Trading Symbol: CME:TSX-VEN
Shares Outstanding: 59,927,626
CALGARY, April 18 /CNW/ - Celtic Minerals Ltd., (CME:TSX-VEN) is pleased
to announce that it has acquired by staking, two new nickel exploration
projects in the Voisey's Bay area of Labrador. The company has planned for an
aggressive exploration season on its existing West Voisey's Bay and Garland
Lake properties, and these two new highly prospective properties. Exploration
work on the two new projects will be conducted from Celtic's existing base
camp at West Voisey's Bay.
Barry Greene, Celtic's Vice President of Exploration, stated, "This
acquisition compliments our nickel exploration focus in Labrador and stems
from the exploration model generated at the Voisey's Bay mining camp, which is
also being applied at Celtic's extensive West Voisey's Bay and Garland Lake
projects. We anticipate a very active 2007 exploration season."
Tasisuak Lake Nickel Project
The Tasisuak Lake project is located 75km west of Nain (60 km northwest
of the Voisey's Bay mine) and three km north of a prominent east-west oriented
fjord which connects to the Labrador Sea via Nain Harbour. A total of 217
claims were staked for a total area of 5425 Ha.
The region was highlighted in 1984 by the Newfoundland Department of
Mines and Energy (NDME) as having a first order Nickel-Copper-Cobalt lake
sediment anomaly and was one of only two anomalous nickel areas in Labrador
which was selected by the NDME for detailed lake sampling. Detailed sampling
confirmed and intensified the reconnaissance anomaly. Significantly, nearly
coincident anomalies of Copper and Nickel area located within the area. Within
this zone are found lake sediments which have copper contents of 132, 188, and
203 ppm, and Nickel contents of 143, 154, 180 and 311 ppm. The 311 ppm
analysis is higher than any encountered in the samples from the 8048 lake
sites of the original reconnaissance survey which covered about half of
Labrador (including the Voisey's Bay area) and was completed in 1978.
The claim area is underlain by gneissic basement rocks which include
Tasiuyak paragneiss. It is noteworthy that in the Voisey's Bay area, an E-W
trending mineralized troctolite dyke, which host the Voisey's Bay deposits,
are found intruding gneissic basement rocks, including Tasiuyak paragneiss.
During the Voisey's Bay staking rush, a program of very limited surface
prospecting and sampling by Absolut Resources was done over the area
encompassing the current Celtic claims. The lake sediment anomalies were not
explained and ground geophysical follow-up was not completed. Airborne
magnetics and electromagnetics (EM) was completed and an obvious E-W oriented
magnetic anomaly crosscuts the Tasiuyak paragneiss through the center of the
Nickel-Copper Cobalt lake sediment anomaly. Absolut described this feature as
"a distinct east-west trending magnetic anomaly coincident with fine to medium
grained mafic dyke swarms containing disseminated grains of sulphide
mineralization, which reflects emplacement along a major east-west trending
fault." Throughout the property there is a strong EM response associated with
the northwest trending paragneiss, some of which may be related to the E-W
Kingurutik River Nickel Project
The Kingurutik Lake Project is located 80 km northwest of Nain (80 km
north of the Voisey's Bay mine). A total of 96 claims were staked covering an
area of 2400 Ha.
Coincident with the Voisey's Bay staking rush, the area was explored for
one field season by Consolidated Samarkand Resources. Numerous gossans were
sampled and an airborne geophysical survey completed. Two primary
Nickel-Copper-Cobalt mineralized showings were identified. Consolidated
Samarkand described a regional suture zone striking in a north-northwest
direction through the property. This structure was interpreted as the boundary
between the Churchill structural province to the west, and the Nain province
to the east. The interpreted suture zone was easily traceable from the air,
and it is along this zone where the mineralized areas occur. Notably, the
Nain-Churchill boundary is interpreted to pass through the area containing the
Voisey's Bay deposits and is interpreted to be regionally significant for
Nickel-Copper-Cobalt exploration in the Voisey's Bay region.
A broad oxidization zone varying between 100 to 400 metres wide was
identified in the Kingurutik North area consisting of two main areas, offset
by a creek which follows a shear zone striking east-west. These gossanous
areas, which are identifiable from the air, consist of several strongly
oxidized subzones ranging in width from less than 1 metre, to over 10 metres
wide. Moderately rusty coated diorite or gneisses occur in the areas between
the strongly oxidized subzones. The strongly oxidized subzone host rocks were
described, by Consolidated Samarkand, as consisting of fine grained mafic
rocks with varying amounts of disseminated sulfides (from 5 to 60 wt.%) which
included pyrrhotite and chalcopyrite and possible pentlandite. Highly
mineralized areas were described as often extremely gossanous, making sampling
of fresh rock difficult.
Rock samples taken by Consolidated Samarkand from the disseminated
sulphides in the gossanous zones were commonly enriched in copper and nickel.
The highest result from the Kingurutik North area consisted of grab samples
which assayed 0.399% Cu, 0.305% Ni, and 0.065% Co. The highest result from the
Kingurutik South area consisted of grab samples taken by Consolidated
Samarkand which assayed 0.270% Cu, 0.181% Ni, and 0.042% Co.
As with the newly acquired Tasisuak Lake project, The Kingurutik Lake
claim area is underlain largely by gneissic basement rocks which include
Paul Delaney, P.Geo., project geologist for Celtic Minerals Ltd. is the
qualified person who has reviewed the content of this news release.
Celtic encourages the public to visit its website at
www.celticminerals.com for updated information on the new Labrador Nickel
exploration projects or to email us at firstname.lastname@example.org 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: Kevin Flaherty, Chairman and CEO, Celtic
Minerals Ltd., Phone: (403) 261-2890, Fax: (403) 265-2223, E-mail:
Kevin@celticminerals.com; Paul Lipoth, Corporate Relations, Celtic Minerals
Ltd., Phone: (403) 261-2890, Fax: (403) 265-2223, E-mail: