August 1 2011, For Immediate Release - Canada Bay Resources LTD Winnipeg Canada
Canada Bay Resources Ltd today announced that significant milestones have been achieved in advancing the 2011 exploration program at its flagship Copper Project located near St. Juliens in Newfoundland Canada. Today the drilling rig was positioned on station to begin drilling the first two holes of the 10 drill-hole diamond drilling program. This, the first of five drilling setups, was selected to target the high grade area of copper mineralization on which the historic circa 1903 shaft was sunk. Channel cut, chip sampling and grab sampling of the historic shaft, conducted in 2008 - 2009 resulted in numerous high grade assays that returned over 18% copper in areas of intense chalcopyrite mineralization sampled from surface to 15 meters down the old workings.
Robert Freeman project manager reports that the local prospecting crew accomplished this milestone under difficult conditions without mishap and with the precision required. We took on this task that required numerous preparations including constructing a boat dock, preparing the drill sites, finalizing the drilling plan and also acquiring the equipment required to transport the drill rig over rugged terrain.
Nick Bodnar, Bodner Drilling Ltd, the rig owner, worked closely with the management team and the McGrath Brothers, property owners, to ensure that the preparations, site transportation and rig positioning was carried out within a satisfactory time frame and completed safely and efficiently. This is a unique example of excellent teamwork he said. Having the original property owners, the option company (Canada Bay Resources) contractors and prospecting crews all working together with a common goal at a site is exhilarating to witness Freeman said.
What has been discovered to date is quite amazing, I cannot think of many places in the world where a prospector can help find over 56 (and counting) high grade mineral occurrences, some with, 4, 6, 8 or even 12 inches or more of solid copper bearing chalcopyrite ore in hydrothermal intrusions just under the surface. The assays to date are already very significant; I cannot wait to see what this drilling program will show us. Are we seeing the tip of the iceberg or are we scratching the head of a very large elephant? This drilling will help us find out says Freeman.
The St. Juliens copper project is a unique property where high grade copper has been discovered to date at numerous locations over a length of more than 11 kilometers on this 80 sq kilometer property. Having the opportunity to explore and diamond drill a property of this potential represents an amazing business building and value creation opportunity for the shareholders said Don Gibb Company President and CEO. Since adoption of our new business strategy the company has made significant achievements toward achieving the goal of creating both opportunity and wealth for the shareholders.
The St. Juliens project has the potential to achieve great success if we are as successful in drilling as we have been in our company development activities to date. We are a very young company, yet we have the experience and team expertise required to seek out, indentify and capitalize on a mineral exploration opportunity that is grounded in solid evidence and supports taking calculated risks to achieve the overall goal. Without the dedication, work and commitment demonstrated by all parties to date, we could never have reached this stage this fast, Gibb said.
Wilbert McGrath, now Vice President of Canada Bay Resources, worked diligently with his brothers Eddie, Don and Fred to prospect and advance the St. Juliens property back in 2007. My brothers and I had a yearning to try new things and seek opportunity that would benefit both our family and our community. What we have now, started out as a hobby that resulted in obtaining samples of rusty looking rocks that produced some rather amazing assays. With those assays came a somewhat enlarged vision and belief that there may be something of importance still hidden under the ground at the old mine site we once played around. We sought out the help and fundamentally important advice available from the great people at the Department of Natural Resources Mines Branch of Newfoundland, which lead to an opportunity for us to become designated prospectors and to showcase our property at the PDAC 2008 in Toronto Ontario.
On July 30th 2011 we held our first town hall meeting in St. Juliens, NL. We invited the people from St. Juliens and surrounding communities to come together to give them a general overview of the St. Juliens exploration activity and also to answer any questions they may have. With 40 people in attendance Robert Freeman and I presented a general overview of the project to give the people an understanding of where the project is and what the objectives are for the next six to eight weeks, particularly regarding the drilling rig being set up on location which is most exciting stage of the project thus far. We (the McGrath’s) were pleased to share with the people that from our initial interest in the St. Juliens property four years ago when we pumped out the old mine shaft and sent off our first sample to be analyzed assay. The property has continued to prove itself an exciting property of merit, and the more exploration we do the more interesting the property continues to get. Over the past four years we have discovered many exciting surface showing and various other indications that there is very good potential for mineralization in that area that warranted further and elevated exploration. With all permits and preparations in place and drilling scheduled to begin before mid august we will finally get to see secrets that lay in the St. Juliens geology under the surface. This is an exciting time for Canada Bay resources and for the people of St. Juliens and surrounding area. The people attending the meeting were very supportive of the project and share our level of interest and optimism as we move forward.
The company field crew is also conducting additional grass roots prospecting on yet un – explored portions of the property and we are also engaged in pin point surveying of unchecked geophysical targets using highly effective Beep Mat instruments to follow up on targets of potential that were revealed in the past VTEM geophysical survey and earlier prospecting work. These promising targets could also prove to play an important role in the overall future of the project.
Only about 30% of the property has been looked at in any detail to date. We have basically only scratched the surface yet but have made considerable high grade discoveries. In fact amazing amount of significant copper showings have been discovered on the property and there is strong evidence to support the need for more intense exploration effort that includes diamond drilling. St. Juliens offers considerable potential for locating one or more economic sized copper deposits.
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