Partners extend B20 program (April 15, 2002)

Joint venture partners Appalaches Resources (APP-V) and Marum Resources (MMU-V) are planning on extending an ongoing drill program on the B20 property near Port Cartier, Quebec.

So far, 13 holes totalling 3,800 metres collared on two target areas located on large geophysical grids, have cut several zones of disseminated to massive sulphide mineralization. Some of the intersections contain zones with persistent visual concentrations of chalcopyrite, which the partners says is usually indicative of nickel copper-cobalt and platinum mineralization in the Pentecote River anorthosite complex.

The mineralized horizons vary between 1-25 metres in thickness. Assay results for more than 1,500 samples of split drill core are expected in the coming weeks.

Last year, outcrop sampling focused on an area 2 km east of the main B20 mineralized zone and returned up to 1.8 grams platinum per tonne plus 3% copper, 0.9% nickel and 0.27% cobalt. Previous surface outcrops returned platinum and palladium values of up to 1.5 grams per tonne. The partners say the results indicate the presence of a platinum-enriched copper-nickel massive sulphide zone with a strike length of more than 4 km.

The two companies say the latest results indicate the downward persistence of extensive the massive sulphide mineralization that occurs at surface.

Based on the results, Appalaches Resources plans on completing downhole geophysics and additional drilling. The new work will begin once assay results have been compiled and evaluated.

While they wait, the two will drill test an electromagnetic anomaly discovered on the adjacent Baie des Sables (BDS) property last year. The drilling will be funded by Marum as part of its first year joint venture spending commitment of $100,000. Marum can earn a half-interest in BDS by spending $300,000 on exploration over three years.

On Baie des Sables, the partners have outlined a large alteration system that lies along the north and east edges of the Pentecote River anorthosite intrusion.

To earn a half-interest in B20, Marum must cover half of Appalaches’ expenditures on the property before May 31, 2002. Marum must also spend an equivalent amount during the second year of the option.