Crosshair Exploration & Mining Corp. has provided results from the phase 1 reconnaissance drill program at the Wings Point-Titan prospect in north-central Newfoundland. This drill program consisted of 11 holes totalling 881 metres of HQ core, and was successful in returning several significant gold-bearing intersections including 10.22 grams per tonne gold over 3.35 metres from hole WP-1, 3.65 grams per tonne gold over 2.32 metres from hole WP-5 and 4.45 grams per tonne gold over 2.50 metres from WP-6. The company is extremely pleased with the results of this drill program, and will use the data to define additional drill targets for the phase 2 drill program.
This drill program was testing mineralization that returned channel samples of 9.41 grams per tonne gold over 4.25 metres (trench 9) and 15.25 grams per tonne over three metres (trench 7), previously reported in Stockwatch in April, 2004. The mineralization at the Titan prospect has been exposed by widely spaced trenches over a strike length of 485 metres and is still open to the southwest and northeast. Significantly, eight of 11 holes intersected gold mineralization over widths comparable to those sampled in the trenches. Visible gold, locally common in the trenches, was observed in hole WP-1.
The program summary is as follows:
Hole From-To Length Au No. (m) (m) (g/t) WP-1 18.45-23.70 5.25 6.77 incl 20.35-23.70 3.35 10.22 WP-2 NSV WP-3 30.30-34.30 4.00 1.15 WP-4 36.25-43.20 6.95 1.12 incl 38.26-38.76 0.5 3.12 WP-5 20.91-23.23 2.32 3.65 incl 21.70-22.23 0.53 10.30 WP-6 18.50-21.00 2.50 4.45 WP-7 NSV WP-8 46.30-46.80 0.50 2.37 and 64.67-64.77 0.10 7.63 WP-9 4.52- 5.82 1.30 0.76 WP-10 NSV WP-11 13.30-17.30 4.00 1.06
The company will compile the drill data together with recent soil samplings and IP survey data with a view to developing a more refined and targeted phase II drill program, with the objective of concentrating on zones the company now believes contain significant mineralization. All preparation work and gold analysis were carried out at Eastern Analytical Limited in Springdale, Nfld. Selections of pulps were submitted to Chemex Ltd. for check analysis and results compared favourably with the original results from Eastern. In addition, standards were randomly inserted to ensure quality control. Altered and mineralized gabbro and sedimentary rocks were intersected in most holes, locally returning significant gold values and, of key importance, the Titan gold zone is open in all directions. High-grade gold mineralization, originally believed to be mainly restricted to gabbroic rocks, has also been encountered in sediments in hole WP-5 (0.53 metre grading 10.30 grams per tonne gold), which opens up considerable room for additional mineralization at Titan. The gabbro exposed in trenches and intersected in drill core appears to be much more extensive than at any other occurrences in the region, hence the volume of geochemically favourable rock is much greater at Titan suggesting that potential may exist for bulk-tonnage gold mineralization.
The Titan prospect is completely covered by overburden and as a result all bedrock exposures were excavated by heavy machinery. The prospect has been exposed by several trenches over a length of 425 metres, and numerous untested soil anomalies, containing up to 3,228 parts per billion gold, strongly suggest that additional mineralization is present at Titan, including a possible parallel zone highlighted by untested soil anomalies ranging up to 606 parts per billion gold. The original grid at Titan measures only 600 metres in length, barely covering the known mineralization. As a result, additional soil sampling extending 250 metres to the northeast and to the southwest has recently been completed to help establish the continuation of the zone in these directions. In addition, the company has recently completed a full IP geophysical survey of the existing ground. Results from these programs are expected in September. A map of the drill program with the location of all drill holes will be placed on the company's website.
The Titan prospect is located on the Wing's Point-Titan joint venture, consisting of 130-map-staked claims located 40 kilometres north of the town of Gander in northeastern Newfoundland and is under option from Rubicon Minerals Corp. Crosshair is entering the second year of an option agreement with Rubicon where it can earn a 60-per-cent interest by spending $1.5-million and issue 400,000 shares to Rubicon over a four-year period.
The government of Newfoundland and Labrador, particularly the Department of Mines and Energy, is thanked for its support of this work through the JCEAP program. All activities on this project were supervised by Timothy Froude, PGeo, of Crosshair Exploration and Mining Corp., who is the qualified person as defined by National Instrument 43-101. For more information on Crosshair and its properties, visit the company's website at www.crosshairexploration.com.