Post by
orebody007 on Sep 08, 2005 1:08pm
News
Maple Minerals and East West offer clarity on JVs
Maple Minerals Corp (TSX-V:MPM)
Shares Issued 30,300,923
Last Close 9/6/2005 $1.67
Wednesday September 07 2005 - News Release
Also East West Resource Corp (TSX-V:EWR) News Release
Mr. L.M. Falzone of Maple Minerals reports
MAPLE MINERALS CORP. - SHEBANDOWAN PROPERTIES, THUNDER BAY, ONTARIO - GENERAL OVERVIEW AND EXPLORATION UPDATE
Maple Minerals Corp. and East West Resource Corp. own joint interests in eight properties in the Shebandowan greenstone belt, located approximately 120 kilometres west of Thunder Bay, Ont. The purpose of this news is to clarify for shareholders the various property interests, the prospective mineralization and provide an update on exploration activities. The eight properties are contiguous and consist of approximately 1,100 claim units covering approximately 17,600 hectares.
Hamlin
Maple and East West hold a 100-per-cent interest (50-per-cent each) in the 77-claim-unit Hamlin property, with a 2-per-cent NSR (net smelter return royalty) payable to prospectors. This claim group covers both base metal and gold settings in an extensive rhyolite volcanic pile. Gold showings along the north boundary adjacent to the Ardeen property known as Junction, Middle Zone and Western yielded grab samples ranging from one gram per tonne gold to 27 grams per tonne gold.
A sericite schist and potassium alteration zone on the west part of Hamlin yielded a 15-metre-wide section with continuous assays of 0.5 gram to 1.1 grams per tonne gold (HAM 04-3). This zone has been followed at 100 metres intervals by holes HAM05-18, 20, 21, 22 and 23, where narrow higher-grade gold values of three grams per tonne gold were obtained as well as anomalous Cu-Zn in hole HAM 05-20. This shear is interpreted to continue two to three kilometres to the southwest in the vicinity of HAM05-8 and HAM05-26. Quartz eye porphyry and shearing-brecciation are associated with this trend. The ideal gold target would be a shear zone with widths exceeding three to four metres, preferably 10 to 20 metres, with grades of four to eight grams per tonne gold. The very anomalous gold values in these shears in Hamlin has encouraged management to be persistent in the follow-up of these structures. Parallel related structures occur on the Powell grid west of the Obadinaw River in basalt volcanics.
The volcanics immediately north of Hamlin Lake contain widespread chlorite alteration, rusty zones chalcopyrite showings, malachite stain and ferricrete (iron oxide cement). IP surveys completed in July, 2005, defined four zones in this area, two of which correlate with Max Min EM conductors and airborne EM trends. A widespread chargeability anomaly with deep EM conductors occur in the vicinity of the copper showings. Grid lines and geological mapping cover the entire property. Of special note, a new copper discovery of 1.49 per cent copper and 4.0 grams per tonne gold was found in a disseminated sulphide zone in altered rhyolite. This zone has been traced for 200 metres in outcrop and parallels another copper bearing zone along the base line. A gravity survey was commenced in August, 2005, to define areas of high density (sulphide concentrations). Numerous drill targets have been selected on the basis of EM and IP-resistivity, particularly where copper bearing rhyolites are present. These multiple copper showings with chlorite primarily represent stringer zones. This same rhyolite sequence continues south west to another Cu-Zn discovery on the Freewest Sungold claims. Stringer copper (chalcopyrite) zones were known to occur near this discovery up to 600 metres from the massive sulphide zone. Chert exhalite units also occur there which can be traced south west from the Vanguard massive sulphide through the North Coldstream Mine (Cu-Ag-Au), and through Burchell to Deaty Creek and eventually to the Sungold. Large exhalite markers can be found in the major base metal camps such as Noranda and Mattagami. Over 31 base metal deposits occur in Noranda associated with the chert exhalite marker, suggesting that more discoveries could be expected in Shebandowan. Drilling on Hamlin is anticipated for fall of 2005.
Deaty
Maple and East West hold a 100-per-cent interest (50 per cent each) in the 81-claim-unit Deaty property, with a 2-per-cent NSR being held by prospectors. The property covers an eight-kilometre section of the Knife Lake fault that is interpreted to be one of the main control structures of gold mineralization in the area. Grab samples up to 12 grams per tonne gold have been found within shear zones parallel to the Knife Lake fault. A previous IP survey has identified up to seven shear-zones with disseminated sulphides, two of which have been drill tested where a 0.8-gram-per-tonne-gold intersection over 21 metres (78 feet) was obtained. A brecciated zone containing rhyolite fragments in a chlorite matrix is associated with a copper showing near the anomalous gold mineralization. This feature is a very favourable setting for VMS Cu-Zn-Au-Ag deposits. A detailed airborne EM and magnetic survey has now been flown over the Deaty property and has outlined three main conductors and three smaller conductors, possibly reflecting massive sulphides. A recent discovery (Sungold), five kilometres south of the property, has yielded up to 2.3 ounces per ton gold over five metres that is hosted in silicified volcanics with disseminated pyrite adjacent to a sheared porphyry. This trend has been traced northward to the Deaty property.
In 2005, an extensive grid was line cut followed by an induced polarization survey and detailed geological mapping. A large part of the property was reflown with the time domain helicopter EM survey in 2005 using a larger 26-metre-diameter loop than was used in 2003 (18 metres loop). These claims cover a number of IP chargeability anomalies indicating disseminated sulphide zones in shears as well as isolated alteration zones that may be associated with pyrite-chalcopyrite, a breccia zone with a chlorite matrix, pyrite and chalcopyrite had been previously identified to contain 0.85 gram per tonne gold over 78 feet (23.8 metres). This style of alteration is interpreted to be a stringer zone associated with the foot wall of a VMS massive sulphide deposit. Drilling is planned for the fall and winter of 2005.
Powell Lake
Maple and East West hold a 100-per-cent interest (50-per-cent each) in the 78-claim-unit Powell Lake property, with a 2-per-cent NSR held by prospectors. This four mile long land package covers the southwest extension of gold zones from the Ardeen Property. The prospectors spent approximately $80,000 trenching and sampling in the 18 months before Maple and East West acquired the property and have located a 30-metre-wide controlling shear structure with assays up to 6.2 grams per tonne gold over one metre.
In 2004, a large grid covering Hamlin was continued west onto the eastern part of Powell. IP-resistivity surveys were done in 2004 and continued in 2005. Drilling of holes in the winter (February to March, 2005), continued from Hamlin onto Powell claims and this work expanded in the summer of 2005 farther west into Powell (holes HAM05-25 to 28). Holes HAM04-1, 2 and 3 tested alteration zones for gold in the summer of 2004, and HAM05-4, 5, 6, 7 and 8 tested regional shears and iron formation. Hole 9 on the west boundary of Hamlin intersected silicification containing gold values in excess of one gram per tonne gold adjacent to a feldspar porphyry. Hole 10 was a "scissor" hole toward hole 9 to test a disseminated sulphide within the porphyry. Hole 11 cut a major shear-fault with disseminated sulphides as well as felsic fragmentals. The felsic volcanic pile being defined by three holes has emphasized the potential of this sequence for VMS deposits.
An important breccia zone was intersected in HAM05-26 which exceed 150 feet (50 metres) in width. Pink quartz eye rhyolite clasts in a dark green chlorite matrix with 5 per cent to 15 per cent pyrite occurred. Quartz eye porphyry also occurred to the north in hole HAM05-27. Assays for these holes were pending at the time of writing.
Prospecting in May-June, 2005, on the Powell property discovered several new gold showings, one of which assayed 8.58 grams per tonne gold along with numerous other 0.5 gram to 6.5 grams per tonne gold sample sites. Line cutting (86 kilometres) and further prospecting-mapping was launched immediately followed by an IP-resistivity survey on 100-metre lines. Numerous other rock samples subsequently returned 500-parts-per-billion (0.5 gram) to 1,600-parts-per-billion (1.6 grams)-gold-per-tonne values that correlated with the IP anomalies that in turn reflect pyritized shear zones. Six main trends have been traced on the 4.8-kilometre-long grid with sections being 2,300 metres long and others 1,300 to 1,600 metres. These shears are contained in mafic (basalt) volcanics that extend southwest from the Ardeen gold mine. The basalt pillow lavas and fragmentals have been intruded by quartz eye porphyry, feldspar porphyry and diorite. The gold bearing shears in some cases follow the margin of the porphyry and in other cases large pink potassic alteration gold-bearing zones occur in a particular mafic fragmental unit. Carbonate-sericite alteration with pyrite and quartz is associated with the shear zones. Laminated silica with chlorite and pyrite is a distinctive feature of one lengthy zone (over 1,300 metres), where surface grab samples yielded 17.2 grams per tonne gold (0.55 ounce per ton gold).
