Canaco Resources Ltd. Announces Outokumpu Signs Confidentiality Agreement; Drilling Commenced.WEST VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 27, 1998--Cusip #: 134909209 Mr. J. Malcolm Bell, President and Director, reports that Outokumpu Mines Inc., the Canadian subsidiary of Finnish nickel producer Outokumpu Base Metals Oy, and another major mining company have both entered into confidentiality agreements with Canaco Resources Ltd. ("Canaco") for the purpose of obtaining all current exploration data and conducting timely property examinations at the Powderhorn project. The Powderhorn property hosts a significant new discovery of orthomagmatic sulphides containing nickel/copper/cobalt mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. in surface outcrops. The property is located along a major suture suture /su·ture/ (soo´cher) 1. sutura. 2. a stitch or series of stitches made to secure apposition of the edges of a surgical or traumatic wound. 3. to apply such stitches. 4. zone and mineralization is hosted within an olivine olivine (ŏlĭv`ēn), an iron-magnesium silicate mineral, (Mg,Fe)2SiO4, crystallizing in the orthorhombic system. gabbro gabbro: see basalt. gabbro Any of several medium- or coarse-grained rocks that consist primarily of plagioclase feldspar and pyroxene. Gabbros are found widely on the Earth and on the Moon. intruded into an overlying overlying suffocation of piglets by the sow. The piglets may be weak from illness or malnutrition, the sow may be clumsy or ill, the pen may be inadequate in size or poorly designed so that piglets cannot escape. super sulphur rich sediment. Assimilation with and mixing of the sediment is readily observable in outcrop. Both structural setting and sulphur contamination are primary ingredients that dominate the formation of large Ni/Cu/Co deposits. In the last ten days Canaco has completed an infill pulse-EM geophysical survey Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. combined with trenching and mapping of the Powderhorn property. A zone of highly conductive and complex geophysical anomalies was defined occurring within a rectangular area measuring approximately 1500 metres by 1000 metres. Geological mapping has confirmed mineralization in outcrop and in surface trenches exposed over an area of 500 metres by 200 metres coincident with these anomalies. Random sampling containing from trace to 30% sulphides returned up to 0.92% Ni, 0.45% Cu, 0.081% Co and 0.02 oz/tonne Au. Assays were performed by Eastern Analytical Labs, Springdale, NF. Project geologists now believe that the nickel mineralization is associated with a large dynamic magma chamber A magma chamber is a large underground pool of molten rock lying under the surface of the earth's crust. The molten rock in such a chamber is under great pressure, and given enough time and pressure can gradually fracture the rock around it creating outlets for the magma. capable of producing a significant volume of sulphides. Zones containing 100% sulphides may be expected to contain higher percentages of Ni/Cu/Co. A drill has been mobilized to the property and assay results are expected shortly. The property is well-located adjacent to the TransCanada Hwy and close to infrastructure. It is 25 miles north of the former Buchan's Mine, which produced copper, lead and zinc for fifty years and was Canada's highest grade deposit. Furthermore, Newfoundland boasts considerable economic incentives and some of the lowest costs for goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. in the developed world. A Powderhorn Activity Map will be automatically sent with this news release to all individuals currently on our email and fax lists. It is also available by contacting the company directly. |
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