PINAWA, MANITOBA-- Aug. 27, 2009 - EagleRidge Minerals Ltd (ERM) is excited to announce today that is has received final assays from its 2009 geological mapping, geochemistry and prospecting work on the Fischot Islands, on the Great Northern Peninsula of Newfoundland.
During the months of June and July, the company was very busy conducting ground exploration work in the Great Northern Peninsula area of Newfoundland and surrounding areas. Work was focused in the Baie Verte and St. Julien's Project area in Newfoundland and Labrador. Fischot Island is located in the north eastern portion of the St, Julien's project area, approximately 10 kilometres north of the original St. Julien's copper showing, now referred to as the Copper Cod Showing.
Fischot Island
Fischot Island is a group of islands that are geologically represented as a mafic volcanic suite of rocks with several large gabbros intrusions. The volcanic rocks to the north contain a large stockwork system of quartz veining. The quartz veins are generally brecciated and carry pebble to cobble size chalcopyrite pieces. The mafic volcanic rocks are highly altered with chlorite, epidote and lesser amounts of carbonate. The northern island, Northwest Island, contains the bulk of the copper mineralization, as well as Frommy Island.
Geological mapping, geochemistry and prospecting were carried out over the islands in July of 2009. The program was generated from limited prospecting performed the year previous on the island by EagleRidge Minerals field crews. The present work has indentified two zones of copper sulphide mineralization. Copper mineralization is generally situated in the quartz veins but is also found in associated shear zones and to a lesser extent in the host rock.
The main zone of copper mineralization covers an area of 1400 metres by 700 metres on surface and has a general ovoid shape. Copper mineralization is generally associated with the brecciated quartz veins and associated shear zones. Veins have been noted up to 15 metres in width but average around 10 centimetres. Strike lengths are commonly over 100 metres. Associated shear zones are generally 10 metres wide and contain disseminated chalcopyrite and pyrite. Surface sampling has returned copper values in the range of 0.6% to 5%. Several samples outside of the main zone of mineralization assayed 0.1% to 0.5% copper and forms a lower grade narrow envelope of mineralization.
The northern zone of mineralization is located in the northern portion of the island chain. This zone is a linear trend that extends for 2100 metres with a width of 100 to 125 metres. Copper mineralization is predominantly hosted in the brecciated quartz veins as pebbles and cobbles of chalcopyrite but also as disseminated sulphides in shear zones. Assays ranged from 0.6% to 2% copper. This zone of mineralization has a lower grade copper halo of mineralization with widths of 20 to 30 metres on either side of the trend. The lower grade copper assayed between 0.13% and 0.5% copper.
Rock Assay QAQC
All rock samples were sent by private vehicles to the Accurassay Laboratories sample preparation office in Gambo, Newfoundland. Assays were completed at the Accurassay Laboratories in Thunder Bay, Ontario. EagleRidge Minerals follows a QAQC program of documented sample procedures and the introduction of commercial standards into the sample series.
VTEM on Fischot Island
During the later part of 2008, Eagleridge Minerals contracted Geotech Limited to fly a VTEM airborne EM and magnetic geophysical survey over the eastern portion of the St. Julien's project. The airborne survey covered the Fischot Islands.
The company contracted an independent geophysical consultant, John Kieley, to review the data. His report recommends several VTEM targets on Fischot Island and two of them are associated with the newly discovered copper mineralization.
Additional Ground Added
In light of the significant surface copper mineralization encountered, additional claims were added to the St. Julien's Project. Additional claims were added around Fischot Islands and Cormorandier Island. Potential exists to the north and west of the present Fischot Island discovery.
Exploration Plan
Presently the geological field crews are presently working on the company's gold projects in the Bissett region of south eastern Manitoba. A crew of prospectors are currently prospecting the recently added mineral claims located on Fischot Island, on the St. Julien's project in Newfoundland and the Goose Cove area.
Once all the work for Fischot Island and the rest of St. Julien's are completed and compiled, a drill program will be planned. The drilling will be based on the geological and geophysical interpretations. It is expected that drilling will occur later this fall. Efforts are underway to obtain financing for the drilling and continued exploration work on all of the company's mineral claims. A news release should be released shortly on the rest of the St. Julien's Project area.
Carey Galeschuk, P.Geo, ERM President and COO, is the qualified person for these projects.
About EagleRidge Minerals Ltd
ERM is presently a privately traded company. The company is focused on gold and base metal mineral exploration in the provinces of Manitoba and Newfoundland and Labrador. The company operates exploration offices in both Manitoba and Newfoundland and Labrador. The company is actively exploring gold and base metal targets in both provinces.