Silicified shears or silicified interflow fragmentals have yielded consistent values of 1.5 to 2.6 grams per tonne gold over five-metre widths to date. Trenching of the original 8.58 grams per tonne gold discovery site on a separate IP anomaly trend exposed a zone of silicification adjacent to sheared pillow lava. Gold values up to 6.5 grams per tonne gold also occur in quartz veins and adjacent pyritized wall rock in the diorite intrusion within the pink potassic alteration areas carry chalcopyrite and galena.
To date, eight holes have been drilled in July, 2005, with four of these creating a geological cross section. Further drilling and trenching is planned to follow up on highly anomalous values found during recent mapping.
The Powell project has now yielded numerous gold occurrences on all six IP trends and four styles of mineralization have been found so far. Given the number of widespread anomalous new gold occurrences, the setting is ideal for the discovery of a shear hosted gold deposit. These shears are sericite-carbonate schists similar to zones hosting gold deposits in the Porcupine (Timmins) gold camp.
As of Aug. 24, 2005, only a few test rush samples from drill holes had been analysed and they included 3.8 grams per tonne gold in a vein (0.2 metre) within a shear (line 19E, 350S) and 4.87 grams per tonne gold over one metre within a silicified shear also on L19E. A four-hole geological cross-section was completed by holes POW05-4, 5, 7 and 8. Trenching and further sampling will be done in the fall of 2005. Further drilling is planned for the fall of 2005 to do step-out holes on the better intersections and test other new showings found late in the mapping program on the east end of the grid.
Clay Lake
Maple and East West hold a 100-per-cent interest (50-per-cent each) in the 112-claim-unit Clay Lake property. The property covers the southwest extension of the Powell gold zone as well as key stratigraphy for VMS deposits that extends from Hamlin. A detailed helicopter EM survey was completed in 2004 as part of an expansion of an earlier survey. Geological mapping and prospecting were under way in 2005 and the southwest extension of a large grid on Powell that continued into Clay.
Ardeen
In June, 2005, Maple and East West acquired an option from Pele Gold Corporation to earn up to a 60-per-cent interest (30-per-cent each) in a gold and base metal property north of and adjacent to Maple's and East West's Hamlin and Powell properties. The 153 unpatented and four patented claims, known as the Ardeen Property, cover a significant portion of the rhyolite volcanic pile that extends to the southwest into the Hamlin property and the Freewest Sun gold property, where an important Cu-Zn showing was exposed with reported assays of 12 per cent Cu and 32 per cent Zn. A number of gold showings occur along the common boundary of the Hamlin and the Ardeen properties. Trenches on these showings have yielded numerous gold values of two to 21 grams per tonne gold from grab samples. The former Ardeen mine is also situated on the Ardeen property, which was the first producer in Ontario in 1870. A resource tonnage and grade is contained within the mine workings. The mine occurs in a belt of mafic (basalt) volcanics that hosts the gold zones and flanking gold-bearing iron formations. Carbonate-sericite shear zones control the veins. It does not appear that there has been any attempt to trace lower-grade shear hosted gold deposits on the property.
A complete helicopter time domain EM survey of the Ardeen property was flown in July, 2005, at a 100-metre line spacing, which located a number of highly conductive targets as well as the sulphide iron formation zones that are prospective gold zones. Drilling of eight holes was completed in July to test specific conductor trends, including three holes along the extension of the Junction zone and three holes on the "turn off" zone where porphyry occurs near the volcanic-sedimentary contact. A gold showing in altered porphyry occurs on strike called the Contact zone that assayed 23 grams per tonne gold from a grab sample of silicified porphyry. Assays are pending for all eight holes at the time of writing this report.
Two of the three holes northeast of the Junction zone contained highly sericitized rhyolites with tourmaline zones. These rocks extend southwestward into the Hamlin base metal target area and represent the alteration found associated with certain base metal and gold deposits (Thomson Bousquet variety).
A number of untested gold zones will be drilled in August, 2005, and ground geophysics and grids will continue to define potential base metal targets, and mineralized shear zones.
