99 Capital Commences Work Program at Skead project, Ontario
Trading Symbol: WDG - (TSX.V)
VANCOUVER, Sept. 13 /CNW/ - 99 Capital Corporation (the "Company") is pleased to announce that it has commenced an exploration program at its Skead project which covers the past producing "New Telluride" gold mine near Larder Lake Ontario. Line cutting, IP, and geological mapping programs have commenced to define targets for subsequent exploration programs.
The Skead project covers an area of 972 ha approximately 120km SE of Timmins and approximately 15km South of Larder Lake Ontario. The project includes the past producing New Telluride gold mine which last saw production around 1932 during which time a two compartment shaft was sunk to 375 feet, with 1,995 feet of lateral development on levels at 90, 150, 250, and 350 feet. A 50 ton/day mill was installed which reportedly ceased operation due to a fire in 1932 and was never successfully rebuilt. Reference to past production reports gold values from trace to 1 oz/ton from underground workings.
The project is located within the Archean Abitibi Greenstone Belt of the Superior Province of the Canadian Shield. The claims are primarily underlain by sequences of fragmental lavas, pyroclastics and minor interbeds of sediments. Alteration of albitization surrounds many of the mineralized areas and a northerly trending major fault is projected adjacent to most of these mineralized zones. A diabase unit appears to contain green speckles (fucsite?).
Most of the zones contain shear and fracture controlled lenses containing quartz veins and stringers, carbonate, pyrite, chalcopyrite and widespread specularite. The gold tends to follow copper to some extent.
The focus of the project is its three primary zones which trend northeast of the New Telluride shaft area: the Telluride, Denique, and Northern zones. The Northern zone, located approximately 800m north of Telluride, has reported historical gold values of up to 3 oz/ton from channel samplings.
Since 1932 there has been very little geological investigation due in part to gold market conditions and the inability of previous operators to have assembled the claims into one complete and comprehensive package. The Company is encouraged by the opportunities presented at the Skead project.
All technical information contained in this release is of historical nature and has not or could not be verified by the Company. Readers are cautioned to not rely on the information.
The Company's director Mr. James A Turner, a Qualified Person as defined by National Instrument 43-101, has read and approves the information contained herein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
On behalf of the Board of 99 Capital Corporation, "Alexander Helmel" ------------------ Alexander Helmel, President & CEO
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement in this release containing words such as "believes," "plans," "expects" or "intends" and other statements that are not historical facts are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.
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For further information: For further information: Alexander Helmel, President at 604-676-4133
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