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Post by Franko10 ™ on Sept 30, 2004 19:58:45 GMT -5
Petro Plus - President's Report Six Months Exploration Update
Business Wire, May 24, 1996
EDMONTON, Alberta--(BUSINESS WIRE)--MAY 24, 1996--Petro Plus Inc. (Alberta Stock ExchangePV.A) In consideration of recent interest, Urban Casavant, President of Petro Plus Inc. wishes to announce the following update of the company's activities for the past six months.
The corporation has actively perused interests in numerous mineral and diamond exploration projects throughout Canada and is a participant in a number of producing oil and gas projects in western Canada. Each of these are considered in turn. -0-
LA RONGE - GLENNIE GOLD BELTS, SASKATCHEWAN
Petro Plus is the 100 percent owner of 92 mineral claims located in the La Ronge and Glennie Gold belts. These belts host numerous gold deposits and occurrences, some previously mined out and others in production and development stages. These include the past producing Anglo Rouyn Copper mine, Jolu, Star Lake and Jasper Gold mines; the producing Contact Lake and Seabee Gold mines; the Waddy Lake Area gold deposits, and the Pap Lake, Ramsland Lakes, North Lake, Greywacke Lake gold deposits.
Due to the underexplored nature of the belts, many of Petro Plus' properties have a high potential for discovery of similar gold deposits as located elsewhere in the belts. Preliminary exploration work has been carried out over much of Petro Plus' 100 percent owned holdings, with the focus being on the Devil's Lake Property where recent drilling has encountered very encouraging results. Visible gold was noted in ten of the twenty-four holes drilled on the property to date. While gold content of the coarse fractions gave values up to 6.17 oz/ton, overall assays had maximum values up to 0.441 oz/ton over 2.0 meter widths as previously stated in a release dated May 10, 1996.
In common with many other gold deposits mined to date in Saskatchewan, the occurrences are narrow, and because of the coarse gold, grade is erratic. The company plans to conduct further drilling to test the gold zones and other parallel structures on the property. A bulk sampling program is also being considered.
CENTRAL SASKATCHEWAN DIAMOND EXPLORATION:
Follow-up ground magnetic surveys on Petro Plus' 100 percent owned 60,000 hectare Big Sandy Lake Diamond Exploration Property is continuing on Priority One magnetic anomalies to confirm and verify magnetic 'pipe-like' targets from Aerodat's Low Level Magnetic Survey flown during 1995. A drill program to test the best anomalies will be announced within 6 weeks.
Further Low Level Magnetic Surveys are planned over 87,700 hectares of Petro Plus' 100 percent owned claims in the Montreal - Candle Lake areas of north-central Saskatchewan. A similar follow-upground evaluation over the Priority One anomalies will commence once the airborne surveys are interpreted.
BLACKDOME GOLD MINE - CLINTON, B.C.
Petro Plus recently entered into a 50 percent interest in the Blackdome Gold Mine near Clinton, B.C. with Claimstaker Minerals (CLN-V). Petro Plus can earn 50 percent interest by financing a $2.5 million dollar exploration and development program before May 1, 1996. Claimstaker will be the operator of the program.
The Blackdome Gold Mine was a producing mine that recovered 225,000 ounces of gold and 550,000 ounces of silver from approximately 370,000 tons of ore between 1986 and 1991. A recent study has indicated a resource of 176,000 tons grading 0.47 oz/ton gold and 1.08 oz/ton silver exists as outlined in a release dated May 2, 1996.
The companies intend to further explore the deposit in an effort to prove up a resource of 100,000 ounces at which time the mine will be placed back into production.
WESTERN CANADIAN OIL AND GAS PROPERTIES
Petro Plus is a participant in three oil and gas properties located in Alberta and Saskatchewan. Petro Plus has paid in their interest in full and expects cash flow from these properties to increase from $3,000 to $20,000 per month commencing in late 1996.
STRATEGY
Petro Plus will continue exploration efforts on their gold and diamond properties, work towards bringing the Blackdome mine into production, expand their interests in the oil and gas properties and continue to find new acquisition opportunities. Announcements will be made as activities relating to the corporation develop.
CONTACT: Petro Plus Inc.
