2003 News Releases
Extensive Mineralization Intersected In Three Holes On West Porcupine Deerfoot Zone Timmins, Ontario
April 23, 2003
Maple Minerals Corp. and Canadian Golden Dragon Resources Ltd. are pleased to announce that they have completed three diamond drill holes on the West Porcupine project which intersected an extensive silicification and carbonate alteration zone with disseminated pyrite in basalt. The companies have been jointly exploring the west extension of the Porcupine Camp in Timmins along the Destor Porcupine Fault since 1986 and have identified a similar geological setting to the Hollinger, McIntyre, and Dome Mines which have jointly produced over 42 million ounces of gold; equivalent to over half the total of the Porcupine Mine Camp. Management is encouraged by the geological picture that is unfolding and further follow up exploration is being planned.
These 3 holes were drilled to follow the upward continuation of previous intercepts in hole DF94-18. Of particular interest in the first hole 03-51, is a 3 m wide quartz sulphide zone at 191 – 194 m and a 18 m wide zone at 246 – 264 m of quartz pyrite carbonate. The first zone is 25 m above a previous 2 m interval of 6.6 grams Au/tonne and the 18 m section is 15 m to the side of a zone that contained 43.44 gm (1.27 oz.) over 1.5 m within a 3.9 m section of 15.2 g Au/tonne. Assays in hole 03-51 yielded values up to 2.19 g Au and 1.53 g Au over narrow widths (1 m) with very anomalous gold values up to 922 ppb over 18 m widths.
Several zones of mineralization were cut by a second hole 03-52, which is located 50 m above 03-51 assaying 1.52 , 3.51, 1.4 and 4.14 g over 1 m in broad anomalous zones. It was decided to drill a third hole 03-53, 50 m above the second to confirm the extent, dip and shape of the mineralized zone. Assays of 1.71 g and 1.92 g over narrow widths, occured within a wide envelope of alteration with anomalous gold values. It now appears that there are several northward dipping zones all hosted in altered basalt near the ultramafic contact, which is a typical location for gold mineralization at the Hollinger and Dome Mine in Timmins.
A large quartz eye porphyry intrusion with molybdenite-pyrite mineralization is located 800 m to the south west of these intersections, which is the type of porphyry found at the Dome, McIntyre and Hollinger Mines in Timmins. The overall setting is similar to the Aunor, Delnite and Lightning Zone deposits which are all hosted within the Destor Porcupine Fault.
The cores were logged and split at a secure facility in Timmins. All gold assays were completed at ALS Chemex in Vancouver on 30 g samples using a fire assay extraction and an atomic absorption (AA) finish.
A 2,500 m drill program has been recommended to drill sections east and west of line 5500E in order to trace the down plunge of these intercepts. A deeper hole 50 m below hole 94-18 is recommended to trace the mineralization to depth to determine the connection with a 20 gram Au zone over 1.5 m, 150 m below. Other gold assays of 20 grams over 2 m have been found 400 m west of this section and a 900 m overall length of alteration requires further exploration. This phase of the project was supervised by the company’s qualified person R. Middleton, P. Eng.
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