2003 News Releases
Powell Lake Gold-Base Metal Property Jointly Optioned Burchell Lake Area, Thunder Bay, Ontario
March 5, 2003
A 78 claim unit property located in the Burchell Lake – Moss Twp. area 120 km west of Thunder Bay, Ontario has been jointly optioned by Maple Minerals “YMP” and East West Resource Corporation “EWR” covering an 8 km long set of gold bearing shear zones and favourable base metal stratigraphy. An extensive trenching program has been carried out by the two vendors-prospectors where a 30 m wide shear zone was exposed. A 7.0 meter section contained gold assays ranging from 0.5 gm Au/tonne to 6.23 gm Au/tonne. Two nearby short drill holes yielded 1.51 gm Au/3.5 m and 1.16 gm Au/3.0 m. A parallel section yielded 1.51 gm Au/ 1.5 m. These holes cut a splay coming off the main shear that can be traced northeast to the Ardeen Mine area (1,082,939 tonnes of 14.4 gm Au/tonne, mndm files). Other grab samples along this and another parallel shear yielded gold values of 16.4 gm, 7.2 gm, 5.8 gm, 4.8 gm, 13.7 gm/0.5 m, 14.0 gm/ 0.5 m (middle shear zone), and 22.45 gms, 3.27 gm, 1.72 gm, 27.7 gm/ 1.0 m (west shear zone) that extended south westward from Pele Mountain claims onto the Powell Lake property. Another parallel structure contained a grab sample of 5.62% copper and 0.5 gm Au/tonne.
A 100% interest is being purchased for a $20,000 initial payment and $68,000 in additional staged option payments over 5 years and the issuance of 100,000 shares of EWR with a 2% NSR being retained by the prospectors where 1% can be purchased at any time for $1 million and a first right of refusal to purchase the remaining 1%.
Ground prospecting, mapping and geophysics are planned for April-June 2003.
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.
The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.
L.M. (Gino) Falzone