
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.