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Post by Franko10 ™ on Oct 12, 2004 13:00:19 GMT -5
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--June 26, 1997-- United Carina Resour(VSE UCA. ) The Annual General Meeting of United Carina Resources Corp. (the "Company") was held on Monday, June 23rd, 1997, in Vancouver, B.C., at which Richard G. Walker and Robert McLellan were re-elected, and Dale W. Hoffman and T. Andrew Parker were elected to the Board of Directors of the Company.
Richard G. Walker and Robert McLellan have stepped down as President and Secretary-Treasurer, respectively, of the Company, and the Board of Directors has appointed Dale W. Hoffman as President and T. Andrew Parker as Secretary-Treasurer of the Company, effective as of June 24th, 1997.
Mr. Dale W. Hoffman is pleased to report that the proceeds of the Company's recently announced private placement of special warrants will be utilized in further evaluation of the economic potential of the Axis Lake - Currie Lake - Rea Lake area, Northern Mining District, Saskatchewan. In January, the Company was granted by Consolidated Pine Channel Gold Corp. (V.S.E.: KPG) an option to earn a 50 percent interest in a 4-claim block in the area by expending an aggregate $900,000 on exploration of them over a three year period.
These claims are situated approximately 12 km northwest of Stony Rapids, Saskatchewan, to which an all-weather road is presently under construction. A recently completed powerline runs within 6 km of the properties.
The Axis Lake deposit contains an estimated 3.75 million tons of 0.6 percent Ni, 0.6 percent Cu, 0.15 percent Co, with precious metal credits. The sulphide zone, or Map zone, which is all that is included in the tonnage estimate, has a minimum strikelength of 1 km, is continuous and 5 - 7 m wide. Width and value of the disseminated sulphides in footwall and hangingwall is unknown.
The Norite hangingwall has about 22 percent disseminated pyrite and pyrrhotite. These are very fine-grained, subhedral to anhedral, interstitial sulphides. The Norite footwall, north of the zone, has 7-10 percent fine-grained to medium-grained disseminated sulphides. In order of decreasing abundance, these are pyrite, pyrrhotite and trace amounts of chalcopyrite. Sulphides are evenly disseminated and also form widely scattered 4 - 6 mm clots or clusters of pyrite and chalcopyrite. Sulphides are interstitial and anhedral. From surface exposure, the total width of the mineralized zone could be extended 9 - 12 m.
It should be noted that drilling by Frederick Mining indicated the presence of other zones of sulphide mineralization parallel to the main zone, with a possibility of increased ore tonnage. A review of the literature shows that the Axis Lake core was only erratically assayed for gold, with values of up to .08 oz/ton present. No P.G.M. assays were done.
Most of the drilling that has been done to date returned chips (as in the 1955 X-ray holes) or relatively narrow (approximately 2 cm diameter) core. The use of a larger core size (eg. BQ or NQ) could help to improve the grade of individual samples and might help to "smooth out" the erratic distribution of values. A second factor to note is that there is an indication of near-surface oxidation of the sulphides which might reduce the grade of the ore near surface. The depth of this oxidation zone has yet to be determined. The deposit is open to the east.
Late in 1956, nickeliferous pyrrhotite mineralization was noted approximately 1.5 km south of the eastern arm of Currie Lake and approximately 5 km north of the Axis Lake deposit. Early in 1957, Canex conducted airborne EM, magnetic and radiometric surveys over a 10 square mile area south of Currie Lake. This was followed up in 1965 by a ground-based magnetic survey and diamond drill program using AX core. The best hole returned a grade of 1.03 percent nickel and 0.22 percent copper over 23 feet. This zone contained local concentrations ranging up to 2.53 percent nickel, 0.02 percent silver and 0.06 percent cobalt. Resampling of the core returned up to 3.41 percent nickel.
The Rea Lake deposit, 3 km southwest of the Axis Lake deposit, has been known since 1929, when both were discovered by Dominion Explorers. Little work was done until 1970, when Inexco surveyed the area with an IP and magnetometer survey, mapping and plugger sampling of mineralized outcrops. Diamond drilling totalling 603 m in 8 holes was then done. Reserves inferred from the drilling were 26,400,000 tons of 0.1 percent Cu and 0.1 percent Ni. Using the IP results expands those reserves to 70,400,000 tons.
Phase one exploration, commencing upon completion of mobilization of men and equipment, will focus on identifying additional targets from an airborne survey of the area, and applying modern geophysical techniques to the outlined mineralized areas, as well as to newly identified areas to better define targets for a minimum 2000 m. drill program to follow. UNITED CARINA RESOURCES CORP. Per: "Dale W. Hoffman"
Dale W. Hoffman, President
CONTACT: United Carina Resources Corp.
