Coronation Minerals Inc./Guyana Goldfields Inc.: Copper Zone Confirmed/New Ground Staked.Business Editors CORONATION GULF, Nunavut & TORONTO--(BUSINESS WIRE)--Nov. 6, 2003 Coronation Minerals Inc (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension Venture:MSA (Metropolitan Service Area) An urban area with at least 50,000 people plus surrounding counties. There are 306 MSAs and 428 RSAs (rural service areas) in the U.S. MSAs and RSAs are used to allocate cellular licenses. ) and Guyana Goldfields n. 1. A small slender woolly annual (Lasthenia chrysostoma) with very narrow opposite leaves and branches bearing solitary golden-yellow flower heads; it grows from Southwestern Oregon to Baja California and Arizona; - it is often cultivated. Inc. (TSX Venture:YGI YGI You Got It ) are pleased to announce results from the first two diamond drill holes of a recently completed 7-hole program, totaling 7186 feet. This current program was carried out to test a newly discovered 10 milligal gravity anomaly as well as to confirm the extension of the "Dot 47 Copper Zone" which was discovered and partially delineated in 1966-1969. The best hole of the 1966-1969 program returned 260.2 feet grading 3.92 % copper. Both of these targets are located within the 112,500 acre Coronation Gulf Project area. The Companies also announce the staking of an additional 9237 acres. This ground ties onto and expands the large (2km x 10km), 10 milligal gravity anomaly, which is coincidental with an airborne magnetic anomaly. This area is bound by two major fault structures in which geochemical surveys conducted by the companies during the 2002 field program outlined highly anomalous values of copper, nickel, cobalt and in some cases chromium and magnesium oxide. The companies consider this area to be highly prospective for "Norilsk-type" Ni-Cu-Pgm ore bodies. Diamond Drill hole 2003-47-1 The objective of this hole was to test the down dip extension of the known 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. and confirm the continuation of the mineralized min·er·al·ize v. min·er·al·ized, min·er·al·iz·ing, min·er·al·iz·es v.tr. 1. To convert to a mineral substance; petrify. 2. To transform a metal into a mineral by oxidation. 3. structure to depth. The hole drilled through uniform and amygdaloidal a·myg·da·loid n. A volcanic rock containing many amygdules. adj. also a·myg·da·loi·dal 1. Shaped like an almond. 2. Anatomy Of or relating to the amygdala. 3. basalts in the footwall foot·wall n. Geology 1. The mass of rock underlying a mineral deposit in a mine. 2. The underlying block of a fault having an inclined fault plane. intersecting the mineralized zone consisting of shattered, hematized and brecciated (calcite and quartz fillings) basalts. The main copper minerals encountered were chalcocite chalcocite Sulfide mineral, Cu2S, that may be an important ore of copper. It belongs to a group of sulfide minerals formed at relatively low temperatures. Chalcocite alters to native copper and other copper minerals. with lesser amounts of bornite bornite Common copper-ore mineral, copper and iron sulfide (Cu5FeS4). Typical occurrences are found in Mount Lyell, Tasmania; Chile; Peru; and Butte, Mont. Bornite may form isometric crystals but occurs most commonly as irregular masses. and chalcopyrite. The hole returned the following copper intersections: 184.96 feet grading 1.48 % copper Included within this there was 51.14 feet grading 3.38 % copper Anomalous palladium values were encountered throughout the hole. Diamond Drill hole 2003-47-2 The objective of this hole was also to test the down dip extension of the known "Dot 47 Zone" and confirm the continuation of the mineralized structure to depth. The hole returned the following copper intersections: 238.75 feet grading 1.63 % copper Included within this there was 25.35 feet grading 5.27 % copper Anomalous palladium values were encountered throughout the hole. Hole 2003-47-2 was collared approximately 207 feet south-west of hole 2003-47-1. Both holes were drilled with an azimuth of 150 degrees and with a dip of -50 degrees. Company geologists are pleased with these results obtained to date as they confirm the extension to depth of the "Dot 47 Zone." Results from the remaining five drill holes will be released by the Companies as they are received, compiled and evaluated. The drilling program is being carried out under the direction of Mr. Rory Calhoun, a qualified person within the meaning of National Instrument 43-101. Mr. Calhoun has reviewed the exploration results contained in this news release. Core is split, with half sent to ALS Als (äls), Ger. Alsen, island, 121 sq mi (313 sq km), Sønderjylland co., S Denmark, in the Lille Bælt, separated from the mainland by the narrow Alensund. Chemex (Vancouver) for analysis. About Coronation Minerals Inc. Coronation Minerals Inc. is a Canadian based resource company whose focus is to explore for and develop mineral deposits throughout the Coronation Gulf Region, Nunavut, Canada. About Guyana Goldfields Inc. Guyana Goldfields Inc is a Canadian based exploration company with advanced mineral assets in various stages of development located in Guyana, South America and the Coronation Gulf, Nunavut, Canada. The Company offers investors leverage to gold through its Peters Mine and Aurora properties in Guyana and exposure to nickel-copper-platinum group metal projects by way of its properties in the Coronation Gulf region, Nunavut, Canada. The TSX/TSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. |
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