Canadian Royalties posts more results from Mesamax

Vancouver — Canadian Royalties (CZZ-V) has tabled encouraging assay results for 11 additional holes drilled on its Mesamax prospect at its Expo-Ungava property in northern Quebec.

The property is 15 km south of Falconbridge’s (FL-T), Raglan nickel-copper mine and hosts three mineralized structures — Expo, Cominga and Mesamax — plus an additional 6 other lobate ultramafic structures. Resources outlined at Expo are pegged at 17 million tonnes grading 0.6% nickel and 0.8% copper. Included in that figure is a higher-grade core of some 3 million tonnes grading 1% nickel and 1% copper.

The most recently completed holes were collared west of the discovery holes MXNW02-17, 18 and 19 at the Mesamax prospect. Hole 29 was drilled at 45, 35 metres west of the discovery section, and intersected 75.5 metres averaging 2.28% nickel, 2.38% copper, 0.10% cobalt, 1.25 grams platinum, 8.58 grams palladium and 0.24 gram gold, starting at a down-hole depth of 4.5 metres.

Canadian Royalties states that in 1970 a single drill hole was collared 70 metres south of Hole 29 and intersected a 27-metre zone of disseminated mineralization. This indicates there may be an additional 70 metres of mineralization to the south of hole 29.

Hole MXNW02-33 was collared 25 metres west of the discovery hole and intersected 48 metres averaging 3.38% nickel, 3.48% copper, 0.13% cobalt, 1.34 grams platinum, 2.63 grams palladium and 0.21 gram gold.

Hole MXNW02-37 was drilled vertically, 85 metres west of the discovery section, and intersected 34.0 metres averaging 2.94% nickel, 3.78% copper, 0.11% cobalt, 1.04 grams platinum, 3.32 grams palladium and 0.46 gram gold.

Highlights of assay results from a few of the other holes are as follows:

• Hole MXNW02-30 cut 15.61 metres averaging 3.36% nickel, 4.75% copper, 0.14% cobalt, 0.94 gram platinum, 5.85 grams palladium and 0.30 gram gold, starting 48.0 metres down-hole. Further down-hole a 10.24-metre section intersected 1.44% nickel, 2.93% copper, 0.07% cobalt, 0.65 gram platinum, 4.55 grams palladium and 0.12 gram gold.
• Hole MXNW-32 cut 61.70 metres averaging 1.20% nickel, 0.93% copper, 0.05% cobalt, 0.78 gram platinum, 5.26 grams palladium and 0.22 gram gold, starting 21.67 metres down-hole.
• Hole MXNW-35 intersected 36.20 metres averaging 0.94% nickel, 0.88% copper, 0.04% cobalt, 0.63 gram platinum, 3.36 grams palladium and 0.16 gram gold, starting 32 metres down-hole.
• Hole MXNW-36 cut 43.76 metres averaging 1.90% nickel, 1.37% copper, 0.08% cobalt, 1.12 gram platinum, 6.40 grams palladium and 0.27 gram gold, starting 32 metres down-hole.

Assay results for holes MXNW-40 and 54 are expected within the next two weeks.

The drill holes analyzed to date define high-grade, near surface mineralization varying from 25 metres to 70 metres in width along a 150-metre strike length. The zone remains open to depth, but the width of the mineralized body narrows and becomes more variable further down.

The junior explorer has also received assay results for two holes from the TK area, situated 3.5 km to the west of the Mesamax discovery. Hole TK02-21 returned 4.05 metres averaging 2.28% nickel, 2.01% copper, 0.15% cobalt, 0.45 gram platinum and 2.87 grams palladium. Hole TK02-22 returned 5.94 metres averaging 2.14% nickel, 1.24% copper, 0.13% cobalt, 0.3 gram platinum and 1.88 grams palladium. Assay results for 14 diamond drill holes from the 2002 exploration program are still pending. Mineralization in the TK area is narrower and more complex than that found in the Mesamax area.

Assay results for an additional 12 holes remain outstanding for holes drilled to the west of the Expo prospect which is situated 10 km west of the Mesamax discovery.

Canadian Royalties can earn up to a 70% stake in the Expo-Ungava property by spending $1.75 million on exploration over four years, and it can boost this to 80% by completing a bankable feasibility study.