Caribgold Acquires 118-Claim Property Near Noranda's Matagami Base Metal Discovery.Business Editors TORONTO--(BUSINESS WIRE)--Dec. 14, 2000 CaribGold Resources Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CG.) CaribGold Resources Inc. (TSE:CG.) has completed the acquisition of a 100% interest, subject to a 2% NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there , in 118 contiguous mineral claims in Matagami, Quebec. The claims are situated in a favorable geological setting, about five to six kilometers west of a significant zinc/copper discovery made by Noranda Inc. The Noranda discovery was made in March of this year and, by the end of October, Noranda had reported the completion of 165 diamond drill holes and the discovery of "...a revised total indicated and inferred resource of approximately five million tonnes grading 16.8% Zinc (Zn), 1.3% Copper (Cu), 34 grams-per-tonne Silver (g/tAg) and 0.4 grams per tonne Gold (g/tAu)." In a News Release on October 30, 2000, Noranda stated that, "A total of six drills continue to work..." on the property. Noranda's October 30, 2000, News Release further stated that, "Exploration will be pursued vigorously as the favourable key tuffite horizon is now thought to extend over a much wider area". Noranda has also announced that it anticipates a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. by the end of the first Quarter 2001. CaribGold's property interest, which was acquired for $25,000 in cash and 600,000 common shares, lies within andesite and basalt volcanics of the Wabassee Group. These volcanic units are relatively horizontal, 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. the favourable Watson Group volcanics in the nose of the Galinee Anticline anticline: see fold. . Former base metal producer, New Hosco Mines, is situated adjacent to the CaribGold property. The Noranda discovery lies within the Watson Group volcanics, about 5 kilometers further to the east. Initial exploration work planned by CaribGold consists of a deep penetration induced polarization survey to explore for conductive disseminated and stringer type 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. associated with deeper VMS (1) (Virtual Memory System) A multiuser, multitasking, virtual memory operating system for the VAX series from Digital. VMS applications run on any VAX from the MicroVAX to the largest unit. See OpenVMS. type deposits within the shallow plunging Watson Group volcanics of the Galinee Anticline. See attached map *. * Please note: The map is available on the BCE Emergis website at www.e-newsservices.com . |
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