Masuparia cuts intrusive at Greywacke

Vancouver — Drilling by Masuparia Gold (MPG-V) has resulted in the discovery of a host rock for gold mineralization at the North zone on the Greywacke property, 90 km northeast of La Ronge, Sask.

Collared at the northern end of the zone, hole 57 hit a fine-grained, diorite, coarse-grained andesite and quartz feldspar porphyry that returned 10.4 metres grading 5.58 grams gold per tonne at a down-hole depth of 75 metres. This marks the first mineralization identified outside of the sedimentary rocks and has led Masuparia to speculate that the previously identified stratabound gold mineralization may represent a feeder system.

“We must now re-evaluate the whole project from a grassroots perspective,” says President Michael Magrum. “The size potential has increased enormously.”

In 2001, the junior’s drilling program confirmed gold grades cut by Cameco (CCO-T) in the early 1990s. The latest program comprised 1,000 metres in 13 holes. Additional results from the North zone include:

– 2 metres grading 4.7 grams gold in hole 56;

– 5.3 metres grading 3.6 grams gold in hole 59;

– 12.4 metres grading 5.3 grams gold in hole 60; and

Between 1989 and 1992, Cameco detected gold over a strike length of 800 metres and to a depth of 200 metres within a greywacke horizon. The Saskatoon-based major drill-tested a 6-km section of the Wacke trend with 40 holes. The widest intercept was in hole 13: 4.69 grams gold over 21 metres at the North zone.

Moving 400 metres southwest, Masuparia drilled four holes into the South zone. All the holes cut mineralization, with hole 62 returning 3 grams gold over 12.7 metres at 30.4 metres down-hole.

Masuparia drilled two holes 1 km to the southwest, where a previous hole in the Lyons zone returned 23.9 grams gold over 1.9 metres. Hole 54 cut 18.5 grams gold over 0.9 metre, whereas hole 53 returned 9.6 grams gold over 1 metre.

Based on these results, the company has staked additional ground, and the project now extends for 25 km along strike and up to 4 km wide.

The Greywacke project, which includes the North, South and Lyons zones, is under option from equal partners Shane Resources (SEI-V) and JNR Resources (JNN-V). Masuparia stands to earn up to a 70% interest by issuing 500,000 shares and spending $2.8 million on exploration before 2008.