2003 News Releases
Drilling By Kennecott Intersects PGE Ni-Cu Sulphide Targets Eva Kitto Project, Thunder Bay, Ontario
July 21, 2003
Two drill holes have recently been completed by Kennecott Canada Exploration Inc. (a subsidiary of Rio Tinto of London, England) on the Maple Minerals Corp. – East West Resource Corporation (“the companies”) property on the east margin of the Nipigon Plate. The property covers a 10 km diameter ring – like structure of ultramafic rocks that are part of a Proterozoic series of intrusions associated with the Mid Continental Rift event. The property was originally acquired by the companies because in their opinion based on previous research the Nipigon Plate has a geological setting similar to Norilsk in that deep mantle tapping faults occur associated with a rift that extends northward from the Mid Continental Rift. A favourable source of sulphur occurs on the property in the basement rocks that can react with primative magmas from the earth’s mantle to form Norilsk style Ni-Cu-PGE deposits. The area covered by the property incorporates an ultramafic (picrite) zone the size of the Talnakh intrusion near Norilsk, Siberia which hosts a number of important Ni-Cu-PGE mines with metal production equivalent to Sudbury.
Kennecott reported that, following a program of airborne EM and magnetic survey and geological mapping, one vertical hold (162 m) and a 45 degree angle hole (345 m) were drilled through the ultramafic rocks to the basement rocks. A disseminated magmatic sulphide zone with occasional blebs of zoned sulphide over a 28 m core length in the vicinity of a previously located sulphide zone at surface was intersected. This zone occurs near surface, which will make it possible to trace the sulphides with conventional methods. Additional claims have been staked to cover extensions of this important setting. Overall the Cu, Ni, PGE values are geochemically anomalous with the highest being 0.563 gm/tonne PGE (Pt + Pd), 0.139% Cu, 0.228% Ni. Analyses were carried out by Chemex labs in Vancouver using fireassay extractional ICP analysis.
Maple and East West entered into an option agreement on December 2, 2002 with Kennecott whereby Kennecott may earn an initial 51% interest in the 195 claim unit Evan Kitto Property, now 227 claim units, by spending $2,000,000 over 4 years. A 65% interest may be earned by Kennecott making a “Decision to Mine”, that is, a decision to bring the property into commercial mineral production. Kennecott has informed Maple and East West that it expects to continue exploration to trace the extent and controls of this sulphide system. Kennecott personnel are carrying out the program involving Kennecott’s qualified geologist.
This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Maple’s results to differ materially from expectations. These include risks relating to market fluctuations, property performance and other risks. These forward-looking statements speak only as of the date hereof. Maple disclaims any intent or obligation to update these forward-looking statements.
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L.M. (Gino) Falzone