Owner
Post by Franko10 ™ on Oct 12, 2004 13:05:00 GMT -5
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Aug. 13, 1997-- United Carina Resour(VSE UCA. ) Mr. Dale W. Hoffman, President of United Carina Resources Corp. (the "Company") is pleased to report that the private placement announced June 20, 1997, of 500,000 flow-through special warrants and 500,000 regular special warrants in the capital of the Company, at a price of $0.56 per special warrant, to net the treasury an aggregate of $560,000, has closed effective today.
Each flow-through special warrant will entitle the holder thereof to receive one unit (a "Unit") in the Capital of the Company, each Unit consisting of one flow-through common share of the Company (a "Flow- Through Share") and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company (a "Warrant Share") at a price of $0.56 per Warrant Share on or before June 20, 1998, and at a price of $0.65 per Warrant Share at any time between June 21, 1998 and June 20, 1999.
Each regular special warrant will entitle the holder thereof to receive one unit (a "Unit") in the Capital of the Company, each Unit consisting of one regular common share of the Company (a "Regular Share") and one Warrant, as described above.
The Flow-Through Shares, the Regular Shares and any Warrant Shares which may be issued are subject to a hold period expiring on June 20, 1998.
The proceeds from the sale of the flow-through special warrants will be used for further evaluation of the economic potential of the United Carina - Consolidated Pine Channel Gold Corp. (V-KPG) joint venture Axis Lake - Currie Lake - Rea Lake project, in northern Saskatchewan. The Company was granted 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 the claims, over a three year period. The proceeds from the sale of the regular special warrants will be used for general corporate purposes, as will any proceeds from the exercise of Warrants.
The Axis Lake - Currie Lake Rea Lake 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.
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.
Dale W. Hoffman, President
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: United Carina Resources Corp.
Dale W. Hoffman, 604/ 684-5118
1-800-661-4050
COPYRIGHT 1997 Business Wire
COPYRIGHT 2004 Gale Group
Each flow-through special warrant will entitle the holder thereof to receive one unit (a "Unit") in the Capital of the Company, each Unit consisting of one flow-through common share of the Company (a "Flow- Through Share") and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company (a "Warrant Share") at a price of $0.56 per Warrant Share on or before June 20, 1998, and at a price of $0.65 per Warrant Share at any time between June 21, 1998 and June 20, 1999.
Each regular special warrant will entitle the holder thereof to receive one unit (a "Unit") in the Capital of the Company, each Unit consisting of one regular common share of the Company (a "Regular Share") and one Warrant, as described above.
The Flow-Through Shares, the Regular Shares and any Warrant Shares which may be issued are subject to a hold period expiring on June 20, 1998.
The proceeds from the sale of the flow-through special warrants will be used for further evaluation of the economic potential of the United Carina - Consolidated Pine Channel Gold Corp. (V-KPG) joint venture Axis Lake - Currie Lake - Rea Lake project, in northern Saskatchewan. The Company was granted 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 the claims, over a three year period. The proceeds from the sale of the regular special warrants will be used for general corporate purposes, as will any proceeds from the exercise of Warrants.
The Axis Lake - Currie Lake Rea Lake 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.
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.
Dale W. Hoffman, President
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: United Carina Resources Corp.
Dale W. Hoffman, 604/ 684-5118
1-800-661-4050
COPYRIGHT 1997 Business Wire
COPYRIGHT 2004 Gale Group
