Drill Results From Gossan's Bird River Property.WINNIPEG, Manitoba -- Gossan gos·san n. An exposed, oxidized portion of a mineral vein, especially a rust-colored outcrop of iron ore. [Cornish gossen, from g Resources Limited (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:GSS (storage) GSS - Group-Sweeping Scheduling. )(Frankfurt/Freiverkehr:GSR See Gigabit Switch Router. ) announces that it has received from Lac des Iles Mines Ltd. "LDI See OpenLDI. ", a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Palladium Ltd., the results from the recently completed diamond drill program on the Bird River Property in southeastern Manitoba. The drill program consisted of eight (8) holes, BR-05-01 to 08 (hole BR-05-03a had to be abandoned in overburden) totaling 967.7 meters. Drilling tested seven (7) of the airborne electromagnetic conductors, identified from the Airborne VTEM Survey flown earlier this year by LDI, along the inferred base of the Bird River Sill. Four of the eight holes encountered significant sulphide 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. highlighted by hole BR-05-02 that intersected 13.75 meters of 1.077% nickel and 0.501% copper including 4.75 meters grading 2.143% nickel and 0.440% copper.
TABLE 1 Drill Hole Collar Location
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Hole No. Easting Northing Azimuth Dip Depth
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BR-05-01 321721 5595909 360 -50 64.9
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BR-05-02 321633 5595903 360 -50 80.77
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BR-05-03a 322221 5595908 180 -45 33.53
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BR-05-03 322221 5595908 180 -60 190.2
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BR-05-04 315819 5591592 360 -56 160
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BR-05-05 317064 5592060 360 -55 180.8
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BR-05-06 320095 5595467 360 -50 91.4
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BR-05-07 319603 5595680 360 -50 70.1
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BR-05-08 321633 5595903 20 -65 96
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967.7 m
Four of the drill holes (BR-05-01, 02, 03 and 08) were collared in the northwest corner of the Bird River Property on the Page Block previously tested by Hudson Bay Mining and Smelting Co., Ltd. in 1954. In 2001, Manitoba Industry, Trade and Mines conducted a re-assaying program at the Page that identified a 4.6 metre section of drill core grading 1.43% nickel, 1.38% copper and 1.6 gpt palladium (additional information is available at www.gossan.ca/en/projects/birdriver.php). Mineralization at the Page Block consists of disseminated, blebby bleb n. 1. A small blister or pustule. 2. An air bubble. [Probably alteration of blob.] bleb and locally net textured sulphides (pyrrhotite pyrrhotite (pĭr`ətīt) or magnetic pyrites, bronze-yellow to bronze-red mineral, a sulfide of iron sometimes containing nickel. It tarnishes easily and is somewhat magnetic. , chalcopyrite +/- pyrite) along the base of the Bird River Sill and underlying mafic volcanics.
