Cartaway Resources Corporation - Drilling Begins On Cirque Property.VANCOUVER, British Columbia--(BUSINESS WIRE)--May 1, 1996--CARTAWAY RESOURCES (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). :CWA CWA Clean Water Act (33 USC) CWA Communications Workers of America CWA Concerned Women for America CWA CEN Workshop Agreement (European pre-normative document) CWA County Warning Area CWA Clean Water Action ) Cartaway Resources Corporation ("Cartaway") is pleased to announce that it has commenced drilling on its geophysical anomaly on the Cirque property (LB-N) located 75 kilometres northwest of Nain in the Okak Bay region of Labrador. The anomaly is best explained by a pipe like magnetic conductor some 250 metres in diameter with layered anorthosite anorthosite Type of igneous rock composed predominantly of calcium-rich feldspar. It is considerably less abundant than either basalt or granite, but the complexes in which it occurs are often immense. and troctolite Troctolite is a rare ultramafic intrusive rock type. It consists essentially of variable amounts of olivine and calcic plagioclase along with variable minor pyroxene. It thus is midway between peridotite and anorthosite. . A four hole program is planned from the first set-up and no further information will be released until two of the holes have been completed. Cartaway is also pleased to announce that it has signed an agreement with Southview Capital Corp. ("Southview") to option to Cartaway up to a 60 percent working interest in a block of 78 claims in Voisey's Bay, Labrador and located 33 kilometres WSW of Cartaway's Cirque property. Pursuant to the terms of the agreement, Cartaway was obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to pay $7,500 to Southview and perform sufficient work prior to April 30, 1996 to keep the Property in good standing for a further year, both of which have been effected and in consideration for which Southview granted to Cartaway the option to earn an interest in the Property. Cartaway can earn the option by paying a further $7,500 to Southview and issuing 100,000 treasury common shares of Cartaway to Southview on or before September 1, 1996 and expending a further $250,000 in exploration of the Property on or before September 1, 1997 for which Cartaway will earn a 51 percent working interest. Cartaway has the option to earn a further 9 percent working interest by issuing a further 100,000 treasury common shares of Cartaway to Southview and expending a further $500,000 in exploration of the Property on or before September 1, 1998. After Cartaway has earned its interest, Cartaway and Southview will form a joint venture. The transaction is subject to Cartaway receiving regulatory approval to the proposed share issuance to Southview. Several strong magnetic conductors were located by a helicopter borne AEM AEM Applied and Environmental Microbiology (journal) AEM Association of Equipment Manufacturers AEM Academic Emergency Medicine (journal) AEM Agnico-Eagle Mines Limited AEM Advanced Engine Management system and are being surveyed on the ground. The anomalies occur within Nain Plutonic plu·ton·ic adj. Of deep igneous or magmatic origin: plutonic rocks. [From Latin Pl Suite rocks. On Behalf of the Board of Directors "Walter Nash" Vice-President Exploration CONTACT: Sterling Pacific Capital Inc. (604) 669-2701, 800/663-0510 The Alberta Stock Exchange has neither approved nor disapproved the information contained herein. |
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