Dale W. Hoffman, 604/ 684-5118
1-800-661-4050 (Toll Free)
COPYRIGHT 1997 Business Wire
COPYRIGHT 2004 Gale Group
Richard G. Walker and Robert McLellan have stepped down as President and Secretary-Treasurer, respectively, of the Company, and the Board of Directors has appointed Dale W. Hoffman as President and T. Andrew Parker as Secretary-Treasurer of the Company, effective as of June 24th, 1997.
Mr. Dale W. Hoffman is pleased to report that the proceeds of the Company's recently announced private placement of special warrants will be utilized in further evaluation of the economic potential of the Axis Lake - Currie Lake - Rea Lake area, Northern Mining District, Saskatchewan. In January, the Company was granted by Consolidated Pine Channel Gold Corp. (V.S.E.: KPG) an option to earn a 50 percent interest in a 4-claim block in the area by expending an aggregate $900,000 on exploration of them over a three year period.
These claims are situated approximately 12 km northwest of Stony Rapids, Saskatchewan, to which an all-weather road is presently under construction. A recently completed powerline runs within 6 km of the properties.
The Axis Lake deposit contains an estimated 3.75 million tons of 0.6 percent Ni, 0.6 percent Cu, 0.15 percent Co, with precious metal credits. The sulphide zone, or Map zone, which is all that is included in the tonnage estimate, has a minimum strikelength of 1 km, is continuous and 5 - 7 m wide. Width and value of the disseminated sulphides in footwall and hangingwall is unknown.
The Norite hangingwall has about 22 percent disseminated pyrite and pyrrhotite. These are very fine-grained, subhedral to anhedral, interstitial sulphides. The Norite footwall, north of the zone, has 7-10 percent fine-grained to medium-grained disseminated sulphides. In order of decreasing abundance, these are pyrite, pyrrhotite and trace amounts of chalcopyrite. Sulphides are evenly disseminated and also form widely scattered 4 - 6 mm clots or clusters of pyrite and chalcopyrite. Sulphides are interstitial and anhedral. From surface exposure, the total width of the mineralized zone could be extended 9 - 12 m.
It should be noted that drilling by Frederick Mining indicated the presence of other zones of sulphide mineralization parallel to the main zone, with a possibility of increased ore tonnage. A review of the literature shows that the Axis Lake core was only erratically assayed for gold, with values of up to .08 oz/ton present. No P.G.M. assays were done.
Most of the drilling that has been done to date returned chips (as in the 1955 X-ray holes) or relatively narrow (approximately 2 cm diameter) core. The use of a larger core size (eg. BQ or NQ) could help to improve the grade of individual samples and might help to "smooth out" the erratic distribution of values. A second factor to note is that there is an indication of near-surface oxidation of the sulphides which might reduce the grade of the ore near surface. The depth of this oxidation zone has yet to be determined. The deposit is open to the east.
Late in 1956, nickeliferous pyrrhotite mineralization was noted approximately 1.5 km south of the eastern arm of Currie Lake and approximately 5 km north of the Axis Lake deposit. Early in 1957, Canex conducted airborne EM, magnetic and radiometric surveys over a 10 square mile area south of Currie Lake. This was followed up in 1965 by a ground-based magnetic survey and diamond drill program using AX core. The best hole returned a grade of 1.03 percent nickel and 0.22 percent copper over 23 feet. This zone contained local concentrations ranging up to 2.53 percent nickel, 0.02 percent silver and 0.06 percent cobalt. Resampling of the core returned up to 3.41 percent nickel.
The Rea Lake deposit, 3 km southwest of the Axis Lake deposit, has been known since 1929, when both were discovered by Dominion Explorers. Little work was done until 1970, when Inexco surveyed the area with an IP and magnetometer survey, mapping and plugger sampling of mineralized outcrops. Diamond drilling totalling 603 m in 8 holes was then done. Reserves inferred from the drilling were 26,400,000 tons of 0.1 percent Cu and 0.1 percent Ni. Using the IP results expands those reserves to 70,400,000 tons.
Phase one exploration, commencing upon completion of mobilization of men and equipment, will focus on identifying additional targets from an airborne survey of the area, and applying modern geophysical techniques to the outlined mineralized areas, as well as to newly identified areas to better define targets for a minimum 2000 m. drill program to follow. UNITED CARINA RESOURCES CORP. Per: "Dale W. Hoffman"
Dale W. Hoffman, President
CONTACT: United Carina Resources Corp.
Dale W. Hoffman, 604/ 684-5118
1-800-661-4050 (Toll Free)
COPYRIGHT 1997 Business Wire
COPYRIGHT 2004 Gale Group
