New McFaulds News- Mult. High Priority Drill Targets
posted on
Apr 15, 2008 06:39AM
Exploration stage resource company - McFaulds Lake, On & Nevada
Press Release | Source: Mill City Gold Corp. |
Mill City and Temex identify numerous high priority drill targets
Tuesday April 15, 9:00 am ET
Survey Highlights:Mill City has the option to earn a 50% interest in the Claims by spending $2.5 million on exploration over a 3 year period, and is funding 100% of the program. Temex is the operator (news release Dec. 12, 2007). The Companies view the geophysical data as the most significant portion of the exploration process to define targets prior to diamond drill testing for the presence of sulphide mineralization because Ni-Cu-PGE mineralization, like that discovered by Noront, produces geophysical signatures that can be detected by airborne geophysical surveys, and because there is very little rock exposure in the area. The Companies expect to be in a position to fully evaluate the data sets over the next month and are in the process of arranging logistics so that a diamond drill program can be commenced in the early part of the summer. The drill program will be fully helicopter-supported so it is necessary that a significant effort be made to streamline the logistics prior to the start of drilling operations. These arrangements are currently in the planning stages and will be implemented over the coming weeks.
- 2,200 line-km of state of the art helicopter-borne magnetic ("Mag")
and electromagnetic ("EM") surveying was completed.
- Mag and EM data was collected along 100-metre spaced flight lines,
thereby virtually eliminating the need for significant follow-up
ground geophysical programs; there is no known history of exploration
on any of the Claims.
- Many conductive zones have been outlined, a majority of which have
associated, direct correlation with magnetic highs that may be caused
by the presence of ultramafic rocks with or without accompanying
sulphide mineralization.
- Diamond drilling is expected to commence after the spring thaw and
once suitable drilling equipment is available.
Bruce Durham, Executive Chairman of Temex commented, "We are really excited to have outlined so many targets in this completely unexplored area that reaches as far as 100 km to the northwest and 60 km to the southwest of the Noront discovery. It is certainly possible that we will discover significant mineralization at more than one of these targets in the near future."
Follow-up Program
The Companies expect to be in a position to evaluate a number of the best targets over the summer months using a combination of limited ground geophysical surveying and cursory field investigations followed shortly thereafter by initial diamond drill testing. A number of targets occurring on about half of the blocks are currently being planned as drill targets in the first round of drilling slated to begin this summer. The Companies plan to post some of the pertinent geophysical data on their respective websites once the final data has been received and fully evaluated.
Geophysical anomalies that result from the presence of magmatic massive sulphide mineralization (Ni-Cu-PGE bearing sulphides) are typically short length (generally one hundred to several hundred metres long) EM anomalies that have coincident or even significantly larger associated magnetic highs that reflect the presence of a combination of magnetite in the ultramafic rocks (resulting from the process of serpentinization or alteration of the ultramafic host rock) and the sulphides that cause the conductive response. While these characteristics are significantly less obvious as sulphide concentrations decline in a mineralized zone, the best targets, as described above, are the primary targets and would be expected to be the higher grade portions of any mineralized zone.
Rick H. Russell, P. Geo., is the designated qualified person responsible for the preparation of this news release. Mill City is a Canadian exploration company exploring for base and precious metals in the McFaulds Lake, James Bay Lowlands area of Northern Ontario. The Company is also exploring for gold in North Central Nevada.
ON BEHALF OF THE BOARD OF DIRECTORS
"James R. Brown"
James R. Brown
Chairman, President & CEO
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this Release.