News out Lakeview Propertyhttps://new.stockwatch.com/swnet/newsit/newsit_newsit.aspx?bid=B-523235-C:CLD&symbol=CLD&news_region=C
Cangold drills 4.12% Zn over 9.33 m at Lakeview
2006-02-08 16:48 ET - News Release
Mr. Robert Archer reports
CANGOLD INTERSECTS ZINC-SILVER-GOLD MINERALIZATION ON THE LAKEVIEW PROPERTY
Cangold Ltd.'s diamond drilling has intersected zinc-rich sulphide mineralization on the Lakeview property near Houston in the Omineca mining division of central British Columbia. The program was designed to test a known mineralized horizon for polymetallic sulphide mineralization similar to the Eskay Creek mine.
The Cangold drilling program tested the mineralized horizon at Lakeview at 50-metre centres over a strike length of 300 metres. Seven holes were drilled, comprising 798 metres, and all intersected the silica-rich, fractured-to-brecciated, rhyolitic mineralized horizon. The holes were drilled under both the northern and southern trenches but only holes LV-05-01 and 02, drilled under the north trench, intersected significant mineralization. While hole LV-05-01 returned a 9.33-metre intersection of 4.12 per cent zinc, hole LV-05-02 returned higher grades of zinc, silver and gold over a narrower interval. Sphalerite in both holes occurs as very fine, black, occasionally banded masses with 5 to 10 per cent fine pyrite and rare chalcopyrite.
Significant results include:
LV zone
Hole From To Zn Cu Ag Au
LV-05- m m % % g/t g/t
01 80.42 89.75 4.12 0.12 6.70 0.06
inc. 84.00 88.92 7.31 0.18 10.5 0.09
02 100.05 100.7 8.82 0.58 37.1 1.07
True widths are estimated to be about 50 per cent of core widths.
All holes were drilled at a dip of minus 45 degrees and oriented at 300 degrees, except LV-05-07, which was oriented at 330 degrees and drilled from the same site as LV-05-01. Drilling commenced at the north trenches and progressed along strike to the southwest at 50-metre intervals, with drill hole LV-05-06 being the most southerly. All analyses were completed by ALS Chemex of North Vancouver, B.C. -- zinc and gold by atomic absorption; silver and copper by ICP.
The only known drill hole to have previously intersected the Lakeview mineralization, in 1955, reportedly averaged 7.7 per cent copper, 0.6 per cent zinc, 141 grams per tonne silver and 0.85 g/t gold over 1.4 metres. This was a shallow hole drilled under the south trench and close to the same site as hole LV-05-05. The latter hole was deeper and intersected the mineralized horizon, but returned no significant values. This inconsistency, plus the lack of copper and enrichment in zinc in Cangold's drilling compared with the historical drill hole, suggests that the mineralization is intermittent at this location and/or may be zoned, as is common in volcanogenic sulphide deposits.
Anomalous zinc and copper from soil geochemistry imply that the mineralized horizon extends for a strike length of 1.5 to 2.0 kilometres. The mineralization appears to be stratabound in nature and occurs near the contact between an andesite and rhyolite of the Telkwa formation, Hazelton group, Babine range. A limestone unit, previously described as being associated with the mineralization, was not observed in this drill program and is considered to be misidentified altered volcanic rocks.
Once the snow has melted, the property will be mapped and an electromagnetic geophysical survey will be considered to pinpoint thicker areas of the mineralized horizon prior to deciding whether to follow up with additional drilling.
Robert F. Brown, PEng, and vice-president, exploration, for Cangold, is the qualified person for the project, as defined by National Instrument 43-101, and has reviewed the results in this news release.