Flag Resources (1985) Limited announces the passing of its Chairman Sidney

CALGARY, Jan. 5 /CNW/ - With deep regret, Flag Resources announces the passing of its Chairman, Sid Miszczuk, on the evening of December 23, 2009. Flag's President, Murdo McLeod, said Sid was his closest friend and business associate for over 30 years, communicating daily with advice and recommendations on the ongoing exploration program on Flag's mining claims in the Sudbury, Ontario mining camp. He was always there. He was a beneficial presence to mining exploration. Without his support and backing, all the following discoveries on Flag's Sudbury mining claims would not have been made. His legacy to Flags shareholders:

    Mackelcan Township
    1)  Cobalt Hill, Mackelcan Township

Studies by Dr. Eva Schandl, Geological Consultant, (Department of Geology, University of Toronto), between 2001 and 2003 detailed the process of how minute inclusions of five nickel-bearing sulfides, copper and gold, in pyrite in quarts veins, cutting the Huronian sediments in drill hole CH 92-1, on Cobalt Hill, could have been derived from a near-by mafic or ultramafic intrusion, which could be enriched in base metals and gold, because of the variety of sulfide inclusions in the pyrite. Although near-by, the exact location of the projected mafic/ultramafic intrusion was not known.

In 2005, a down hole survey of CH 92-1 processed by W.A. (Bill) Morris, Magnetics Inc, detected the presence of a very strongly magnetic large off-hole magnetic source. He reported that the amplitude of the magnetic anomaly could only be explained by the presence of a near-by strongly magnetic mafic or ultramafic intrusion, confirming Dr. Schandl's projection of a near-by mafic/ultramafic intrusion. Although confirming the intrusion, its exact location was still not known.

However, a ground magnetic survey brought the location of the magnetic mafic intrusion closer by outlining a magnetic zone extending north along Cobalt Hill, from drill hole CH 92-1, and is the only magnetic rock in the immediate area of Cobalt Hill, Flag believes that the magnetic mafic intrusive has to be located in this long magnetic zone.

Recently, the geology of three drill holes, located 100 to 150 feet west of the magnetic zone near the northern tip of Cobalt Hill, was reviewed, revealing that the drill holes were in a unique area of alteration, with each drill hole intersecting large areas of breccia. With the closest drill hole, CH 90-5, to the magnetic zone having breccia throughout its entire 900 feet, Flag believes the cause of the huge breccia area has to be a nearby intrusive, which could only be located in the close by magnetic zone, and probably the location of the enriched magnetic mafic/ultramafic intrusive. The three drill holes also have large intersections of anomalous to significant gold values, at similar depth to the mafic/ultramafic intrusive, from 101 feet of gold values from 715 to 816 feet to 364 feet from 524 to 888 feet in CH 90-5, the closest to Cobalt Hill. CH 90-5 has intervals of disseminated and massive pyrite in 880 feet of its 900-foot depth.

Flag proposes to drill a 1000-foot exploratory drill hole into the nearby magnetic horizon, believing it contains the enriched mafic/ultramafic intrusion.

    2)  Laundry Lake, Mackelcan Township

LL 93-01, continued as LL 94-01, located on the northwest boundary, of Laundry Lake drilled to a vertical depth of 4494 feet intersected intervals with visible chalcopyrite mineralization from 98 feet to the end of the drill hole. The Sudbury breccia extending throughout that drill hole and the presence of mafic dikes, fragments, and mafic veins, Flag believes could only be caused by a nearby intrusive, which Flag suggests could be the adjoining Laundry Lake, with the largest concentration of magnetic rock in Mackelcan Township.

Flag proposes to drill a 1000-foot exploratory drill hole at 70 degrees East into Laundry Lake, to be located a short distance Southeast of LL 93-01 and LL 94-01.

    3)  Magnetic Anomaly (a) Wolf Lake and (b) East Side of Laundry Lake
        Fault, Mackelcan Township.

a) An Airborne Magnetic survey in 2008, processed by W.A. (Bill) Morris Morris Magnetic Inc, discovered a previously unknown large magnetic anomaly in the immediate area underlying and to the northwest of Wolf Lake, within intersecting fracture systems. Bill Morris notes that multiple intersections of fracture patterns are an oft-sought area in exploration. Flag proposes to complete an E.M. Airborne survey over the large magnetic anomaly.

b) The 2008 Airborne magnetic survey also discovered a notable positive magnetic anomaly along the east side of the north trending Laundry Lake fault, which intersects with Laundry Lake. Bill Morris comments that the magnetic anomaly must be an igneous source, which does not outcrop at the surface. The proposed E.M. Airborne survey would also cover this magnetic anomaly.

    Rathbun Township
    4)  Coinciding Airborne Magnetic and E.M. Anomaly East of the North
        Sector of Rathbun Lake.

Flag drilled an exploratory drill hole into a coinciding Airborne Magnetic and E.M. anomaly cutting through a faulted diabase dike. The drill hole, drilled at 70 degrees East, intersected 378 feet of anomalous nickel and cobalt from the surface down. Flag proposes to drill a step out hole, from the initial drill hole.

    5)  Magnetic Anomaly Rathbun Lake

Bill Morris recommends drilling the magnetic anomaly trending through Rathbun Lake, as the anomaly, associated with Rathbun Lake, suggests the presence of some unmapped geological feature.

    6)  Rathbun Lake Anomaly Extension

Bill Morris notes the Rathbun Lake anomaly continues under the Nipissing sill, east of the mined out massive sulfide lens, at the Southeast corner of Rathbun Lake. He notes that the geometry of the magnetic anomaly changes as it passes under the sill, and there appears to be a lot of magnetic texture under the Nipissing sill, recommending it as a prime study area.

    7)  Coinciding Airborne Magnetic and E.M. Anomalies East of Rathbun Lake.

Bill Morris recommends drilling three coinciding magnetic and E.M. Airborne anomalies in igneous rock east of Rathbun Lake.

    8)  Coinciding Magnetic and E.M. Airborne Anomalies in Rathbun Lake.

Flag proposes drilling two coinciding magnetic and E.M. anomalies in the middle and south area of Rathbun Lake.

Flag Resources has been cease traded by the Alberta Securities Commission, after alleging that Flag's deceased Chairman and it's President were responsible for Flag's financial statements for 2001-2003 not being prepared according to Generally Accepted Accounting Principles by Flag's auditors, seeking their resignation. A hearing before the Commission has been proceeding since August 24, 2009

    President Murdo McLeod

SOURCE Flag Resources (1985) Limited

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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