Urban Casavant
(306) 922-6065
(306) 764-0204 (FAX)
COPYRIGHT 1996 Business Wire
COPYRIGHT 2004 Gale Group
Business Wire, May 24, 1996
EDMONTON, Alberta--(BUSINESS WIRE)--MAY 24, 1996--Petro Plus Inc. (Alberta Stock ExchangePV.A) In consideration of recent interest, Urban Casavant, President of Petro Plus Inc. wishes to announce the following update of the company's activities for the past six months.
The corporation has actively perused interests in numerous mineral and diamond exploration projects throughout Canada and is a participant in a number of producing oil and gas projects in western Canada. Each of these are considered in turn. -0-
LA RONGE - GLENNIE GOLD BELTS, SASKATCHEWAN
Petro Plus is the 100 percent owner of 92 mineral claims located in the La Ronge and Glennie Gold belts. These belts host numerous gold deposits and occurrences, some previously mined out and others in production and development stages. These include the past producing Anglo Rouyn Copper mine, Jolu, Star Lake and Jasper Gold mines; the producing Contact Lake and Seabee Gold mines; the Waddy Lake Area gold deposits, and the Pap Lake, Ramsland Lakes, North Lake, Greywacke Lake gold deposits.
Due to the underexplored nature of the belts, many of Petro Plus' properties have a high potential for discovery of similar gold deposits as located elsewhere in the belts. Preliminary exploration work has been carried out over much of Petro Plus' 100 percent owned holdings, with the focus being on the Devil's Lake Property where recent drilling has encountered very encouraging results. Visible gold was noted in ten of the twenty-four holes drilled on the property to date. While gold content of the coarse fractions gave values up to 6.17 oz/ton, overall assays had maximum values up to 0.441 oz/ton over 2.0 meter widths as previously stated in a release dated May 10, 1996.
In common with many other gold deposits mined to date in Saskatchewan, the occurrences are narrow, and because of the coarse gold, grade is erratic. The company plans to conduct further drilling to test the gold zones and other parallel structures on the property. A bulk sampling program is also being considered.
CENTRAL SASKATCHEWAN DIAMOND EXPLORATION:
Follow-up ground magnetic surveys on Petro Plus' 100 percent owned 60,000 hectare Big Sandy Lake Diamond Exploration Property is continuing on Priority One magnetic anomalies to confirm and verify magnetic 'pipe-like' targets from Aerodat's Low Level Magnetic Survey flown during 1995. A drill program to test the best anomalies will be announced within 6 weeks.
Further Low Level Magnetic Surveys are planned over 87,700 hectares of Petro Plus' 100 percent owned claims in the Montreal - Candle Lake areas of north-central Saskatchewan. A similar follow-upground evaluation over the Priority One anomalies will commence once the airborne surveys are interpreted.
BLACKDOME GOLD MINE - CLINTON, B.C.
Petro Plus recently entered into a 50 percent interest in the Blackdome Gold Mine near Clinton, B.C. with Claimstaker Minerals (CLN-V). Petro Plus can earn 50 percent interest by financing a $2.5 million dollar exploration and development program before May 1, 1996. Claimstaker will be the operator of the program.
The Blackdome Gold Mine was a producing mine that recovered 225,000 ounces of gold and 550,000 ounces of silver from approximately 370,000 tons of ore between 1986 and 1991. A recent study has indicated a resource of 176,000 tons grading 0.47 oz/ton gold and 1.08 oz/ton silver exists as outlined in a release dated May 2, 1996.
The companies intend to further explore the deposit in an effort to prove up a resource of 100,000 ounces at which time the mine will be placed back into production.
WESTERN CANADIAN OIL AND GAS PROPERTIES
Petro Plus is a participant in three oil and gas properties located in Alberta and Saskatchewan. Petro Plus has paid in their interest in full and expects cash flow from these properties to increase from $3,000 to $20,000 per month commencing in late 1996.
STRATEGY
Petro Plus will continue exploration efforts on their gold and diamond properties, work towards bringing the Blackdome mine into production, expand their interests in the oil and gas properties and continue to find new acquisition opportunities. Announcements will be made as activities relating to the corporation develop.
CONTACT: Petro Plus Inc.
Urban Casavant
(306) 922-6065
(306) 764-0204 (FAX)
COPYRIGHT 1996 Business Wire
COPYRIGHT 2004 Gale Group
