Update Exploration - Flag Resources (1985) Limited, Sudbury, Ontario



    CALGARY, July 3 /CNW/ -

    Rathbun Township
    ----------------

    In Rathbun Township Flag identified two zones east of Rathbun Lake about
4900 feet apart which have coinciding magnetic and EM anomalies. Exploratory
boreholes to depths of respectively 300 and 415 feet recently been completed
by Flag on these targets have both intersected a igneous body with
disseminated sulphides. The mineralized quartz diorite appears to be
extensive. A sample from a surface exposure located 800 feet from Flag's
second drill hole is currently being assayed by the Resident Geologist,
Ministry of Northern Development and Mines, Sudbury, Ontario.
    "Preliminary petrological examination of polished thin sections prepared
from surface samples confirm the presence of a coarse grained diorite
intrusion that contains disseminated sulphide mineralization comprised
primarily of pyrrhotite with subsidiary chalcopyrite" (Morris Magnetics Inc,
June 2008).
    Based on this data, Flag is assaying the sulfide zones, in both drill
holes, for occurrences of nickel, copper, gold, cobalt, platinum and
palladium.
    Recently completed airborne magnetic and E.M. surveys in Mackelcan and
Rathbun Townships have outlined the presence of three previously undetected
magnetic anomalies. Flag proposes to explore below the large magnetic
anomalies for possible sulfide accumulation.
    The Rathbun Lake magnetic anomaly passes under the relatively
non-magnetic Nipissing diabase sill, at the south-east shore of Rathbun Lake.
The geometry of the anomaly changes as it passes under the sill. It is
coexistent with the location of a previously mined out lens of massive
sulfides. Results from a grab sample from the mine site collected by Dr.
Burkhard Dressler, Ontario Geological Survey, assayed 10.0% copper, 0.149%
nickel, 0.02 oz gold, 2.22 oz silver, 0.056 oz platinum and 34.6 oz palladium
per ton. The area has been recommended for further detailed study.

    Mackelcan Township
    ------------------

    Results from the recent airborne and EM surveys have caused Flag to
re-examine the geological significance of previously drilled boreholes in the
Wolf Lake region.
    Drill hole WL 83-28 located on the peninsula on the southwest side of
Wolf Lake intersected 74.5 feet (131 to 205 feet) of 2.5% copper and 0.033 oz
per ton of gold. Within the zone a 48 foot section (148 to 196 feet) assayed
at 3.60% copper and 0.043 oz per ton gold. Borehole WLC 90-3 which is located
30 feet southwest of WL 83-28 intersected 73.5 feet (104 to 177.5 feet) 0.529
oz per ton gold and copper.
    Drill hole LL93-01 located on the northwest edge of Laundry Lake was
drilled to a depth of 4400 feet all of it in Sudbury Breccia. The deeper
sections of this drill hole from 4000 to 4400 feet intersected disseminated
patches of chalcopyrite. This borehole is adjacent to the regional significant
Laundry lake fault.
    Drill hole WL83-28 is within the newly identified magnetic anomaly around
Wolf Lake, while drill hole LL93-01 is associated with an extension of the
magnetic anomaly towards Laundry Lake.
    Flag believes that there could be some relationship between these
sulphide occurrences and the magnetic anomalies and intends to investigate
this possibility by performing downhole EM surveys of boreholes WL 83-28 and
LL 93-01.
    Flag's proposed upcoming exploration work will also include recommended
exploration on magnetic anomaly zones in the region around Rathbun Lake,
coinciding airborne and E.M. anomalies around Rathbun Lake, an E.M. anomaly
located at the northern extension of the Rathbun Lake magnetic anomaly and a
broad north trending E.M. anomaly underlying the peninsula between Lake
Wanapitei and Portage Bay, overlaying an isolated magnetic anomaly.
    The objective of Flag's exploration has been to find the first
Sudbury-type ore deposit in the 54 mile long Wanapitei anomaly.
    This press release was written by Flag's President, Murdo McLeod, who
works closely with Flag's consultants.





For further information:

For further information: Murdo C. McLeod, President, Phone: (403)
262-8883, or toll free in North America: 1-888-531-7798, Fax: (403) 262-8886

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Flag Resources (1985) Limited

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