Drill results keep Cdn. Royalties keen at Mesamax

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

Mesamax is part of the Expo-Ungava property, which is 15 km south of Falconbridge‘s (FL-T) Raglan nickel-copper mine. In addition to Mesamax, the property hosts the Expo and Cominga prospects, plus six lobate ultramafic structures.

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

In 1970, a single drill hole was collared 70 metres south of Hole 29 and intersected a 27-metre zone of disseminated mineralization. Therefore, Canadian Royalties believes there may be an additional 70 metres of mineralization south of hole 29.

Hole 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 37 was drilled vertically, 85 metres west of the discovery section, and intersected 34 metres of 2.94% nickel, 3.78% copper, 0.11% cobalt, 1.04 grams platinum, 3.32 grams palladium and 0.46 gram gold.

Other highlights are as follows:

q Hole 30 cut 15.61 metres averaging 3.36% nickel, 4.75% copper, 0.14% cobalt, 0.94 gram platinum, 5.85 grams palladium and 0.3 gram gold starting at 48 metres down-hole.

q Hole 32 cut 61.7 metres of 1.2% nickel, 0.93% copper, 0.05% cobalt, 0.78 gram platinum, 5.26 grams palladium and 0.22 gram gold starting at 21.67 metres down-hole.

q Hole 35 intersected 36.2 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 at 32 metres down-hole.

Results from holes 40 and 54 are expected before year-end.

The drill holes analyzed to date define high-grade, near-surface mineralized zone varying from 25 metres to 70 metres in width along a 150-metre strike length. The zone consists of disseminated, net-textured and massive sulphides consisting of pyrrhotite, pentlandite and chalcopyrite in, or adjacent to, a pyroxenite.

The Mesamax zone remains open at depth, though, as depth increases, the width of the mineralized body narrows and becomes more variable.

The junior has also received results for two holes drilled in the TK area, 3.5 km west of Mesamax. Hole TK-21 returned 4.05 metres averaging 2.28% nickel, 2.01% copper, 0.15% cobalt, 0.45 gram platinum and 2.87 grams palladium, while hold TK-22 returned 5.94 metres of 2.14% nickel, 1.24% copper, 0.13% cobalt, 0.3 gram platinum and 1.88 grams palladium.

Results for 14 diamond drill holes are still pending.

Mineralization in the TK area is narrower and more complex than in the Mesamax area.

Assay results for an additional 12 holes drilled west of the Expo prospect, 10 km west of Mesamax, have yet to be received.

Resources at Expo-Ungava were last pegged at 17 million tonnes grading 0.6% nickel and 0.8% copper. Included is a higher-grade core of some 3 million tonnes grading 1% nickel and 1% copper.

Canadian Royalties has earned a 70% interest in the property from Ungava Minerals (UNGV-C), by spending $1.75 million over four years. It can increase this to 80% by completing a bankable feasibility study.

Ungava continues to own the remainder of the project.