2004 News Releases
High Grade Uranium Prospect Acquired In Nipigon Basin
November 18, 2004
Large land position acquired 320 units covers larget U-Th anomaly in Basin
Includes 0.6 cm stringers of pitchblende assaying up to 27% U3O8
Uraninite in basement pegmatites
Athabaska Basin style setting at base of Sibley sandstone with basement
Iron Oxide hematite breccias also suggest Olympic Dam style setting
TORONTO, ONTARIO, November 18, 2004 – Maple Minerals Corp. ("Maple") (TSXV: MPM) and East West Resource Corporation (“East West”) (TSXV: EWR) have acquired two properties in the Nipigon Plate, Thunder Bay, Ontario that cover known uranium showings. The two properties cover uranium occurrences that are described by the Ontario Ministry of Natural Resources (1983) that include 0.6 cm stringers of pitchblende assaying up to 27 percent U3O8 (544 lbs. Radio metric equivalent) in north trending veins in basement rock with intervening granite rocks assaying 0.08 percent U3O8 (1.3 lbs.) Two lenses 5.9 feet by 150 feet (2 m x 50 m) averaged 0.29 % U3O8 (5 lbs.). Other trenches produced assays up to 1.6 lbs per tonne with average grades of 0.4 – 0.6 lbs., over 37 feet (11 m). Uraninite also occurs in pegmatite rocks in the basement units.
The area is partly underlain by Sibley sediments which are interpreted to be similar in age and setting as the Athabaska basin sediments in Saskatchewan. The world’s richest uranium deposits are located at the base of the Athabaska sandstone in contact with older basement rocks. The uranium mineralization is found in the contact and extends into the basement in fractures as well as into overlying sandstones.
Extensive staking of the Sibley Basin has been underway this past month by a number of companies and groups, initially focussed on known occurrences of uranium mineralization along the Black Sturgeon Fault. The north trending veins on the Greenwich occurrences reflect the Black Sturgeon Rift trend, however the pegmatite zones follow the northeast Quetico basement trend. In addition to the 44 units optioned from the prospectors, approximately 276 claim units have been staked to cover one of the strongest airborne uranium-thorium anomalies in the area that trends 6.5 km from the Greenwich occurrences.
One of the two acquired properties, being a 40 claim unit group, has been optioned by Maple and East West by paying $10,000 and issuing 200,000 shares of East West in two stages of 100,000 shares upon regulatory approval and 100,000 shares in one year. Cash option payments total 90,000 over 5 years and the vendors retain a 3% NSR where 1.5% may be purchased at any time for $1.5 million.
The second property, being a block of 4 claims, is being optioned for 100,000 shares of East West (issuable upon receiving regulatory approval) and an initial $5,000 option payment. Cash option payments total $45,000 over 5 years with the vendor retaining a 2% NSR where 1% may be purchased at any time for $1 million.
Robert S. Middleton, P. Eng., is the designated Qualified Person and is responsible for the verification and quality assurance of the exploration data and analytical results.
Maple is a Toronto-based resource company with properties in Africa, Canada, and the Dominican Republic. For more information about Maple, please visit the company’s website at www.mapleminerals.com.
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 and cautions investors from placing undue reliance on forward-looking statements. Maple does have an ongoing obligation to disclose material information as it becomes available .
The TSX Venture Exchange does not take responsibility for the adequacy or accuracy of this release.
L.M. (Gino) Falzone