Symbol: CNG - TSX.V
VANCOUVER, Sept. 14 /CNW/ - Mr. Ray Paquette CEO is pleased to report that the Company's US qualified person, Dr. O'Hara was in the field this past week at its Bullard Pass gold project. Dr. O'Hara has now completed the staking of drill-hole locations for collars and has flagged the necessary roads. Dr. O'Hara is now moving forward with the drill permitting process with the Bureau of Land Management.
Canadian Mining implemented a new geological model redefining potential gold resource on a past producer. Geologists have come to understand a great deal more about detachment fault structures, how they occur, and where they distribute precious metals. Armed with this new geological model, and data showing the presence of gold at Bullard, Canadian Mining has assembled a large land package surrounding the Bullard Mine and has advanced the project to the drilling phase.
It was 1895 when John Bullard acquired the 500 acres of ground that still bears his name to this day. Sometime around 1907, he found a vein of gold, which, according to the earliest geological report, ranged from one foot to five and-a-half feet thick, with an average gold grade exceeding one-third of an ounce per ton. Bullard mined the vein, and between 1939 and 1941 Bullard Gold Mines Inc. shipped 5,500 tons of ore yielding 2.2 per cent copper, a third of an ounce of gold, and a quarter of an ounce of silver per ton.
Later, in 1987, Freeport McMoRan drilled ten holes on the southwest portion of the property. Their last hole hit 0.09 ounces of gold per ton. In 1989 and 1990, Cominco American Resources punched 42 holes and came up with ore-grade intercepts with assays up to a quarter of an ounce per ton of gold over lengths of up to 200 feet.
Then, in 1992, the Arizona Geological Survey Open-File Report 92-1 stated, "the mineralogic and structural similarities of the Bullard and Copperstone districts suggest that potential exists for a major gold deposit in the area of the Bullard district."
They knew, at the time, that gold mineralization on the property had turned up in successive programs. They also knew that low gold prices made the economics of finding and mining gold at the Bullard less than completely attractive. That was long before gold reached today's prices. What they overlooked in the past has created a great opportunity for Canadian Mining.
On behalf of the Board
Ray Paquette CEO
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responsibility for the adequacy or accuracy of this release.
SOURCE Canadian Mining Company Inc.
For further information: For further information: Ray Paquette, CEO, Info@canadianmining.ca, (604) 684-3301