Trading Symbol: CME: TSX-VEN
Shares Outstanding: 59,952,626
CALGARY, June 22 /CNW/ - Celtic Minerals Ltd. (CME:TSX-V) is pleased to
announce that drill operations have commenced on its Labrador nickel projects.
The Company has four distinct exploration projects clustered around CVRD's
Voisey's Bay Mine: West Voisey's Bay; Garland Lake; Tasisuak Lake; and
Kingurutik River. Initially drilling will be focused on the West Voisey's Bay
and Garland Lake project areas. Subject to the availability of a second drill,
the Company is planning to test drill targets identified on the Tasisuak Lake
and Kingurutik River properties.
The first hole will be a 1,150 metre test of a coincidental
magnetotelluric (MT) and gravity high along a prominent east-west structural
intersection. The target was recommended by Quantec Geoscience in 2006 and was
confirmed as a high targeting index by Mira Geoscience following an in-depth
Gocad common earth model compilation of all digital data during the winter and
spring of 2007.
Mira's Gocad model was used to select four additional drill targets
ranging in depth from 500m to 1000m from surface, which will be drill tested
during the field season. The targeting criteria applied to the Gocad model
included a combination of high density zones interpreted from gravity
inversion; MT resistivity; distance to fault intersection; magnetic
susceptibility from magnetics inversion; depth; and distance from claim
boundaries. Each criterion was given a weight and was assigned different
Drilling during the field season will also focus on the Garland Lake
area, where a 2006 MT survey identified drill targets associated with a high
density gravity anomaly.
The West Voisey's Bay project area consists of 218 sq km, of which Celtic
holds a 100% interest in 361 mineral claims (90.25 sq km), a 50% interest in
451 mineral claims (112.75 sq km) held under a joint venture with Merrex Gold
Ltd; and, the right, along with Merrex, to earn a further 100% interest in the
VB-2 property which consists of an additional 60 claims (15 sq km).
The Garland Lake nickel joint venture comprises 53 sq km, 30 kilometres
southeast of the Voisey's Bay mine and 20 kilometres southeast of the West
Voisey's Bay Project.
The Tasisuak Lake project consists of 54.25 sq km located 60 km northwest
of the Voisey's Bay mine.
Celtic has also extended its land holdings to 66 sq. km at the Kingurutik
River project, recently staking 168 additional claims over 42 sq. km adjacent
to the original parcels.
With its four active projects, Celtic is the most active junior
exploration company operating within the Voisey's Bay district.
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 additional information on the various 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: Paul Lipoth, Corporate Relations, Celtic
Minerals Ltd., Phone: (403) 261-2890 x233, Fax: (403) 265-2223; Barry Greene,
Vice President, Exploration, Celtic Minerals Ltd., Phone: (709) 489-6480, Fax: