Owner
Post by Franko10 ™ on Oct 12, 2004 12:13:39 GMT -5
VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 31, 1997-- Consolidated Pine Ch (VSE KPG.) Dale W. Hoffman, President of Consolidated Pine Channel Gold Corp. (the "Company") is pleased to report that the Company has granted to United Carina Resources Corp. ("United Carina") an option to earn a 50 percent interest in the Company's 4-claim block Axis Lake-Currie Lake-Rea Lake copper-nickel-cobalt properties, situated approximately 10 km north of Stony Rapids, Saskatchewan.
United Carina can exercise the option and earn the 50 percent interest in the properties by making a $10,000 property payment, and completing exploration work commitments of $100,000 during the first year, $300,000 during the second year and $500,000 during the third year. United Carina will be the operator of the properties until it exercises the option, after which the properties will be operated by the Company and United Carina on a joint venture basis.
The ultramafic intrusive body in the Axis Lake area is host for disseminated to semi-massive pyrite-pyrrhotite-pentlandite- chalcopyrite. Various programs of trenching and drilling have shown that the body has a strike length of 1000 m. and may contain up to 3.75 million tons grading 0.6 percent Ni, 0.6 percent Cu and 0.15 percent Co over an average width of 6 m. Erratic gold values of up to 0.08 oz/t (2.8 g/T) have also been noted. The gold and platinum potential have not been systematically tested for. Disseminated sulphides occurring in the footwall and hangingwall may allow an expansion of the width to 12 m. The deposit is open at depth.
Trenching and drilling at the Currie Lake property has indicated two mineralized lenses which are open at depth and along strike. Assaying shows the nickel to be higher than at Axis Lake, at 1.03 percent over 7.0 m. Locally, values range up to 2.53 percent Ni and 0.7 percent Cu. Assaying for nickel and copper is incomplete. No assaying was done for cobalt, gold or platinum.
The Rea Lake deposit lies southeast of Axis Lake and 13 km northeast of Stony Rapids. Exploration work to date has inferred reserves of 70,000,000 tons of 0.1 percent Cu and 0.1 percent Ni in a zone up to 250 m wide and 2700 m long. Select samples from drill core have assayed up to 0.38 percent Cu and 0.31 percent Ni. The deposit is open at both ends and at depth.
CONSOLIDATED PINE CHANNEL GOLD CORP.
Dale W. Hoffman, President -0-
Note to editors: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the content of this News Release.
CONTACT: Consolidated Pine Channel Gold Corp.
Dale W. Hoffman, 604/ 684-5118
604/ 682-8566 (FAX)
www.infodine.com/kpg/kpg.htm
jnrres@skybus.com
COPYRIGHT 1997 Business Wire
COPYRIGHT 2004 Gale Group
United Carina can exercise the option and earn the 50 percent interest in the properties by making a $10,000 property payment, and completing exploration work commitments of $100,000 during the first year, $300,000 during the second year and $500,000 during the third year. United Carina will be the operator of the properties until it exercises the option, after which the properties will be operated by the Company and United Carina on a joint venture basis.
The ultramafic intrusive body in the Axis Lake area is host for disseminated to semi-massive pyrite-pyrrhotite-pentlandite- chalcopyrite. Various programs of trenching and drilling have shown that the body has a strike length of 1000 m. and may contain up to 3.75 million tons grading 0.6 percent Ni, 0.6 percent Cu and 0.15 percent Co over an average width of 6 m. Erratic gold values of up to 0.08 oz/t (2.8 g/T) have also been noted. The gold and platinum potential have not been systematically tested for. Disseminated sulphides occurring in the footwall and hangingwall may allow an expansion of the width to 12 m. The deposit is open at depth.
Trenching and drilling at the Currie Lake property has indicated two mineralized lenses which are open at depth and along strike. Assaying shows the nickel to be higher than at Axis Lake, at 1.03 percent over 7.0 m. Locally, values range up to 2.53 percent Ni and 0.7 percent Cu. Assaying for nickel and copper is incomplete. No assaying was done for cobalt, gold or platinum.
The Rea Lake deposit lies southeast of Axis Lake and 13 km northeast of Stony Rapids. Exploration work to date has inferred reserves of 70,000,000 tons of 0.1 percent Cu and 0.1 percent Ni in a zone up to 250 m wide and 2700 m long. Select samples from drill core have assayed up to 0.38 percent Cu and 0.31 percent Ni. The deposit is open at both ends and at depth.
CONSOLIDATED PINE CHANNEL GOLD CORP.
Dale W. Hoffman, President -0-
Note to editors: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the content of this News Release.
CONTACT: Consolidated Pine Channel Gold Corp.
Dale W. Hoffman, 604/ 684-5118
604/ 682-8566 (FAX)
www.infodine.com/kpg/kpg.htm
jnrres@skybus.com
COPYRIGHT 1997 Business Wire
COPYRIGHT 2004 Gale Group
