Signet Minerals Inc. is pleased to announce commencement of the winter diamond drilling program on the McClarty Lake project located south-southwest of Snow Lake, Manitoba. The planned minimum program consists of 4 holes (1,200 metres).
The exploration target is a gold-rich, volcanogenic massive sulphide (VMS) deposit. A Time Domain EM (TEM) survey conducted by Crone Geophysics in 2002 identified a potential massive sulphide horizon over a strike length of approximately 600 metres. A technical report on the 2002 TEM survey was prepared for Signet's predecessor, Marksmen Resources (Reference: Marksmen Sedar Filing - July 9, 2002). The report concluded that: "Possibly two distinct massive sulphide horizons are present within the central zone of the grid, or the single horizon may be faulted or folded. In either case there is a high probability that a strongly conductive massive sulphide zone at depth has not been drill tested."
Estimated to lie at 250 metres depth, this conductor deviates significantly from a shallower conductor identified in 1997 by horizontal loop EM, which was the target of previous drilling on the property.
Two holes drilled by Hudson Bay Exploration and Development (HBED) in 1997 intersected footwall gold-silver mineralization, including 4.17 g/t gold and 8.48 g/t silver over 4.0 metres in DYC-016 and l.93 g/t gold and 6.53 g/t silver over 0.3 metres in DYC-021. In 2000, Marksmen Resources tested below and down plunge of the intersection in DYC-016. A 4.5-metre zone grading 2.1 g/t silver (including 1.38 g/t gold and 12 g/t silver over 0.5 metre) in MC-01 and a 0.5-metre zone grading 0.48 g/t gold and 0.6 g/t silver in MC-02 were both intersected in the hanging wall of a massive sulphide zone.
All of the holes that tested the shallower conductor successfully intersected chloritic and sericitic alteration, and semi-massive pyrite similar to that peripheral to volcanogenic massive sulphide deposits in the Snow Lake camp. Although no significant base metal mineralization was intersected, anomalous values of molybdenum, cobalt, arsenic and antimony, and high cobalt/nickel ratios were obtained from the trace element geochemistry. This trace element signature, in conjunction with the favourable geological setting, is considered to be a positive indicator for gold-rich massive sulphide deposits.
Tracy Hurley, PGeo, Vice President, Exploration and Qualified Person as defined by National Instrument 43-101 is responsible for the technical information provided in this release.
Statements in this press release may contain forward-looking statements. Except for statements of historical fact, all statements in this press release - including, without limitation, statements regarding future plans and objectives of the Company - are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Tracy Hurley
Signet Minerals Inc.
(604) 948-0777
Email: th@signetminerals.ca
Kieran Downes
Signet Minerals Inc.
(250) 729-0453
(250) 729-0463 (FAX)
Email: kd@signetminerals.ca
Website: www.signetminerals.ca
Source: Signet Minerals Inc.
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