Trading Symbol: CME:TSX-VEN
Shares Outstanding: 66,765,375
CALGARY, Nov. 22 /CNW/ - Celtic Minerals Ltd., (CME:TSX-VEN) is pleased
to announce the commencement of a minimum 1000 m, six hole diamond drilling
program on the Budgell's Harbour project on the north coast of Newfoundland.
This will be the first ever drilling on this project, which is being assessed
for its Copper-Platinum Group Metals (PGM's) and Magnetite potential. The
project is located on tide water and drilling will take place within one
kilometre of a deep water port.
The Budgell's Harbour project contains an intense airborne magnetic
anomaly coincident with strongly anomalous copper soil anomalies over an area
measuring 1.5 km x 2.5 km, located along the margin of a differentiated mafic
to ultramafic intrusion. Noranda assessed the Budgell's Harbour intrusion
(BHI) for base metals in 1973-74 and again in 1987-88 detecting strong copper
soil anomalies over the area. No attempts were made to trench or drill the
anomalous area and the source of the anomalies remained unexplained. The large
soil anomaly contains copper values ranging from 50 ppm to 1500 ppm and two
distinct regions, within the larger anomalous zone, measuring 750 m x 750 m
and 500 m x 700 m, contain values mostly ranging from 200 ppm to 1500 ppm
During the summer of 2007, Celtic prospectors sampled a locally derived
float of BHI with a trace of sulphides that analyzed 407 ppb Platinum and
100 ppb Palladium. The sample was collected at the base of a large outcropping
hill consisting of BHI, approximately 75 m from the mapped southern margin of
the BHI where a strong copper anomaly was previously identified. Since the
historic soil samples were only analyzed for copper and zinc, Celtic is
re-sampling the entire copper anomalous area for a multi element suite by ICP
as well as platinum group metals (PGM's).
Additionally, during the summer of 2007, a full tensor airborne gravity
gradiometry (FTG) survey was completed over the property, outlining several
high intensity gravity anomalies including a strong gravity anomaly measuring
1.5 km x 2.5 km directly over the strong copper soil anomalies, coincident
with the intense magnetic anomaly.
The magnetic anomaly of the BHI is the most striking feature of the
airborne magnetic pattern in west central Notre Dame Bay. The anomaly over the
intrusion reaches a maximum of 60,000 gammas (25,000 gammas above background).
A profile of the anomaly shows that the gradient is extremely steep indicating
that the walls of the Budgell's Harbour intrusion are very steeply dipping -
the overall shape is thus grossly cylindrical.
The Jurassic BHI consists of olivine gabbro, hornblende gabbro, biotite
gabbro, hornblende peridotite, diorite, diatreme breccias and lamprophyre
The Budgell's Harbour project is being explored under an option agreement
with a consortium of prospectors and a private Newfoundland based mineral
exploration company. The property covers 3900 hectares and the agreement
grants Celtic the right to earn a 100% interest over three years by incurring
aggregate expenditures of $600,000 on the Property; and by making payments to
the optionors totaling $120,000, and an aggregate 300,000 share payment from
Celtic. The optionors will retain a 2% NSR of which 1% can be purchased by
Celtic for $1.5 million. Celtic also has a right of first refusal to purchase
the remaining 1% NSR interest in the property. Celtic has a firm commitment
for exploration expenditures of $100,000.
Mark Graves, P.Geo., Exploration Manager for Celtic Minerals Ltd. is the
qualified person who has reviewed the content of this news release.
Assays are being done at Accurassay Laboratories in Thunder Bay, Ontario
and Activation Laboratories in Ancaster, Ontario. Precious metals are analyzed
using a 30 g lead collection fire assay procedure with AA finish. A standard
multi element ICP package is used on all samples. Ore grade assays are
determined by Aqua Regia digest with AA finish. In addition to the
laboratories quality control, Celtic also has a QA-QC program using standards
Celtic encourages the public to visit its website at
www.celticminerals.com for additional information on the various projects or
to email us at email@example.com to be added to the Company's e-mail
list for press releases and updates.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Paul Lipoth, Corporate Relations, Celtic
Minerals Ltd., Phone: (403) 261-2890 x.233, Fax: (403) 265-2223, Email:
firstname.lastname@example.org; Kevin Flaherty, Chairman & CEO, Celtic Minerals Ltd.,
Phone: (403) 261-2890, Fax: (403) 265-2223