Buchans River Ltd. has a 100% interest in 563 claims around the former
high-grade Buchans Mine in central Newfoundland. A compilation and till geochemical
program is ongoing west of Buchans. Drilling is planned for mid-1998.
Celtic Minerals Ltd. and joint venture partner Jilbey Exploration Ltd.
will complete further compilation work, geophysical surveying and drilling on its Hungry
Hill base-metal property in central Newfoundland. Grades of 3.06% zinc, 20.9
g/mt silver
and 0.8 g/mt gold over 10.84 m have been released.
Altius Minerals Corporation will complete geological,
geochemical,
geophysical and some drill surveys on its Shamrock, Lockport, Victoria River, Wild Cove,
Moose Head, Tom Joe and Big Arm base and/or precious metal properties, central
Newfoundland.
Noveder Inc. outlined a significant electromagnetic conductor on the Cabot
Property north of Baie Verte. The conductive zone extends over a distance of 600 m, to
either side of a copper showing discovered by PNL Ventures Ltd. in 1997. Drilling is
planned.
10324 Newfoundland Limited completed a gravity survey, some trenching, a
limited bulk sampling and drill program on the Ronan barite deposit, Port au Port
Peninsula. The deposit is being investigated for its suitability as a offshore drilling
mud.
Midatlantic Minerals Inc. completed a drill program in early 1998 to
further define the Aquatuna limestone and dolomite deposits on the Port au Port Peninsula.
The project could see limited production in 1998 or 1999.
Leeson Resources Inc. is conducting a program designed to further test the
Fischells salt deposit near St. Georges. The Fischells deposit is estimated to contain
more than a billion tonnes. Drilling operations have been temporarily suspended.
Burin Minerals Ltd. plan to complete a 28,000 m drill program to further
define existing fluorspar reserves at the Blue Beach North and Tarefare No. 2 deposits at
St. Lawrence, Burin Peninsula.
Major General Resources announced a substantial agreement with Rio Algom
Exploration Inc. on its Green Bay, Newfoundland base metals project. The agreement
encompasses close to 600 claim units owned or controlled by Major General. Rio Algom may
earn a 50% interest in the properties by making exploration expenditures of $2 million and
cash payments to Major General totalling $285,000 over a four year period. Rio Algom
completed an airborne geophysical survey in early winter. Ground surveys will follow in
favourable areas to search for new drilling target areas which may host large VMS type
deposits.