June 7, 1996
FIRE ASSAYS RETURN STRONGER COBALT SHOWINGS ON ML 1506 - ALLIGER LAKE
Drill core samples from drill hole #2 onML 1506 in the Alliger Lake area have been re-assayed and some increases in metal values were reported. Cobalt, which accounts for approximately half of the gross value of the mineralization, showed increases of more than 10%.
The highest grade mineralization was at the base of the large sulphide intersection over a thickness of 2.78 meters (9.1 ft) where the weighted average grade was 0.67% Ni, 0.63% Cu and 0.124% Co (old IPC values were 0.64% Ni, 0.54% Cu and 0.102% Co were reported for the interval).
A step out drill hole 1506-7, 20 meters (66 feet) to the east of 1506-2, has intersected 9.75 meters (32ft) of similar massive and disseminated sulphides in the same conductor. Assay results are awaited for this drill hole and drill hole 1506-6.
Metal prices quoted in the Northern Miner for this week are: Nickel US $3.97/lb, Copper US $1.17/lb and Cobalt US $26.00/lb. The gross value of the above section of massive sulphide mineralization is US $143.00/tone. Modern hydrometallurgical processes for converting such sulphides to metals are now capable of recoveries of more than 95% of contained metals.
Assays for the first 5 holes have been received and are summarized below. The substantially higher cobalt values (above 0.1% Cobalt or 2.2 lbs per tonne) in the massive sulphides on ML 1506 indicate good potential for locating high cobalt values in deeper accumulations of sulphides beneath the massive sulphide zones tested to date.
The new results confirm strong indications of mineralization in the layered troctolitic rocks on ML 1506. Columbia Yukon Resources Ltd. is planning to continue systematic exploration with further testings of the claims using deep search geophysical methods and a higher capacity drill rig.
Silverstone Resources Ltd. (SVT-VSE) has an option to earn a 50% interest in the claims with Columbia Yukon as the operator.
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