Rupert Resources - financing completed - massive sulphide drill target - copper values to 6.8 percent - drilling mobilization begins.VANCOUVER, BC--(BUSINESS WIRE)--July 10, 1995-- CORPORATE Rupert Resources has completed its recently announced financing (subject only to VSE See DOS/VSE. VSE - Virtual Storage Extended approval). The Company announces the resignation of Kathleen L. Mitchell as director of Rupert Resources. Ms. Mitchell remains the Secretary of the Company. DRILL TARGET - CAPE SMITH Rupert's Cape Smith Copper Chase massive sulphide target is located in Northern Quebec approximately 70 miles from the Falconbridge's Raglan deposits which are currently being developed for production. Logistics for working in the area are excellent. Scheduled air service and port facilities in the community of Salluit, 35 miles north of the property, have made mobilization efficient. A detailed helicopter AEM/aeromagnetic survey, commissioned by joint venture partner Glencairn Explorations, was flown by Aerodat over the entire 50 sq. km Permit 937, resulting in the detection of 12 first priority and 15 second priority targets. Abundant chalcopyrite chalcopyrite (kăl'kəpī`rīt, kăl`kōpī'rīt) or copper pyrites (pīrī`tēz, pə–), brass-yellow mineral, sometimes with an iridescent tarnish. 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. , with values up to 6.8 percent copper in grab samples Noun 1. grab sample - a single sample or measurement taken at a specific time or over as short a period as feasible sample - a small part of something intended as representative of the whole , was observed at one target, the Copper Chase copper/zinc massive sulphide occurrence, which extends intermittently for a distance of at least 750m, based on exposures and correlating EM conductors. A geological assessment report on the permit area, prepared for a previous operator states "Dr. S Dr. Doctor. dr. dram. .A. Williams, consulting petrographer, compares the massive sulphide mineralization to the upper part of the stratigraphic stra·tig·ra·phy n. The study of rock strata, especially the distribution, deposition, and age of sedimentary rocks. strat sequence of the Noranda area." Four new permits adjoining the existing permit and covering an additional 200 sq. km have been acquired by the joint venture. Rupert has the option to earn a 75 percent interest in the project by incurring exploration expenditures in the amount of $1,000,000 over a 3 year period. Rupert's drill program, the first ever on the property, will test the Copper Chase showing and geophysical ge·o·phys·ics n. (used with a sing. verb) The physics of the earth and its environment, including the physics of fields such as meteorology, oceanography, and seismology. targets selected for their massive sulphide potential. Crews are being mobilized this week by Rupert. On Behalf of the Board of Directors of Rupert Resources Ltd. Donald G. Moore President and Director -0- No Stock Exchange has approved or disapproved the information contained herein. CONTACT: Rupert Resources Ltd. Donald G. Moore, 604/687-7178 1-800-665-0622 604/687-7179 (FAX) |
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