Kingurutik River update, Toll nickel prospect assays completed



    Trading Symbol: CME:TSX-VEN
    Shares Outstanding: 66,815,375

    CALGARY, Dec. 5 /CNW/ - Celtic Minerals Ltd., (CME:TSX-VEN) is pleased to
provide an update on its exploration activities at its 899.5 square kilometre
Kingurutik Property in northern Labrador, the focal site of the company's
active 2007 field season. In 2008, operations will focus on the 33 massive
sulphide outcrops already highlighted, including the continued exploration of
the Toll Prospect and the previously identified West Margin. In addition,
Celtic will begin activities on the highly prospective Black Duck Project,
where recent staking of 254 claims covers an additional 63.5 square
kilometres.
    Celtic's recognition of the nickel exploration potential in the Churchill
gneisses, that previously identified the West Margin target area, has
culminated in focusing the company's research on an area known as the Black
Duck Project. This property was briefly explored by Noranda during the
original Voisey's Bay land claim rush and contains numerous indicators
prospective for Ni-Cu-Co-PGE deposits. Most noteworthy at Black Duck is a
25 meter wide dyke outcrop of mineralized meta-olivine gabbro from which
petrography indicates abundant pentlandite hosted in 7% magmatic sulphides. Of
key importance is that the olivine also exhibits magnesium rich and nickel
depleted qualities. Geologically speaking, this primitive magma, combined with
regionally high concentrations of Ni-Cu-Co lake sediments is significant in
that it is representative of a positive environment typical of those where
nickel deposits are known to occur.
    A total of 11 holes were drilled in the Toll nickel prospect, of which
nine were sampled. Assays have now been received for all nine diamond drill
holes. As previously described, the prospect is geologically located at the
contact between a fine grained gabbro and norite/leuconorite, which sits
adjacent to a 12 km long troctolite dyke/layer. Mineralization noted in
drilling consists of both fault controlled sulphides and coarse grained
magmatic sulphides. The initial drilling, based on surface geology and a UTEM
conductor, traced the down dip extent of that mineralized contact towards a
gravity high located 800 metres to the west, which is bisected by the
troctolite dyke. One deep hole was commenced on this gravity target, but
failed to reach target depth due to poor ground conditions. As noted earlier,
Celtic plans to promptly re-enter this borehole and wedge off to complete the
hole when teams return for the 2008 field season. The UTEM conductor
associated with the Toll Prospect mineralization continues for several hundred
metres along strike to the south of the current drilling. The prominent
gravity anomaly also persists, to the south for approximately 2.7 kilometers,
where it has not yet been drilled.
    We note that the mineralization delineated at surface has been confirmed
by drill results, albeit with narrow intersections, to date. Fault related
sulphide mineralization and coarse grained magmatic sulphides reflect the
distinct potential that mineralization at Toll may be remobilized from an
underlying magmatic system. Additional drilling is imperative to test the
significant 2.7 km extension of the gravity anomaly identified through company
geophysical surveys. Also, it is important to recognize that the Toll
Prospect's gravity anomaly at depth has not been adequately assessed with
drilling to date. As previously mentioned, modelling of this prominent anomaly
infers a thick, gabbroic body, possibly troctolitic in nature.
    Narrow but persistent intervals of coarse grained massive sulphides have
now been intersected over a strike length of 360 m, the zone is open to the
north and south along strike and down dip on all sections. Highlights from the
2007 drilling includes borehole KR-07-28 which assayed 1.6 g/T palladium and
0.44 g/T platinum over 0.4 m. All other significant assays are reported in the
following table:

    
    -------------------------------------------------------------------------
                              WEIGHTED AVERAGES
    -------------------------------------------------------------------------
                                                                    Actual
    HOLE                                No. of   Sample Metreage    Sample
    No.        Azimuth  Dip     Depth   Samples  From      To      Length (m)
    -------------------------------------------------------------------------
    KR-07-13     90     -45     103.63     4     25.50     27.70     2.20
    -------------------------------------------------------------------------
    KR-07-14     90     -70      73.15     5     37.65     40.38     2.73
    -------------------------------------------------------------------------
    KR-07-15     90     -45      88.35     7     37.58     39.90     2.32
    -------------------------------------------------------------------------
    KR-07-16     90     -70      76.30     2     43.70     44.30     0.60
    -------------------------------------------------------------------------
    KR-07-21     90     -70      97.50     8     63.90     66.90     3.00
    -------------------------------------------------------------------------
    KR-07-22     90     -80     148.70     5     87.64     89.55     2.21
    -------------------------------------------------------------------------
    KR-07-28     90     -45     158.30     1     58.90     59.30     0.40
    -------------------------------------------------------------------------


    -----------------------------------------------
                              Assays
                -----------------------------------
    HOLE        Ni    Cu    Co    Au    Pt    Pd
    No.         %     %     %     g/T   g/T   g/T
    -----------------------------------------------
    KR-07-13    0.22  0.20  0.01  0.07  0.11  0.06
    -----------------------------------------------
    KR-07-14    0.19  0.08  0.01  0.03  0.08  0.08
    -----------------------------------------------
    KR-07-15    0.37  0.10  0.02  0.26  0.07  0.14
    -----------------------------------------------
    KR-07-16    0.11  0.02  0.01  0.03  0.10  0.03
    -----------------------------------------------
    KR-07-21    0.27  0.15  0.02  0.07  0.27  0.11
    -----------------------------------------------
    KR-07-22    0.24  0.06  0.01  0.14  0.08  0.09
    -----------------------------------------------
    KR-07-28    0.06  0.06  0.01  0.20  0.44  1.62
    -----------------------------------------------



    -------------------------------------------------------------------------
                       TOLL PROSPECT DIAMOND DRILLING
    -------------------------------------------------------------------------
                                Depth    Sample  Sample Metreage    Sample
    HOLE No.  Azimuth   Dip     (m)      Number  From      To     Length (m)
    -------------------------------------------------------------------------
    KR-07-11     90     -45     112.76   98720   20.10     21.20     1.10
    -------------------------------------------------------------------------
    KR-07-12     90     -70     196.30   98721   32.20     32.70     0.50
    -------------------------------------------------------------------------
                                         98722   38.85     39.20     0.35
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    KR-07-13     90     -45     103.63   98724   20.60     21.60     1.00
    -------------------------------------------------------------------------
                                         98725   21.60     22.50     0.90
    -------------------------------------------------------------------------
                                         98726   25.50     26.20     0.70
    -------------------------------------------------------------------------
                                         98727   26.20     26.45     0.25
    -------------------------------------------------------------------------
                                         98729   26.45     27.40     0.95
    -------------------------------------------------------------------------
                                         98730   27.40     27.70     0.30
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    KR-07-14     90     -70      73.15   98731   33.75     34.02     0.27
    -------------------------------------------------------------------------
                                         98732   36.60     36.70     0.10
    -------------------------------------------------------------------------
                                         98733   37.65     38.41     0.76
    -------------------------------------------------------------------------
                                         98734   38.41     38.70     0.29
    -------------------------------------------------------------------------
                                         98735   38.70     39.02     0.32
    -------------------------------------------------------------------------
                                         98736   39.02     39.16     0.14
    -------------------------------------------------------------------------
                                         98737   30.16     40.38     1.22
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    KR-07-15     90     -45      88.35  274401   37.58     37.75     0.17
    -------------------------------------------------------------------------
                                        274402   37.75     38.15     0.40
    -------------------------------------------------------------------------
                                        274404   38.15     38.72     0.57
    -------------------------------------------------------------------------
                                        274405   38.72     39.11     0.39
    -------------------------------------------------------------------------
                                        274406   39.11     39.45     0.34
    -------------------------------------------------------------------------
                                        274408   39.45     39.62     0.17
    -------------------------------------------------------------------------
                                        274409   39.62     39.90     0.28
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    KR-07-16     90     -70      76.30  274411   43.70     44.15     0.45
    -------------------------------------------------------------------------
                                        274412   44.15     44.30     0.15
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    KR-07-21     90     -70      97.50   98738   63.90     64.15     0.25
    -------------------------------------------------------------------------
                                         98739   64.15     64.40     0.25
    -------------------------------------------------------------------------
                                         98740   64.40     64.70     0.30
    -------------------------------------------------------------------------
                                         98741   64.70     64.80     0.10
    -------------------------------------------------------------------------
                                         98742   64.80     65.30     0.50
    -------------------------------------------------------------------------
                                         98744   65.30     65.80     0.50
    -------------------------------------------------------------------------
                                         98745   65.80     65.90     0.10
    -------------------------------------------------------------------------
                                         98746   65.90     66.90     1.00
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    KR-07-22     90     -80     148.70   98747   82.40     82.50     0.10
    -------------------------------------------------------------------------
                                         98748   87.64     88.50     0.86
    -------------------------------------------------------------------------
                                         98749   88.50     88.90     0.40
    -------------------------------------------------------------------------
                                         98750   88.90     89.25     0.35
    -------------------------------------------------------------------------
                                         98751   89.25     89.55     0.30
    -------------------------------------------------------------------------
                                         98752   89.25     89.55     0.30
    -------------------------------------------------------------------------
                                         98753  145.28    145.80     0.52
    -------------------------------------------------------------------------
    KR-07-28     90     -45     158.30  274550   45.90     46.00     0.10
    -------------------------------------------------------------------------
                                        274545   50.00     50.60     0.60
    -------------------------------------------------------------------------
                                        274546   54.95     55.05     0.10
    -------------------------------------------------------------------------
                                        274547   57.00     58.00     1.00
    -------------------------------------------------------------------------
                                        274548   58.90     59.30     0.40
    -------------------------------------------------------------------------
                                        274549   59.70     59.90     0.20
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    -----------------------------------------------
                              Assays
                 ----------------------------------
                 Ni    Cu    Co    Au    Pt    Pd
     HOLE No.    %     %     %     g/T   g/T   g/T
    ------------------------------------------------
     KR-07-11    0.20  0.07  0.01  0.04  0.12  0.05
    ------------------------------------------------
     KR-07-12    0.13  0.07  0.01  0.01  0.09  0.04
    ------------------------------------------------
                 0.05  0.02  0.00  0.02  0.08  0.04
    ------------------------------------------------
    ------------------------------------------------
     KR-07-13    0.01  0.00  0.00  0.01  0.03  0.02
    ------------------------------------------------
                 0.07  0.06  0.01  0.16  0.05  0.03
    ------------------------------------------------
                 0.19  0.33  0.01  0.19  0.06  0.07
    ------------------------------------------------
                 0.99  0.65  0.06  0.01  0.05  0.05
    ------------------------------------------------
                 0.04  0.02  0.00  0.01  0.10  0.04
    ------------------------------------------------
                 0.20  0.08  0.01  0.04  0.31  0.10
    ------------------------------------------------
    ------------------------------------------------
     KR-07-14    0.32  0.14  0.02  0.02  0.25  0.15
    ------------------------------------------------
                 0.19  0.07  0.01  0.01  0.05  0.08
    ------------------------------------------------
                 0.09  0.04  0.01  0.01  0.09  0.03
    ------------------------------------------------
                 0.31  0.20  0.02  0.02  0.06  0.05
    ------------------------------------------------
                 0.35  0.15  0.02  0.03  0.15  0.18
    ------------------------------------------------
                 0.89  0.13  0.05  0.03  0.12  0.40
    ------------------------------------------------
                 0.10  0.05  0.01  0.04  0.07  0.05
    ------------------------------------------------
    ------------------------------------------------
     KR-07-15    0.02  0.01  0.00  0.03  0.02  0.02
    ------------------------------------------------
                 0.22  0.07  0.01  0.07  0.02  0.10
    ------------------------------------------------
                 0.17  0.06  0.01  0.13  0.02  0.04
    ------------------------------------------------
                 0.38  0.14  0.02  1.17  0.33  0.11
    ------------------------------------------------
                 0.71  0.13  0.05  0.05  0.02  0.25
    ------------------------------------------------
                 0.38  0.23  0.02  0.04  0.05  0.14
    ------------------------------------------------
                 0.73  0.10  0.06  0.04  0.02  0.35
    ------------------------------------------------
    ------------------------------------------------
     KR-07-16    0.02  0.00  0.00  0.02  0.05  0.02
    ------------------------------------------------
                 0.37  0.07  0.03  0.04  0.24  0.04
    ------------------------------------------------
    ------------------------------------------------
     KR-07-21    0.10  0.07  0.01  0.03  0.11  0.07
    ------------------------------------------------
                 0.22  0.25  0.01  0.38  0.08  0.07
    ------------------------------------------------
                 0.95  0.60  0.05  0.07  0.07  0.28
    ------------------------------------------------
                 0.06  0.03  0.00  0.03  0.04  0.02
    ------------------------------------------------
                 0.41  0.23  0.03  0.11  0.10  0.25
    ------------------------------------------------
                 0.08  0.00  0.00  0.01  0.02  0.01
    ------------------------------------------------
                 0.83  0.05  0.05  0.01  0.07  0.42
    ------------------------------------------------
                 0.12  0.05  0.01  0.03  0.68  0.04
    ------------------------------------------------
    ------------------------------------------------
     KR-07-22    0.56  0.28  0.04  0.05  0.04  0.28
    ------------------------------------------------
                 0.13  0.04  0.01  0.03  0.13  0.09
    ------------------------------------------------
                 0.39  0.10  0.03  0.66  0.07  0.17
    ------------------------------------------------
                 0.05  0.02  0.00  0.01  0.08  0.03
    ------------------------------------------------
                 0.79  0.15  0.05  0.01  0.02  0.10
    ------------------------------------------------
                 0.01  0.01  0.00  0.01  0.02  0.02
    ------------------------------------------------
                 0.05  0.03  0.00  0.02  0.07  0.02
    ------------------------------------------------
    ------------------------------------------------
     KR-07-28    0.29  0.22  0.04  0.02  0.07  0.04
    ------------------------------------------------
                 0.16  0.11  0.02  0.02  0.05  0.01
    ------------------------------------------------
                 0.10  0.09  0.01  0.02  0.04  0.03
    ------------------------------------------------
                 0.05  0.05  0.01  0.02  0.04  0.02
    ------------------------------------------------
                 0.06  0.06  0.01  0.20  0.44  1.62
    ------------------------------------------------
                 0.54  0.45  0.06  0.02  0.13  0.01
    ------------------------------------------------
    ------------------------------------------------
    

    Mark Graves, P.Geo., exploration manager for Celtic Minerals Ltd. is the
qualified person who has reviewed the content of this news release.
    Barry Greene, Celtic's Vice President of Exploration, stated "It should
be noted that the company has successfully transitioned to our winter drilling
program at the copper-platinum group metal targets at Budgell's Harbour and
will also be commencing drilling at our Muscocho, Quebec nickel project early
in 2008. Further updates are pending, including additional assays on the West
Margin area, which will be provided upon receipt. That said, Celtic Minerals
remains eager to resume our Labrador nickel exploration, including drilling on
the Kingurutik project and the recently acquired Black Duck Project in 2008,
subject to our continued winter analysis and preparation."
    Assays are being done at Accurassay Laboratories in Thunder Bay, Ontario
and Activation Laboratories in Ancaster, Ontario. Precious metals are analyzed
using a 30g 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
and blanks.
    Celtic encourages the public to visit its website at
www.celticminerals.com for additional information on the various projects or
to email us at info@celticminerals.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.

    %SEDAR: 00005786E




For further information:

For further information: Paul Lipoth, Corporate Relations, Celtic
Minerals Ltd., Phone: (403) 261-2890 x.233, Fax: (403) 265-2223, Email:
paul@celticminerals.com; Kevin Flaherty, Chairman & CEO, Celtic Minerals Ltd.,
Phone: (403) 261-2890, Fax: (403) 265-2223

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