Alberta Star upbeat on Contact Lake (February 25, 2008)

Grab samples from its Contact Lake property on the south side of Echo Bay, in the Northwest Territories, appear to lend heft to Alberta Star Development’s (ASX-V, ASXSF-O) assertions that the company has significant polymetallic mineralization on its hands.

Highlights of assay values from 29 samples included 2.35% copper, 0.33% zinc and 134.2 grams silver per ton, as well as 1.01% copper, 1.24% lead, 1.31% zinc and 72.1 grams silver. Other samples included 0.99% copper, 0.52% lead, 0.58% zinc and 43.8 grams silver.

Alberta Star discovered the high-grade polymetallic breccia on its Mile Lake prospect (located on the Contact Lake property) in 2006.

The breccia is open for drilling along a strike of more than 2 km within a 100-to 200-metre-wide horizon.

Alberta Star is looking at the Echo Bay, Eldorado and Contact Lake areas for iron oxide copper-gold (IOCG) mineralization.

“This is one of a number of large IOCG and uranium targets that are emerging at Contact Lake that are characterized by two to six metals within the target horizon,” the company says in a release.

The mineralization occurs in the same suite of volcano-plutonic rocks that host other polymetallic zones in the Eldorado and Contact Lake mineral belt, including the El Bonanza and Eldorado mines, the company adds.

The Contact Lake area is situated in the Eldorado mineral belt and is host to two of Canada’s three known IOCG deposits.

The Contact Lake mineral belt is about 15 km long and is the northern extension of the same mineral belt that hosts Fortune Minerals’ (FT-T, FTMDF-O) NICO gold-cobalt-bismuth deposit and the Sue-Dianne ICOG deposit.

The Eldorado and Contact Lake projects are on the east side of Great Bear Lake, about 470 km north of Yellowknife.

The area consists of Contact Lake North and Contact Lake South. The Eldorado and Contact Lake IOCG plus uranium project areas include five past-producing, high-grade silver and uranium mines.

In Contact Lake North, the Echo Bay mine produced 23.7 million oz. silver and 6,900 lbs. uranium. The Eldorado mine, meanwhile, produced 15 million lbs. uranium and 8 million oz. silver. The area also includes the Cross Fault Lake uranium mine.

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