Trading Symbol: CME:TSX-VEN
Shares Outstanding: 59,927,626
CALGARY, April 20 /CNW/ - Celtic Minerals Ltd., (CME:TSX-VEN) is pleased
to announce that it has entered into an option agreement with a Quebec
prospector to acquire a 100% interest in a new nickel exploration project in
Barry Greene, Celtic's Vice President of Exploration, stated: "The new
Quebec project expands upon Celtic's nickel focus by acquiring quality nickel
projects outside the Voisey's Bay area. We plan to start exploration on this
project in conjunction with exploration on our Labrador projects. We continue
to seek additional nickel opportunities in Quebec and elsewhere."
Muscocho Lake Nickel Project
The Muscocho Lake property consists of 28-mining claims (445.6 Ha)
located in Hauy Township, approximately 30 km from the town of Chibougamou,
Quebec. A series of logging roads leads to the claim area. Concurrent with the
option agreement, Celtic has applied to stake the surrounding claims
consisting of 66.5 claims (1058.26 Ha) to enclose the prospective geological
The Muscocho nickel prospect straddles the northeast corner of the
Muscocho Stock, a felsic intrusive consisting of a granitic core truncated by
a series of gabbroic sills and dykes, all disrupting the surrounding mafic
volcanics. One such mafic intrusive occurs along the northeast contact of the
stock, and is host to an occurrence referred to as the Muscocho Deposit. The
mineralization occurs in gabbro as disseminated, semi massive and massive
sulphides consisting of pyrrhotite, chalcopyrite and pentlandite. It extends
across an exposed width of 38 feet on surface and has been intersected in
diamond drill core in multiple holes.
Historic work reports from the 1950's by Noranda Mines Limited include
the following significant drill intersections from two small diameter drill
holes under the surface showing:
- 21.5 feet @ 1.20% Ni, 0.60% Cu
- 22.5 feet @ 0.68% Ni, 1.49% Cu
One grab sample of pyrrhotite from the surface showing was reportedly
assayed for platinum and returned 0.06 oz. per ton (2.0 g/t). No systematic
sampling for platinum has been done. The host gabbro intrusive has been mapped
on surface for greater than 2 km, most of which has not been explored for
nickel or platinum mineralization.
The ground covered by the claims was held by Noranda Mines Limited from
1949 to 1959. During this period, twelve diamond drill holes were put down,
for a total of 4391 feet (1338m). Several of the holes intersected
nickel-copper mineralization, the best holes being those reported above. The
ground was again held from 1960 to 1962 by a team of prospectors, during which
time four short x-ray holes were re-drilled on the prospect. No data is
reported from that work. The ground was held briefly by Canadian Royalties Inc
in 2000 and 2001 but no exploration work is reported. The area has apparently
not been covered by an exploration grid since the 1960's.
Celtic plans an aggressive exploration program to begin as soon as
practical, consisting of linecutting, geological mapping and prospecting,
geophysical surveys including deep penetrating EM, and diamond drilling
including down hole EM.
Terms of Deal
To acquire 100% interest, Celtic will make a one time payment of $15,000.
The Optionor will retain a 2% NSR of which half (1%) can be purchased by
Celtic for $ 1 million. Celtic has also been granted a right of first refusal
to purchase the remaining 1% NSR interest.
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 Quebec nickel
exploration project 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: