CZZ tables Mesamax values (October 01, 2001)

Vancouver — Drill results confirm the platinum-palladium potential of the historic Mesamax nickel-copper prospect on the Expo-Ungava property in northern Quebec, reports Canadian Royalties (CZZ-V).

The first hole of this year’s program returned 0.9 metre grading 7.22 combined platinum-palladium-gold from a down-hole depth of 34.1 metres.

Hole 2 returned an impressive 4.43 grams combined platinum-palladium-gold, plus 0.91% nickel and 1.73% copper over 32 metres from 41.5 metres down-hole. Included in this section is a higher-grade section running 6.76 grams combined platinum-palladium-gold, plus 1.65% nickel and 3.4% copper over 16 metres.

Hole 3 cut two zones of chalcopyrite-pyrrhotite mineralization, which occurs in the marginal-pyroxenite phase of the ultramafic. The upper zone returned 1.33 grams platinum-palladium-gold over 18 metres from 121.5 metres down-hole. The lower zone averaged 2.58 grams combined platinum-palladium-gold over 3.95 metres.

Also, two shallow holes tested the northern contact of the Mesamax ultramafic. The first of these holes cut a weakly mineralized pyroxenite and crossed the pyroxenite contact at a down-hole depth of only 30 metres downhole. Several 1.5-metre intervals returned more than 0.5 gram combined platinum-palladium-gold.

The second shallow hole hit two zones of mineralization hosted in pyroxenite. The upper zone assayed 1.68 grams combined platinum-palladium-gold over 5.5 metres from 17.5 metres, followed by a second zone averaging 1.41 grams combined platinum-palladium-gold over 3 metres.

Based on these results, the company plans to expand its drilling program.

The 173-sq.-km Expo-Ungava property lies 15 km south of Falconbridge‘s (FL-T) Raglan nickel mine. Previous work by Amax in the 1960s resulted in an established resource of 19 million tonnes grading 0.47% nickel and 0.51% copper. The property, which extends for 35 km along a favourable ultramafic horizon, hosts at least eight separate, partially evaluated zones of copper-nickel mineralization.

Canadian Royalties can earn up to an 80% interest in the property and a 2% net smelter return royalty from Ungava Minerals (UNGV-C).