Pursuant to the option agreement entered into by the three parties, in order to earn an initial 50-per-cent interest (each as to 25-per-cent), East West and Maple will be required to incur total expenditures of $2.5-million on the Ardeen property by Dec. 31, 2008, and will be required to make option payments to Pele totalling $140,000 in cash by Maple and 700,000 common shares of East West by Jan. 31, 2008. East West and Maple can subsequently increase their interest to 60 per cent (each as to 30 per cent) by delivering a feasibility study by Dec. 31, 2012, and pending delivery thereof, incurring additional expenditures of $750,000 by Dec. 31, 2010, and $750,000 by Dec. 31, 2012.
Obadinaw
Maple and East West hold a 100-per-cent interest (50-per-cent each) in the 235-claim-unit Obadinaw property, which covers an eight-kilometre-long northeast extension of a series of shear zones that continue from the La Rose gold occurrence in Moss township recently optioned by Freewest Resources. The Obadinaw Property covers sheared and altered meta sediments as well as felsic intrusions (porphyry, syenite porphyry) that are similar to the rocks hosting a new gold discovery on the La Rose property. Assays released by Freewest on Aug. 20, 2003, gave values ranging from 1.02 grams per tonne (0.03 ounce per ton gold) to 371.99 grams per tonne (10.85 ounces per ton gold) from 25 grab samples with an average of 27.7 grams per tonne (0.81 ounce per ton gold) or 9.66 grams per tonne (0.28 ounce per ton gold) if all high assays are cut to 30 grams per tonne. The Obadinaw property also covers a four- to five-kilometre section of the Boundary fault, which parallels the structure associated with the La Rose showing and is adjacent to structures that are associated with gold zones at the Ardeen mine.
Geological mapping and structural studies were carried out in the summer and fall of 2004 followed by a large grid and IP-resistivity surveys. A number of quartz eye-feldspar porphyries were found that follow shear zones in the sediments. This setting is an extension of gold zones on the adjoining La Rose property held by Freewest. Drilling of the IP trends is planned for September, 2005.
In addition a portion of the eastern part of the Obadinaw property was surveyed by a helicopter borne time domain EM, which outlined important conductors that will also be drill tested.
Burchell Lake
Maple and East West hold a 100-per-cent interest (50-per-cent each) in the Burchell Lake property obtained by staking 210 claim units in the Burchell Lake area four kilometres southeast of the North Coldstream mine (a former gold-copper producer). The claim group covers eight to 10 kilometres of structures that are related to the Knife Lake fault, a feature that is interpreted to be a controlling structure for gold mineralization in the region. A series of favourable host rocks for massive sulphide VMS-style mineralization occur on the property, including extensions of the host stratigraphy from the Vanguard copper-zinc-silver-gold (Cu-Zn-Ag-Au) massive sulphide deposits that occur six kilometres to the northeast of the north boundary. There are no royalties payable to any party for this property.
A detailed helicopter time domain EM and magnetic survey was flown over the entire 210-claim-unit property which identified the extension of known conductors detected in the original 2003 orientation survey. Prospecting and mapping located favourable rhyolite breccia and alteration zones that are associated with VMS massive sulphide deposits. A new massive sulphide showing on the southern boundary of the claims was optioned from a prospector and additional claims were staked to link Burchell with Deaty Creek and extend coverage southwest along a segment of volcanics on strike to the new showing. Only a limited two-hole drill program has been done on Burchell over the past year and several untested conductors remain to be drilled.
A second helicopter airborne survey was flown in 2005 over the new claims that extend south from Burchell, which located a number of discrete conductors. Folding of the southeast margin of the Shebandowan belt creates a complex repetition of the stratigraphy that could host VMS massive sulphides, thereby creating multiple targets that require follow-up. A sulphide zone occurs on the new add on claims to the south that yielded up to 1 per cent copper in grab samples.
Shear
Maple and East West hold a 100-per-cent interest (50-per-cent each) in the 14-claim-unit Shear property, with a 2-per-cent NSR is payable to prospectors. The property covers the north extension of controlling faults and shears associated with the Moss Lake gold deposit (65 million tonnes of 0.032 ounce gold). Geological mapping and prospecting were carried out in June and July to locate quartz veins containing up to 34 grams gold in grab samples. Geophysical surveys are planned to trace the structures prior to drilling.
The projects set out above are being supervised by R. Middleton, PEng, who is the qualified person and responsible for quality control of the assaying and reporting.