Hp Inc. press release
Exploration update
TSXV - TSX Venture Exchange · Silicon · Aluminium · Hydrogen · Lithium · Titanium · Canada
LOWNA, BC, Aug. 9 /CNW/ - Cantex Mine Development Corp (CD - TSX Venture Exchange)("Cantex" or the "Company").
Yemen
The Company has now completed 8 of the 12 planned core drill holes designed to test the 1.1 km long Suwar electromagnetic (UTEM) anomaly. As previously reported this anomaly is thought to reflect the strike extension of Cantex's previously discovered nickel - copper - cobalt massive and disseminated sulfide mineralization at Suwar Hill. These holes are located approximately 40, 120, 220, 320, 410, 570, 940 and 1010 meters respectively north of the Suwar Hill mineralization. Seven of the Suwar drill holes intersected disseminated sulfides over drill intercepts of ranging from 5.3 to 64.6 meters. Six of these drill holes contained 10% to 50% sulfide over intercepts of 0.1 to 21.1 meters and two holes contained drill intercepts of 1.1 and 1.4 meters respectively of massive and semi massive sulfides contained within an envelope of disseminated sulfides. The composition of the massive and semi massive sulfides has not been determined in detail but have been logged in Kelowna by nickel expert Dr Rebecca Sproule as consisting of pyrrhotite, +/- chalcopyrite, +/- pentlandite in the ratio 10 to 20:1: less than 1. Samples have been submitted for analysis. Three of the 8 holes were stopped in mineralization due to a shortage of drill rods when a case of drill rods was swept away in a flash flood. These drill rods have now been replaced and these three holes will be deepened to target depth during the current drill program. The Company is encouraged by these drilling results as they demonstrate that the UTEM anomaly reflects a steeply dipping mineralized zone at least 1,100 meters long. The potential commercial significance of this zone will be determined after analysis and assay of the drill core. On completion of the drilling program at Suwar, the drill will be sent to Al Masna'a to test the 4 - 5 km long coincident geophysical and nickel - copper - cobalt geochemical anomalies. Drilling at the Company's Al Hariqah gold deposit has commenced. This work is being carried out using the Company's RC/core drill which has been specially designed to drill Al Hariqah and Cantex's other projects in Yemen. This is the second drill that Cantex has sent to Yemen. An initial program of up to 45 holes is planned with the objective of increasing the size of the previously drilled gold resource. Previous prospecting, rock chip, soil and channel sampling at Al Hariqah, shows that gold occurs in two zones, each greater than 4,000 meters long and varying in width from 30 to 50 meters at surface. Previous reverse circulation drilling has been restricted to the northernmost 1100 meters of the deposit and the current program will test the 2,900 meters of strike length that has not been drilled. The previous drilling intersected gold mineralization varying from a high grade intercept of 6.82 g/t gold over 4.5 meters to the longest intercept of 1.11 g/t gold over 81 meters. The best previous intercept in terms of grade and thickness was 2.17 g/t gold over 61.5 meters. The deepest significant intercept was 1.35 g/t gold from 196.5 to 201.0 meters (approximately 160.9 to 164.6 vertical). Following a visit to the Suwar Project by the Minister for Energy and Mines, the Governor of Amran and the Director of the Geological Survey and Mineral Resources Board, accompanied by Directors Charles Fipke and Kathrine MacDonald, an agreement was signed extending the Northwest Yemen Exploration License for a further two years. Recently there were sporadic demonstrations in parts of Yemen in relation to rising fuel costs. Geologist Chad Ulansky, President of the Company and one Canadian drilling consultant are currently in Yemen to carry out the above drilling program. Ulansky reports that these demonstrations have not impacted the Company's activities and that the situation has now returned to normal. Ulansky has also met with the senior levels of the regional and local administration for the Al Hariqah area and has been assured of full cooperation and support at all levels.
Nevada
As a result of completed geochemical and geophysical programs, the Company has identified 10 drill targets on four properties. Twenty reverse circulation holes are planned to test these targets for gold mineralization. Fieldwork is currently underway on three additional properties to locate additional drill targets.
Greenland
In a press release by Metalex Ventures Ltd ("Metalex") dated March 14, 2005 it was announced that two gravel samples, collected 430 meters apart, contained exceptional quantities of G10 pyrope garnets with compositions similar to those found in commercial diamond deposits. The G10 garnets are enclosed, or partially enclosed, in friable kelyphite reaction rims and/or are angular broken grains suggesting a nearby source. The two samples were collected from glaciofluvial sediments deposited at the shore of a 5km by 1km lake by glacial processes. The source of the exceptional indicators is presumed to lie within or adjacent to the lake. From mid March to late May a field program of ground geophysics, heavy mineral sampling and drilling to collect basal till samples was undertaken to identify drill targets for a future drill program. Some 16 shallow holes were drilled in a line across the lake to collect basal till samples. These samples are currently being processed at the CF Mineral Research Ltd laboratory. These holes were drilled for a small distance (typically less than ten meters) into bedrock and intersected several thin sills and dykes provisionally identified as kimberlite in the field. No pyrope garnets were found in a visual inspection of these kimberlite intersections by an on site geologist and thus they do not appear to be the source of the exceptional indicators found on the lakeshore. These kimberlite intersections are currently being processed to determine their indicator mineral content. A substantial ground geophysical program centred over the lake was carried out. Gravity, magnetic and electromagnetic surveys were all completed. The data have been submitted to geophysicist Scott Hogg for interpretation and identification of drill targets. Seventeen samples have been collected from glaciofluvial materials from which the positive samples were taken along the shore of the lake. These samples are currently being processed for diamond indicator minerals. A photo-geomorphological study has commenced to assist in determining the provenance area of the exceptional indicator minerals. Metalex has retained access to a drill in Greenland with the intention of drilling anomalies found on land in the near future and those found beneath the lake in the coming winter. Cantex has the option to acquire a 25% interest in the 3420 km2 Greenland project by paying $120,000 to Metalex before January 20, 2008. Cantex is pleased to announce that it has acquired an additional 319 km2 licence in Greenland. This licence covers areas known to contain high quality diamond indicator minerals. This press release has been prepared by Dr Peter Gregory, a Qualified Person.
Chad Ulansky President
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
%SEDAR: 00010333E