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Cross Lake Minerals Ltd (TSX:CRN) : Underground Drilling Intersects 10.64 g/t Gold over 9.16 metres in the North Zone at the QR Mine, B.C.
Cross Lake Minerals Ltd. (the "Company" or "Cross Lake") (TSX:CRN) is pleased to announce the completion of the first phase of underground diamond drilling of the North Zone from the bottom of the newly constructed 710 metre decline, which was developed specifically to provide access for drilling. There was a total of 3,443 metres in 24 NQ2 core size underground diamond drill holes completed. The following table summarizes the significant intersections from this initial phase of diamond drilling:
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Hole # From (m) To (m) Width (m) Gold (g/t)
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NUG-07-01 89.07 90.30 1.23 13.61
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NUG-07-02 132.25 134.35 2.10 3.08
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NUG-07-03 49.00 50.50 1.50 3.39
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94.00 97.00 3.00 2.46
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101.00 103.00 2.00 4.01
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NUG-07-06 52.00 58.00 6.00 2.96
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NUG-08-08 87.00 93.00 6.00 6.35
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NUG-08-09 104.00 107.64 3.64 2.50
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NUG-08-10 44.17 45.75 1.58 4.52
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96.00 98.00 2.00 2.78
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NUG-08-11 34.73 43.90 9.17 10.64
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96.62 97.70 1.08 4.98
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NUG-08-16 71.00 73.45 2.45 6.85
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NUG-08-17 110.33 117.96 7.63 4.23
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NUG-08-18 120.34 122.81 2.47 5.06
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NUG-08-20 104.00 107.00 3.00 4.22
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NUG-08-21 73.00 76.37 3.37 4.61
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98.00 102.00 4.00 3.50
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NUG-08-22 76.00 82.00 6.00 2.57
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88.00 101.01 13.01 2.99
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Including 90.00 94.00 4.00 5.38
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NUG-08-24 64.85 66.36 1.51 3.25
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The North Zone, a faulted extension of the Main Zone, had been previously tested by wide spaced surface drilling over a strike length of approximately 600 metres. It is located at a vertical depth of 200 to 400 metres from surface and directly below the QR Mill facilities. The underground drilling program is designed to expand and evaluate in detail the areas of gold mineralization with sufficient grade for the proposed underground development for production. This initial drilling evaluated an area 200 m vertically by 100 m horizontally with drill holes piercing the target mineralization at 40 m centers. The tenure of the gold mineralization and geology intersected to date are matching the geological interpretation and statistical analysis of the historic Main Zone. The area drilled is immediately in front of the decline and will be targeted for development in the future. The North Zone is the largest Zone of mineralization defined on the QR Property and as such has the potential to significantly extend the life of the QR Mine.
The gold mineralization contained within the North Zone is identical to the Main Zone, which was exploited by Kinross, the previous operator of the QR Mine. Approximately 100,000 ounces was mined from the Main Zone, which in size is much smaller than the North Zone. The excellent thickness and grade of the gold intersections from the previous surface and recently completed underground diamond drilling clearly indicates the potential to develop the North Zone. The ongoing drilling and development programs will provide the detailed information necessary for engineering and mine planning. The mineralization on the QR Property is classified as a skarn deposit and the shape of the mineralization is variable. As such, it is difficult to determine the attitude and the true width of the mineralization. Acme Analytical Laboratories Ltd. of Vancouver, B.C. completed all assays by conventional fire assay on a 30 g sample.
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Operations at the QR Mine are being conducted under the supervision of the Company's Qualified Persons (as defined by NI 43-101), Tom Colbourne, P.Eng., Vice President of Mining and Jim Miller-Tait, P.Geo., Vice President of Exploration.
Cross Lake Minerals Ltd. (604) 687-2038 (604) 687-3141 (FAX) Website: www.crosslakeminerals.com
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This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information.
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