2005 News Releases
Mt. Kakoulima Nickel Project - Phase 3 Drilling Commences
April 5, 2005
TORONTO, ONTARIO, April 5, 2005 – Maple Minerals Corp. ("Maple") (TSXV:MPM) has been advised by FNX Mining Company Inc. (“FNX”) that a geological team was mobilized on March 20, 2005 to the Mt. Kakoulima project in Guinea, West Africa in preparation for a planned 5,000 metre drill program to explore favourable Ni-Cu-PGE targets along the basal contact of the Kaloum Igneous Complex (KIC). The focus will be to follow up on the disseminated sulphides intersected during the autumn 2004, phase 2 drill program, further define the geometry of the KIC basal contact and locate possible massive Ni-Cu-PGE sulphide traps. Drilling is expected to commence on April 7, 2005 and will be conducted again by Boart-Longyear. A geophysicist from Crone Geophysics will be on site for the duration of the drill program to conduct downhole geophysical surveys as each borehole is completed. Maple’s partner, FNX Mining Company Inc. (“FNX”), plans, coordinates and supervises the exploration program. Reference is made to Maple’s press release of February 10, 2004 for a description of Maple’s option to earn a 50% interest in the Mt. Kakoulima project.
The KIC is approximately 60 km long, of which the property licence covers 30 km of the contact on the north and south margins. Phases 1 and 2 of the exploration program were successful in defining and confirming the initial concept that the basal contact of the KIC dips into the centre of the intrusion with variable steepness. This is interpreted as a feature favourable for the concentration of sulphides. Other features consistent with productive Ni-Cu-PGE sulphide-bearing mafic-ultramafic intrusions are the local occurrence of disseminated sulphides hosted within a basal breccia that contain evidence of wall-rock contamination of the intrusion.
Drilling in Phase 3 will begin on the south side of the KIC contact (South Grid) to further define in three dimensions a large, 5 km wide mapped embayment-like feature. Depending on results, the second half of the phase 3 program is pla nned for the north side of the KIC contact (North Grid) to explore favourable geometric targets along the basal contact and to follow-up on disseminated sulphides intersected during the Phase 2 drill campaign. North Grid diamond drill holes AF0007 to AF0012 intersected disseminated sulphide mineralization at the base of the intrusion over a 1.6 km strike length . Reference is made to Maple’s press release of February 14, 2005 for assay results for the first 11 drill holes.
Catharine Farrow, PhD, PGeo (Chief Geologist, FNX) is acting as the Qualified Person for the Mt. Kakoulima project.
Update to Acquisition of Uranium Mineral Ventures Inc.
As originally announced in Maple’s press release dated January 25, 2005, Maple plans to acquire 100% of the common shares of Uranium Mineral Ventures Inc. (“UMVI”) pursuant to a share exchange with existing shareholders of UMVI on the basis of one common share of Maple for each outstanding common share of UMVI. The transaction will result in the issuance by Maple of 3,000,001 common shares. Closing of the acquisition is subject to TSX Venture Exchange approval. It is now expected that the transaction will close in early May, 2005. Closing of the acquisition has been delayed pending receipt of regulatory approval of
the Ben Lomond deposit from Afmeco Mining and Exploration Pty Ltd. (“Afmeco”) to UMVI.
UMVI’s principal asset is an option to acquire from Afmeco a 100% interest in the Ben Lomond uranium deposit located in North Queensland, Australia, for AUD$1 million (of which AUD$150,000 has been advanced by UMVI), subject to a royalty payment of AUD$0.50 per pound of U3O8 recovered up to the date that is 30 days after the mill operates at 90% planned capacity, and a 1% NSR thereafter. For further details of the proposed transaction and the Ben Lomond uranium deposit, see Maple’s press releases dated January 25, 2005 and February 14, 2005.
Maple is also presently exploring the Hamlin-Powell-Clay-Deaty and Burchell properties in the Shebandowan greenstone belt 110 km west of Thunder Bay, Ontario for both gold and copper-zinc VMS style deposits. Airborne helicopter time domain EM surveys have outlined numerous EM massive sulphide type conductors. One drill has been testing conductors on Burchell and is being transferred to the Hamlin property to test some high priority anomalies north of the Freewest Sungold property where a discovery of copper-zinc massive sulphide was announced on March 16th, 2005.
R.S. Middleton, P.Eng, is the Qualified Person in regard to the supervision and planning of the drill holes and quality control on Maple’s Shebandowan properties. 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 has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
L.M. (Gino) Falzone