Metalex, WSR, Arctic Star find Cu, Zn, Fe sulphides
2008-06-16 10:15 ET - News Release
Also News Release (C-ADD) Arctic Star Diamond Corp
Also News Release (C-WSR) WSR Gold Inc
Mr. Chad Ulansky of Metalex reports
METALEX-WSR-ARCTIC STAR JOINT VENTURE INTERSECTS 131.9 METERS OF SEMI-MASSIVE TO NEAR-MASSIVE SULPHIDES IN HOLE 5.01-09, UNDER HOLE 5.01-06, ON ANOMALY 5.01, JAMES BAY LOWLANDS, ONTARIO
The joint venture project of Metalex Ventures Ltd., WSR Gold Inc. and Arctic Star Diamond Corp. along the Ring of Fire, 45 kilometres north of Noront's Eagle One discovery, has encountered another significant width of volcanic-derived sulphides (VDS) mineralization in hole No. 5.01-09. This property, of 65 hectares, is one of 113 joint venture claim blocks under option by WSR, whereby WSR can earn up to a 50-per-cent interest in the property by spending $20-million over four years, thereby diluting Metalex to a 45.75-per-cent interest and Arctic Star to a 4.25-per-cent interest. Currently, Metalex has a 91.5-per-cent interest and Arctic Star has an 8.5-per-cent interest. Within the option agreement covering approximately 21,400 hectares, there are numerous other high-priority targets throughout the area.
To date, on the 5.01 discovery, 10 holes have been completed totalling 1,903.5 metres. Hole 5.01-06, reported in a previous press release in Stockwatch dated June 4, 2008, on Section 1+50 east, was followed by three additional holes on the same section. Hole 5.01-10 was a 50-metre step-out east of 5.01-09 on Section 2+00 east. The zone dips steeply north below the Precambrian surface which is overlain by approximately 15 to 20 metres of gravel and Paleozoic sedimentary cover. The VDS mineralization has been delineated thus far on sections 1+00 east and 1+50 east (50 metres apart) down to a vertical depth of 200 metres. On a third section (2+00 east), the first hole completed (5.10-10) failed to intersect the zone at its targeted vertical depth of 150 metres.
Hole No. 5.01-07 was drilled in a southeasterly direction to check for a northeasterly-southwesterly strike direction and encountered only minor iron sulphide mineralization.
Hole No. 5.01-08 drilled southerly, across the assumed east-west strike direction, encountered only sparse mineralization at shallow depths over the top of the main mineralization.
Hole No. 5.01-09 drilled southerly, 50 metres down dip below hole 5.01-08, encountered the main zone from 103.5 metres to 235.4 metres (103.5 metres in total) in the drill hole and is similar in visible sulphide content to hole No. 5.01-06.
Hole No. 5.01-10, a 50-metre step-out to the east of hole 5.01-09 and along strike, intersected only minor sulphides.
Hole No. 5.01-11 currently being drilled is designed to test for the main mineralization down the steep easterly plunge, 50 metres below hole 5.01-10 on the same north-south cross-section (2+00 east).
SUMMARY OF THE RECENT DRILLING ON 5.01 WITH SIGNIFICANT VISUAL SULPHIDE MINERALIZATION Location Hole mineralization VisualHole No. East- North- Dip Az EoH From To Width description ing ing of metres metres metres mineralization Minor5.01-07 1+50E 0+50N -45 135 165.0 52.4 118.5 66.1 iron sulphides Minor5.01-08 1+50E 0+50N -45 180 140.2 25.9 35.4 9.5 iron sulphides Minor iron, copper5.01-09 1+50E 1+00N -60 180 249.7 42.0 103.5 61.5 sulphides Semi-massive, iron, copper, 103.5 154.0 50.5 zinc sulphides Iron, copper, 154.0 183.8 29.8 zinc sulphides Semi-massive iron, copper, 183.8 201.2 17.4 zinc sulphides Near-massive iron, copper 201.2 235.4 34.2 sulphides Minor5.01-10 2+00E 0+50N -65 180 280.5 131.7 235.1 93.4 iron sulphides
The anomaly 5.01 project is managed and operated by Metalex for the joint venture partners under supervision of Dr. Charles Fipke, chairman of Metalex. Dr. Fipke and John Harvey, PEng, a consulting geologist for WSR, prepared this release.
Metalex believes that the recent drill results, with the presence of visible copper, zinc and lead sulphides being observed on site by the project's geologist, are very encouraging and could be of significant importance to the joint venture partners if the assay results pending are favourable. Notwithstanding the foregoing, visible observations are estimates only and pending assay results may not confirm visual observations in whole or in part. The widths given above are core widths only and do not represent true widths which cannot be determined at this time.
John Archibald, PEng, and a qualified person, has reviewed the drill core and confirms the visual descriptions described herein. Assay results are pending for all holes completed to date.