TABLE 2 Significant Intersections
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(metres) %
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Hole
No. From To Interval Nickel Copper Cobalt
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BR-05-01 9.35 28.36 19.01 0.274 0.115 0.013
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and 43.83 51.10 7.27 0.536 0.162 0.029
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Incl. 45.40 46.40 1.00 2.055 0.113 0.097
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BR-05-02 47.65 61.40 13.75 1.077 0.501 0.047
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incl. 53.25 58.00 4.75 2.143 0.440 0.088
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BR-05-07 7.03 8.03 1.00 0.654 0.306 0.026
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BR-05-08 58.46 59.86 1.40 0.366 0.297 0.017
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And 65.16 70.16 5.00 0.511 0.214 0.019
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(metres) (grams per tonne)
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Hole
No. From To Interval Gold Platinum Palladium
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BR-05-01 9.35 28.36 19.01 0.014 0.052 0.213
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and 43.83 51.10 7.27 0.018 0.102 0.490
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Incl. 45.40 46.40 1.00 0.04 0.138 1.892
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BR-05-02 47.65 61.40 13.75 0.030 0.267 0.726
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incl. 53.25 58.00 4.75 0.019 0.395 1.108
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BR-05-07 7.03 8.03 1.00 0.101 0.138 0.627
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BR-05-08 58.46 59.86 1.40 0.027 0.116 0.443
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And 65.16 70.16 5.00 0.022 0.117 0.397
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Drill core was logged and split on site with split samples shipped to Accurassay Laboratories, an accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. laboratory, in Thunder Bay for analysis. The precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. were analyzed utilizing a standard fire assay with atomic absorption finish and the base metals were analyzed utilizing an aqua-regia digestion and atomic absorption finish. Check assays were completed and were confirmatory. Bruce W. Mackie, Vice President - Exploration of North American Palladium Ltd. is LDI's Qualified Person supervising the work being carried out on the Bird River Property. The Property, encompassing 6,870 hectares (16,975 acres), covers over 21 kilometres of the Bird River Sill Complex. Locally, about 500 to 600 meters thick, the Bird River Sill is a differentiated gabbroic complex, which trends east-west, dips steeply to the south and is subdivided into a basal ultramafic, a transitional and an upper mafic series. This complex carries significant concentrations of palladium and platinum along with nickel, copper, zinc and chromite chromite (krō`mīt), dark brown to black mineral. It is an iron-chromium oxide, FeCr2O4, with traces of magnesium and aluminum. . The Bird River Property is located about 40 km east of Lac Du Bonnet, Manitoba Lac du Bonnet, Manitoba is a community in Manitoba. Local media Newspapers Lac Du Bonnet Leader P.O. Box 910 Lac Du Bonnet MB R0E1A0 Radio Television CBWT-2 first went on the air on May 27,1968. and, along the Sill, approximately 6 km west of Mustang Minerals' Maskwa Deposit. North American Palladium Ltd. (PDL-TSX & PAL-Amex) is Canada's only primary producer of palladium and is the owner/operator of the Lac des Iles Mine located northwest of Thunder Bay, Ontario. Under the terms of an Option and Joint Venture Agreement, LDI can earn an undivided 50% interest in the Bird River Property by spending $2.5 million on exploration and making cash payments of $400,000 to Gossan by August 30, 2008. Thereafter, LDI can earn a further 15% interest by completing a bankable bank·a·ble adj. 1. Acceptable to or at a bank: bankable funds. 2. Guaranteed to bring profit: a bankable movie star. feasibility study and an additional 10% interest, to a total 75% interest, by arranging project financing. Under the terms of the Agreement, LDI must incur $400,000 of exploration expenditures and make a second cash payment of $50,000 by August 30, 2005. Gossan Resources Limited is engaged in mineral exploration in Manitoba and northwestern Ontario. It has a well-diversified portfolio of properties hosting gold, platinum group and base metals, as well as the specialty metals, tantalum tantalum (tăn`tələm) [from Tantalus], metallic chemical element; symbol Ta; at. no. 73; at. wt. 180.9479; m.p. 2,996°C;; b.p. 5,400±100°C;; sp. gr. 16.65 at 20°C;; valence +2, +3, +4, or +5. , chromium, titanium and vanadium vanadium (vənā`dēəm), metallic chemical element; symbol V; at. no. 23; at. wt. 50.9415; m.p. about 1,890°C;; b.p. 3,380°C;; sp. gr. about 6 at 20°C;; valence +2, +3, +4, or +5. Vanadium is a soft, ductile, silver-grey metal. . The Company also has a large deposit of magnesium-rich dolomite dolomite (dō`ləmīt', dŏl`ə–). 1 Mineral, calcium magnesium carbonate, CaMg (CO3)2. and a silica sand prospect. Gossan trades on the TSX Venture and the Frankfurt/Freiverkehr & Xetra Exchanges and has 17,418,124 shares outstanding (21,098,124 shares fully diluted). The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. Gossan Resources Limited (TSX VENTURE:GSS) (FRANKFURT:GSR) |
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