Crosshair Updates Newfoundland Projects; Prepares for Drilling at Wings Point.
VANCOUVER, British Columbia--(BUSINESS WIRE)--April 7, 2004
Crosshair Exploration and Mining Corp. (the 'Company') (TSX VENTURE:CXX) is pleased to provide the following exploration update on the Wings Point-Titan, Glenwood Break, South Golden Promise and North Paul's Pond properties, all strategically located in intensely active exploration areas in central and northern Newfoundland. The Wing's Point-Titan, Glenwood Break, and Golden Promise are all under option from Rubicon Minerals Corporation (RMX on TSX).
At Wings Point-Titan, analyses are currently being carried out on 242 channel and panel samples, as well as 29 grab samples collected during extensive trenching activities completed late last year. Assay results for most samples are expected within 7 days, whereas numerous samples that were selected for specialized metallic screening due to the presence of visible gold in the samples will take slightly longer to process. All preparation work and gold analysis is being carried out at Eastern Analytical Limited in Springdale, Newfoundland. All pulps will be submitted to Chemex Limited for ICP analysis. These results will be the focus of additional trenching and sampling in early summer of 2004.
A diamond drill program is slated for commencement in May, and will test the Titan prospect. The Titan prospect showed widespread occurrences of visible gold associated with quartz veins and carbonate alteration in gabbros and sentiments. This drill program will be independent of the additional trenching planned for summer 2004.
At the Glenwood Break property, an airborne magnetic and electromagnetic geophysical program completed in late 2003 is currently being evaluated by Dr. William Scott, Ph.D, P. Geo. Dr. Scott will incorporate all previous exploration and government data into a comprehensive review to aid in additional target definition.
The survey was flown by Fugro Airborne Surveys DIGHEM Ltd., and consisted of 4240 line km completed at a line spacing of 75 m using helicopter electromagnetic/resistivity and horizontal gradient magnetic systems. An EM sensor height of 30 m was used. The work was monitored by independent geophysicist Mr. Bob Lo, P. Eng. from Toronto, Ontario, to ensure high quality data collection and processing as part of a QA/QC program.
Currently, a program of detailed soil sampling is underway in the Rocky Pond area in the north-eastern portion of the property where float sampled late last year returned 13.5 g/t Au. An intensive prospecting and geochemical program is planned for high priority target areas upon receipt of the airborne interpretation expected by April 15th, 2004, with a view to determining drill targets for a summer drill program.
At South Golden Promise, a comprehensive review of the airborne magnetic and electromagnetic survey covering Block 1 (contiguous with the Placer Dome/Rubicon Golden Promise JV) and Block 2 (5 kilometres southwest of Block 1) is also being prepared by Dr. Scott. The South Golden Promise airborne survey was completed as part of the larger Rubicon/Placer Dome Golden Promise survey, which was also flown by Fugro Airborne Surveys DIGHEM Ltd., under the same specifications as the Glenwood survey described above. This review will help plan an aggressive ground program to commence as soon as field conditions allow by May, 2004.
At the 100% owned North Paul's Pond property, samples from a recently completed basal till program are being processed at Overburden Drilling Management in Nepean, Ontario, where gold grain recovery, grain description, as well as heavy mineral concentrates will be produced from each of the 10-12 kg samples. The heavy mineral concentrates will be analyzed at an accredited assay lab. The results will be used to focus detailed exploration including trenching programs scheduled for early summer.
The property straddles a significant structural feature that hosts known mineralization at the Goose Prospect, which was discovered by Noranda in the 1980's. The Goose prospect returned drill intercepts of up to 3.14 g/t over 2.5 m and 7.54 g/t gold over 1.0 m. The till sampling program was completed over a 2.5 km x 1.5 km area of gold bearing float discovered by Noranda along strike from the Goose prospect. Results reported by Noranda from the float samples range from 3.9 g/t to 10.8 g/t gold, including some visible gold.
The Company is planning an aggressive exploration program on all of the Newfoundland projects in 2004, with a heavy emphasis on trenching and drilling. All work is being supervised by Timothy Froude, P. Geo., General Manager and Chief Geologist for the Newfoundland Projects, and is the Qualified Person as defined under the Canadian Securities Administrators' National Instrument 43-101.
ON BEHALF OF THE BOARD
Mark J. Morabito, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.
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|Date:||Apr 7, 2004|
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