Google News search finds storyMining firm pleased with results of drilling in Newfoundland
By BRUCE ERSKINE Business Reporter
Mountain Lake Resources Inc., a Nova Scotia mining firm, reported encouraging assay results Thursday from drilling at a base metal property it owns in central Newfoundland.
"The results from the 2006 drill program at Bobbys Pond have confirmed additional ore grade mineralization near surface and confirmed that the grade of mineralization is increasing at depth," company president and CEO Allen Sheito said in a release.
"Most importantly, the existing mineralized zone has been extended to 300 metres vertically and continues to remain open at depth."
Mr. Sheito said the company is now compiling an updated resource estimate, which is expected to be complete by mid-January, and preparing for the next phase of drilling, which he said in an interview is anticipated for the second quarter of 2007.
The Bobbys Pond project is in the Buchans area of central Newfoundland, known for the historic Buchans mines and is the site of several other active sulphide projects, including Aur Resources’ Duck Pond deposit, where mining and milling test runs are underway.
The Bobbys Pond deposit is 45 kilometres west of the Duck Pond operation.
Mountain Lake, which trades on the TSX Venture Exchange, is a diversified junior mining and exploration company headquartered in Port Williams.
Its other interests include the Valentine Lake gold project 30 kilometres south of Bobbys Pond, in which Richmont Mines Inc. of Rouyn-Noranda, Que., is earning a 70 per cent interest; and a 25 per cent stake in Etruscan Diamonds (Pty) Ltd. of South Africa.
( berskine@herald.ca)
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C.Gert