NR today
Ursa Major delves into Shakespeare
2005-06-02 15:12 ET - News Release
Mr. Richard Sutcliffe reports
URSA MAJOR MINERALS RESUMES DRILLING AT SHAKESPEARE NICKEL, COPPER PLATINUM METAL DEPOSIT, SUDBURY AREA, ONTARIO
Ursa Major Minerals Inc. has resumed diamond drilling at the Shakespeare nickel-copper-platinum-group-metal deposit, located 70 kilometres west of Sudbury, Ont. The company is conducting a 14-hole, 1,800-metre drilling program for the feasibility study that is currently in progress. The program is primarily infill drilling with some holes testing the western extent of the mineralized zone where recent trenching has exposed new surface mineralization. In addition, the company is carrying out drilling for environmental and geotechnical purposes in connection with the feasibility program. The results of the current diamond-drilling program will be available by mid-July.
Ursa Major has signed a letter of intent with North American Palladium Ltd. (NAP), whereby NAP can acquire a 60-per-cent undivided interest in Ursa's interest in the Shakespeare property. Subject to the results of technical and economic studies in progress, Ursa Major and NAP consider that building a stand-alone mill will be the preferred development model for the Shakespeare deposit. Results of a prefeasibility study on a 4,000-tonne-per-day processing plant on the Shakespeare property will be available by mid-July. To acquire a 60-per-cent interest, NAP must secure all of the financing necessary for commercial production and make payments of $1.5-million to Ursa Major, which is the estimated cost of the feasibility study.
The company recently completed three drill holes to test nickel-copper targets four kilometres west of the Shakespeare deposit on Ursa Major's Agnew property. The company is encouraged by the results that provide strong evidence of a regionally prospective environment for magmatic-sulphide deposits. Two 300-metre drill holes (U7-11 and U7-12) identified a north-dipping intrusive rock sequence that has very similar geological characteristics to the host rocks of the Shakespeare deposit. The holes also intersected minor sulphide mineralization at the same stratigraphic position as the Shakespeare deposit. A deeper hole (U7-14) tested a strong magnetic high located approximately 400 metres north of the first two holes but did not intersect significant mineralization. The company will continue its evaluation of geological and geophysical targets prior to further drilling on this property. NAP has been granted an option to earn a 50-per-cent interest in the Agnew property by financing $1-million of exploration expenditures over three years.
A fourth hole (U10-03) tested a strong airborne electromagnetic anomaly located in metasedimentary rocks on the Stumpy Bay option which is part of the Shakespeare property. This hole intersected 7.5 metres grading 0.37 per cent copper and 36 grams per tonne silver from 343 to 350.5 metres. The intersected mineralization occurs beneath near-surface mineralization with similar values. Harold Tracanelli, PGeo, supervised the drill program and is the qualified person under National Instrument 43-101.
Ursa Major is also pleased to report that the company recently purchased 1.7 million shares of Patricia Mining Corp. and now holds a total of 2,463,333 common shares, or 9.35 per cent, of the issued shares of Patricia. Patricia is currently developing the Island Gold project near Wawa, Ont., where a production decision is anticipated early in 2006. Ursa Major purchased the shares for investment purposes.