Caution Concerning Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable US and Canadian securities laws. Assumptions that have been made still require to be proven from field investigations. Management believes there is strong potential with regard to economic mineralization being found on their mineral exploration properties however this can only be proven through progressive field exploration and geological investigations. The statements in this release contain information that has known and unknown risks, uncertainties and other factors that may cause actual results to be different from those presented in this release. All investments carry a certain level of risk that cannot be considered to be under the control of EagleRidge Minerals Ltd.
Thursday, August 27, 2009
Wednesday, August 26, 2009
Prospecting Creates new Klondike Gold Rush
I just had the opportunity to read a story in the Globe and Mail concerning new gold discoveries made in the Klondike. It seems that gold prospecting may have finally located at least one of the elusive mother lodes that thousands of fortune hunters and would be prospectors searched for over 100 years ago.
I think this shows that prospecting is a very useful profession and it can be rewarding, but it takes time to do it right!
Here are some parts of the full story.
"We've finally found the first one that actually shows enough gold in one spot to say, 'Ahh, this is the type of deposit that could have produced the Klondike,' " said Shawn Ryan of Dawson, Yukon.
Mr. Ryan has combined 10 years of old-fashioned bushwhacking with the latest high-tech data gathering to find a gold belt nine kilometres long. The prospector's find is in the so-called White Gold area, south of Dawson, near where the White and Yukon rivers meet.
The area isn't new to gold seekers. In the late 1890s, it was part of the Klondike Gold Rush, which saw tens of thousands of hopeful "cheechakos," or newcomers, flood into the Yukon hoping to pan and sluice their way to riches.
Dawson swelled to 30,000 as creeks and gravel bars yielded millions of dollars of gold. Much of it was spent in bars such as Diamond-Tooth Gertie's, which provided Mr. Service with rich material for his oft-quoted odes such as The Cremation of Sam McGee.
The sources of that gold were never found. But Maurice Colpron of the Yukon Geological Survey says the White Gold find could be one of them
"The motherlode is still out there and that's the hype around the White Gold area."
Plenty of miners seem to think so. There are at least 29 junior mining companies active in the area. About 7,900 claims have been staked since late 2006.
Mineral exploration spending in the Yukon has risen from $7-million in 2002 to over $100-million in 2007 and 2008. Even in recessionary 2009, government figures suggest mining companies will spend up to $60-million.
Early drilling results explain the rush. Many operating mines exploit deposits that yield one gram of gold per tonne of ore. White Gold-area miners report 100-metre stretches of claim that yield three or four times that.
One company says a small section of its claim contains 410 grams of gold a tonne.
"People are really starting to realize this is a great place to explore," said Susan Craig, director of the Yukon Chamber of Mines and president of Northern Freegold Resources, one of the region's main players.
Link to Globe and Mail Story
As Been Webber the author of the article says " Somewhere, the ghost of Robert W. Service is smiling."
Let us keep on prospecting! Have a great and rewarding day.
I think this shows that prospecting is a very useful profession and it can be rewarding, but it takes time to do it right!
Here are some parts of the full story.
"We've finally found the first one that actually shows enough gold in one spot to say, 'Ahh, this is the type of deposit that could have produced the Klondike,' " said Shawn Ryan of Dawson, Yukon.
Mr. Ryan has combined 10 years of old-fashioned bushwhacking with the latest high-tech data gathering to find a gold belt nine kilometres long. The prospector's find is in the so-called White Gold area, south of Dawson, near where the White and Yukon rivers meet.
The area isn't new to gold seekers. In the late 1890s, it was part of the Klondike Gold Rush, which saw tens of thousands of hopeful "cheechakos," or newcomers, flood into the Yukon hoping to pan and sluice their way to riches.
Dawson swelled to 30,000 as creeks and gravel bars yielded millions of dollars of gold. Much of it was spent in bars such as Diamond-Tooth Gertie's, which provided Mr. Service with rich material for his oft-quoted odes such as The Cremation of Sam McGee.
The sources of that gold were never found. But Maurice Colpron of the Yukon Geological Survey says the White Gold find could be one of them
"The motherlode is still out there and that's the hype around the White Gold area."
Plenty of miners seem to think so. There are at least 29 junior mining companies active in the area. About 7,900 claims have been staked since late 2006.
Mineral exploration spending in the Yukon has risen from $7-million in 2002 to over $100-million in 2007 and 2008. Even in recessionary 2009, government figures suggest mining companies will spend up to $60-million.
Early drilling results explain the rush. Many operating mines exploit deposits that yield one gram of gold per tonne of ore. White Gold-area miners report 100-metre stretches of claim that yield three or four times that.
One company says a small section of its claim contains 410 grams of gold a tonne.
"People are really starting to realize this is a great place to explore," said Susan Craig, director of the Yukon Chamber of Mines and president of Northern Freegold Resources, one of the region's main players.
Link to Globe and Mail Story
As Been Webber the author of the article says " Somewhere, the ghost of Robert W. Service is smiling."
Let us keep on prospecting! Have a great and rewarding day.
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