Mustang expands Bannockburn showing (November 24, 2003)

Continued chip and grab sampling by Mustang Minerals (MUM-V) have returned more high-grade nickel values from the Bannockburn property, about 100 km southeast of Timmins, Ont.

Samples from massive and disseminated sulphides at 11 spots along the 150 metres of exposed strike length of the recently discovered C zone yielded 0.19-4.85% nickel plus 0.01-0.5% copper. Cobalt and platinum group metals assay results are pending.

Mustang describes the C zone as a 2-8-metre-thick zone of sulphide mineralization at the basal contact of the komatiitic host rock. The host komatiite flow strikes eastwards and dips vertically.

Mustang uncovered the zone during follow-up stripping of an electromagnetic anomaly in late October. Grab samples from 15 metres of strike yielded 0.07-3.21% nickel plus 0.03-0.37% copper and 0.01-0.09% cobalt (T.N.M., Nov. 10-16/03).

Surface mineralization remains open both directions of strike. It is bounded by swampy terrain at either end. At the eastern end, the swamp covers a north-south-trending komatiite coincident with a series of horizontal loop electromagnetic conductors totalling some 2 km. A similarly oriented komatiite flow at the western end is associated with a 350-metre-long transient electromagnetic anomaly.

Drilling on C zone and adjacent anomalies will begin shortly.

In all, Mustang controls around 20 km worth of prospective komatiitic basal horizon.

Mustang can earn a 100% interest in Bannockburn by paying $60,000 to Outokumpu Mines and spending $350,000 on exploration. The vendors retain a 2% net smelter return royalty.

Bannockburn is home to four massive sulphide showings in komatiite, of which the Finnish miner discovered three.