 | | | Published : February 25th, 2008 | and Mega Provide Results from Drilling at Mustang Lake and Bruce River Properties, CMB, Labra |
|
|
Article
|
Comments
|
Comment this article
|
Rating
|
♥
Follow Company
|
|
 |
| |
| |
Monday, February 25, 2008
Santoy and Mega Provide Results from Drilling at Mustang Lake and Bruce River Properties, CMB, Labrador
|
| |
NR: 08-01
Santoy Resources Ltd. (TSX.V: SAN) and its 50% Joint Venture partner, Mega Uranium Corp. (TSX: MGA) are providing the results of its phase 3 drilling program on the Mustang Lake property and the first phase of drilling on the Bruce River property, both in the Central Mineral Belt of Labrador (please refer to Mega news release of Feb. 25, 2008).
Mustang Lake Property
2,516 metres were drilled in nine holes on the Mustang Lake property, with seven holes at the South Prospect and two holes at Mustang East. Best results include one metre of 0.197 per cent U3O8, 0.6 metre of 0.167 per cent U3O8 and 0.98 metre of 0.110 per cent U3O8 in three of the South prospect target zone holes. Mineralization is hosted in southeast dipping shear zones with secondary hematite and magnetite alteration. The grade of mineralization, alteration and structural style are similar to Aurora Energy's Michelin deposit, which is located eight kilometres to the southwest. Mineralized intersections from phase 3 drilling at Mustang Lake are shown in the table below:
| Hole |
From (metres) |
To (metres) |
Interval (metres) |
U3O8% |
| SP-07-14 |
139.50 |
146.00 |
6.50 |
0.047 |
| Incl. |
141.00 |
142.00 |
1.00 |
0.197 |
| SP-07-15 |
28.00 |
31.00 |
3.00 |
0.018 |
| SP-07-16 |
215.00 |
215.60 |
0.60 |
0.167 |
| SP-07-17 |
127.92 |
128.76 |
0.84 |
0.057 |
| SP-07-18a |
49.87 |
50.87 |
1.00 |
0.054 |
| SP-07-19 |
54.20 |
55.18 |
0.98 |
0.110 |
| SP-07-20a |
177.00 |
179.0 |
2.00 |
0.013 |
| ME-07-02 |
|
No significant mineralization |
|
| ME-07-03 |
195.60 |
196.50 |
0.90 |
0.013 |
Summary drill hole results from the Mustang Lake property.
True width intervals are not yet determined.
A magnetometer survey was completed over Mustang Lake during the summer. Interpretation of these data has led to the identification of a series of northeast trending lineaments interpreted to be a major fault zone on strike with the Michelin deposit. The orientation and magnetic signature of the lineaments are consistent with mineralized shear zones intercepted in drill core and are located up-ice from a glacially dispersed, mineralized boulder train.
Bruce River Property
402 metres in three holes were drilled on the Sylvia Lake prospect, which is characterized by spatially coincident radiometric and gravity anomalies, as well as an east trending topographic lineament. The best intersection was 0.3 metre of 0.237 per cent U3O8. Mineralized intersections are shown in the table.
| Hole |
From (metres ) |
To (metres) |
Interval (metres) |
U3O8% |
| SL-07-01 |
26.80 |
27.34 |
0.54 |
0.043 |
| SL-07-02 |
28.50 |
28.84 |
0.34 |
0.027 |
| SL-07-03 |
35.00 |
35.30 |
0.30 |
0.237 |
Summary drill hole results from the Bruce River property.
True width intervals are not yet determined.
Water geochemistry and prospecting
A program of surface water geochemistry sampling from small streams, ponds, bogs and seepage zones was also completed at Bruce River in September, 2007. A final consultant's report is pending; however, initial results indicate that 69 samples yielded anomalous residual uranium values. One set of anomalies consists of a cluster of elevated uranium and molybdenum values along a northeast linear trend and will be the focus of ground follow-up by Mega in the summer of 2008.
Drilling and sampling were supervised by Dr. Tom Setterfield, PhD, PGeo, and conducted in accordance with National Instrument 43-101 as well as the mineral exploration standards implemented by the Nunatsiavut government of Labrador. Mega included regular standards, duplicates and locally obtained blanks in its sample submissions, and implements stringent chain of custody procedures. All samples were analyzed for uranium using the Delayed Neutron Count (DNC) method by Actlabs of Ancaster, Ont. Actlabs is an ISO/IEC17025 and CAN-P-1579 accredited laboratory.
In view of the disappointing drill results, Santoy has elected not to participate in the next phase of the program and its interest in the Joint Venture will be diluted on a pro rata basis. Instead, the Company will continue to focus its efforts on its 100% owned Anomaly 7 property to the west of Bruce River and adjacent to Crosshair's C-Zone and south of Silver Spruce's Two Time Zone.
The qualified person, as defined by National Instrument 43-101, responsible for review of technical information in this news release is J. R. Allan, P. Geol.
On Behalf of the Board of Directors
SANTOY RESOURCES LTD.
"Ron Netolitzky"
Ron Netolitzky, President
Cautionary Statement on Forward-Looking Information
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
|
| |
| | |
|
|
Virginia Energy Resources Inc.
|
|
DEVELOPMENT STAGE |
|
CODE : VAE.V |
|
ISIN : CA9278051011 |
|
|
| |
ProfileMarket
IndicatorsVALUE :
Projects & res.Press
releasesAnnual
reportRISK :
Asset profileContact Cpy |
Virginia Energy is a gold and cobalt exploration company based in Canada. Virginia Energy develops gold, cobalt and uranium in USA, and holds various exploration projects in Canada. Its main asset in development is COLES HILL PROPERTY in USA and its main exploration properties are ALIMAK/DECADE, RKN/GOLDEN HEART AREA, KASMERE LAKE, HAZEMPA LAKE, FIR ISLAND, PATTYSON LAKE, DOWLER LAKE, KARPINKA LAKE, THE BOW RIVER, ATHABASCA WESCAN SANTOY JV, OTISH, HAWK RIDGE, BLIZZARD, HATCHET LAKE, MUSTANG LAKE and BINGO in Canada. Virginia Energy is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 8.0 millions as of today (US$ 7.2 millions, € 5.2 millions). Its stock quote reached its highest recent level on February 23, 2007 at CA$ 8.00, and its lowest recent point on April 17, 2009 at CA$ 0.07. Virginia Energy has 57 230 614 shares outstanding. |
| Annual reports of Virginia Energy Resources Inc. |
| Financings of Virginia Energy Resources Inc. |
| Option Grants of Virginia Energy Resources Inc. |
| Nominations of Virginia Energy Resources Inc. |
| Project news of Virginia Energy Resources Inc. |
| Corporate news of Virginia Energy Resources Inc. |
|
|