Royal Oak Announces Excellent Exploration Results on its Land Position Surrounding Colomac.KIRKLAND, Wash.--(BUSINESS WIRE)--Aug. 26, 1997--ROYAL OAK (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , AMEX AMEX See: American Stock Exchange : RYO.) Royal Oak Mines The Royal Oak Mines Incorporated was a gold mining company, founded in 1990 by Peggy Witte in Kirkland, Washington. They held numerous gold and base metal properties in Canada, including the Giant Mine in the Northwest Territories, Pamour Mine in Ontario, Hope Brook Mine in Inc. announced today that underground mining potential has been identified at its Colomac minesite located in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. . Drill results from various exploration programs indicate that there is excellent potential for future underground mining at Colomac. Exploration in the vicinity of the Colomac mine The Colomac Mine was an open pit gold mine in the Northwest Territories that operated between 1990-1992, and 1994-1997. It was operated by Peggy Witte, whose first company Neptune Resources Limited had little success in making a profitable operation. had previously concentrated on finding open pit mineable resources to feed the 10,000 tpd Colomac mill since the mine was acquired in 1993. The potential for finding further open pit ore is now thought to be small, however, and the Company recently announced that it would be closing down the operation in October of this year. As a result of an exploration program which commenced in January of this year, combined with information from previous drilling by Neptune Resources Corp., 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. zones have been located for possible underground mining on the large contiguous land package that has been assembled. Royal Oak has completed extensive mapping, shallow drilling, geochemistry, geophysics and topographic work on the property. The potential for underground mining is demonstrated by several showings and deposits hosted in three separate environments in the Indin Lake area as described below. Approximately 30 intersections for various zones are reported and the best intersections are as follows:
The Colomac Intrusive
Zones: 3.5 Deep, Goldcrest, Grizzly Bear, 2.0 Deep
WIDTH (FT) CORE
DDH NO. FROM TO OPT GOLD WIDTH (FT) ZONE
3.5 97-01 711 843 0.350 132 3.5 Deep
3.5 97-10 1374 1407 0.158 33 3.5 Deep
89-06 44 64.0 0.217 20 Goldcrest
90-16 334.5 353.9 0.190 19.4 Goldcrest
GB96-14 184 196 0.329 12 Grizzly Bear-Main
Zone
GB96-09 127.1 147 0.263 19.9 Grizzly Bear-Main
Zone
Contact hosted mineralization
Zones: Main, Cass
WIDTH (FT) CORE
DDH NO. FROM TO OPT GOLD WIDTH (FT) ZONE
M2 95-01 170.6 206.7 0.184 36.1 Main
M2 95-06 124.7 157.5 0.162 32.8 Main
C95-13 180.4 259.1 0.254 78.7 Cass Pit
C95-06 502.0 610.0 0.218 108.0 Cass Deep
Spider Lake Spider Lake is the name of several places in North America:
Grab samples from the JPK JPK Jabatan Pembangunan Koperasi (Malaysian Cooperative Development) JPK Joseph Patrick Kennedy zone of the Spider Lake Iron Formation have returned assays of 0.46 opt gold, 0.36 opt gold, 0.29 opt gold and 0.15 opt gold indicating that underground grades exist in the Spider Lake area. Royal Oak is very encouraged by the potential for underground mining at Colomac based on the recent results. The Colomac Mine has produced over 500,000 ounces of gold by open pit mining methods since the mine opened in May 1990. The mine has a modern 10,000 ton-per-day capacity mill as well as power generating facilities, maintenance workshop, camp, airstrip, and tailings Tailings (also known as tailings pile, tails, leach residue, or slickens[1]) are the materials left over[2] after the process of separating the valuable fraction from the worthless fraction of an ore. pond. The Company will now assess its alternatives for the property. Clearly underground ore cannot be developed in time to avert a shut-down of the open pit operation later this year. The Company may consider seeking a joint venture partner to further investigate the potential for underground mining. CONTACT: Royal Oak Mines Inc. (Kirkland, Washington Kirkland is a city in King County, Washington, United States. It is a suburb of Seattle located on the Eastside (of Lake Washington). As of April 1, 2005, the city had an estimated population of 45,740, making Kirkland the eighth largest city in King County and the eighteenth ) Mr. J. Graham Eacott, 425/ 822-8992 or David Williamson Associates Limited (London, England) Mr. David Williamson, 011/44-171-628-3989 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion