KIRKLAND LAKE, ON, Dec. 9 /CNW/ - GLR Resources Inc., (GLE: CNSX) is
pleased to provide an update on the company's Omega Mine property
located slightly east-northeast of the town of Larder Lake, Ontario.
The property consists of 17 contiguous leased and patented mining
claims comprising some 635 acres. The property is situated along the
highly productive Larder Lake-Cadillac break which has produced 102
million ounces of gold and lies 10 km west of the former producing
Kerr-Addison mine (10.5 million ounces Au).
Following exerts are from a report by Guy Hinse P.Eng; dated May 7,
Historic production from the previous owner Omega Gold Mines was
1,584,264 tons with an average grade of 0.158 ounces gold per ton from
1936 to 1947. None of the forgoing is 43-101 compliant and should not
be relied on. It is presented as historical information only. The
property lies along the Larder Lake "break", a major structure defined
by the presence of carbonate rocks. This structure is highly favorable
to economic concentrations of gold values.
Using a cut off grade of 0.10 ounce per ton, a minimum mining width of 4
feet and all assays cut to 1 ounce. Drill indicated reserves were
estimated at 269,934 tons of 0.160 oz Au/ton (5.48 g/t Au) mostly above
the 300 foot level. This estimate is non 43-101 compliant and is not to
be relied upon. Undoubtedly there remains an unknown quantity of low
grade material in the wall and peripheries of the mined out ore zones.
Drill hole OM 83-60 averaged 0.126 oz/t Au over 25 feet before hitting a
Hole OM 83-62 averaged 0.069 oz Au per ton over 39.5 feet before
crossing a 7 foot stope. The far side of the stope returned 0.11
oz/ton Au across 4 feet; a total mineralized section of 50.5 feet. No
values of the stope were included. (Historically the mining grade was
0.158 oz Au/ton.)
A review of the Lenora Exploration drilling (Now GLR) has revealed some
interesting potential of widths and grades which may indicate a
potential for wider widths of economic material that may possibly be
mined by open pit.
Hole OM 83-73 from 60.0-113.5 feet returned 0.102 oz/Au/ton over 53.5
feet including 0.207 oz/Au/ton over 9 feet. The last assay in this hole
was 0.09 oz/Au/ton and the hole ended at 127 feet.
Hole OM 83-31 from 35 to 187.3 feet returned 0.051 oz/Au/ton over 152.3
feet including 0.189 oz/Au/ton over 32.3 feet.
All Holes are drilled at -45 degrees and approximate true widths. An
average of all the holes drilled at -45 degrees shows an average depth
of 22.1feet below surface indicating the possibility of open pit
The Hinse Report (1986) also states the following:
This zone is a new discovery. It is located 1,400 feet south east of No
1 shaft, or 600 feet south of No 17 zone. It was intersected in two
holes close to surface where it returned low values in gold. A deeper
hole intersected the same zone at 1,000 feet below surface. It returned
0.098 oz/Au/ton along a core length of 14 feet. The significance here
is the large increase of gold values from near surface to the 1,000
foot level. It is believed that this zone has good depth potential and
further work is warranted.
This zone is located 350 feet south of Zone 18. It is also a new
discovery. It was intersected in one hole drilled to a depth of 600
feet below surface. The hole returned 0.513 oz/Au/ton over a core
length of 2.1 feet.
In the old mine records there is some mention of a mineralized zone in
the volcanic lava to the south of the main zone. The following was
retrieved from the Northern Miner Files of November 1946:
"One of the areas that indicates some promise is a big low grade
flow-type zone, lying off to the south of the mine workings. When it
was first investigated some time ago, it was estimated to have a
potential of 300 tons per vertical foot. New deeper work on the 900-ft.
Level has doubled that estimate and it found a couple other subsidiary
occurrences. Grade is calculated at a sub-ore figure of 0.10 oz Au/per
ton but it might be running a little better than that since the source
is supplying about 15% of current mill feed and the mill heads haven't
suffered any. The Northern miner goes on to say that the stope was
mined to a width of 50-60 feet and the similarity to the flow-type ore
at Kerr-Addison suggests a small increase in grade is possible".
The mine shut down in 1947. None of the former drill holes by GLR tested
or penetrated the south lava zone.
The Omega Mine had two shafts with access to the 1500 foot level and a
winze to 2,000 feet.
This prior work will substantially reduce development costs if needed.
The mine is reportedly been back filled.
GLR considers the Omega to be a prime exploration property. All data is
presently being collected and reviewed. Once this is completed a 43-101
report will be finalized.
None of the forgoing is 43-101 compliant and should not be relied on. It
is presented as historical information only.
Fred Sharpley P.Geo is a qualified person under 43-101 regulations and
has reviewed the contents of this news release.
GLR'S other properties are being reviewed and an update on them will be
released when available.
GLR is a Canadian-based junior mining and exploration company focused on
existing projects in Ontario and Quebec. GLR is listed for trading on
the Canadian National Stock Exchange (the "CNSX") under the trading
The CNSX has not reviewed and does not accept responsibility for the
adequacy of this release.
This news release contains certain "forward-looking information". All
statements, other than statements of historical fact, that address
activities, events or developments that GLR believes, expects or anticipates will or may occur in the future
including, without limitation, statements relating to GLR's prosecution of its action against Brigus are forward-looking
statements. These forward-looking statements reflect the current
expectations or beliefs of GLR based on information currently available to GLR. Forward-looking
statements are subject to a number of significant risks and
uncertainties and other factors that may cause the actual results of
GLR to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or
substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on GLR. Factors that could
cause actual results or events to differ materially from current
expectations include, but are not limited to, unforeseen events, costs
and/or complications in the litigation process and the uncertainty of a
favourable decision being rendered inherent in the litigation process
Any forward-looking statement speaks only as of the date on which it is
made and, except as may be required by applicable securities laws, GLR disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or
results or otherwise. Although GLR believes that the assumptions inherent in the forward-looking statements
are reasonable, forward-looking statements are not guarantees of future
performance and accordingly undue reliance should not be put on such
statements due to the inherent uncertainty therein.
SOURCE GLR RESOURCES INC.
For further information: For further information:
Robert Kasner, President and CEO
Telephone: 1 705 567 5351