Recent trenching has encountered a new high grade copper showing on the Rambler properties near Baie Verte, Nfld.
The Rambler project, currently the site of a $3.8-million exploration program, is a joint venture project by partners Petromet Resources (TSE), Newfoundland Exploration (ASE) and Teck Corporation (TSE).
The companies report that recent trenching on the northern part of the Rambler properties has exposed a new massive sulphide showing. High grade copper mineralization has been found over an area 200 ft along strike and 15 ft wide. Systematic channel sampling is currently under way on the new showing. The area has not been previously tested by diamond drilling.
Recent drill results from the Main mine zone and lower gold zones are as follows: Width Gold Copper Hole (ft) (oz/t) (%) 22 15.5 0.09 1.46
8.2 0.07 1.49 23 13.9 0.07 0.35
19.6 0.26 0.74
22.6 0.46 0.36 24 27.5 0.29 0.61
24.0 0.07 0.33 25 11.3 0.12 na
The initial $3.8 million exploration program consists of trenching, diamond drilling, geochemical and geophysical surveys. Petromet and Newfoundland Exploration are equally funding the program for a 50% interest each. Thereafter, Teck can provide all further funding up to and including a feasibility study as well as arrange for production financing. Final vested interests in the Rambler properties would then be Petromet 25%, Newfoundland Exploration 25% and Teck 50%.
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