KIRKLAND LAKE, ON, Nov. 19 /CNW/ - Dear Shareholders, it has been over a month since my last update on the company. I indicated in the last update that I was hoping that our cease trading order would be lifted and we would be trading on the CNSX by the end of October. I am sorry to say this has not occurred. I am advised that the financials and audit are near completion. At this time I do not want to estimate a date as I have done before. I will say it is my top priority to see the company in good standing and listed for trading. Following is some more positive news on the exploration front.
GLR is currently conducting exploration work on three of its properties: Baldwin, (Kirkland West) gold, Sackville Twp., Ontario (polymetallic, Zn, Cu, Pb, Au, Ag) and Casa Berardi, Quebec (gold / base metals).
Kirkland West Property: is situated 6 km west of the Kirkland Lake Gold and Queenston Mining Inc's, South Mine Complex discoveries in the Kirkland Lake Gold Camp. The property is host to two fault structures being the Kirkland Lake and the Blanche River faults the latter of which is interpreted to be the Larder Lake fault. The Kirkland Lake fault appears to intersect the Blanche River fault as a splay fault. The property hosts a prospect shaft to 420 feet with four levels at 100 foot intervals with auriferous quartz veins in quartz porphyry. A bulk sample of 81 tons taken in 1929 and 1938 returned an average of 0.44 ounces per ton gold or similar grades to the historic production from the Kirkland Camp of approximately 0.5 ounces per ton. Several shallow drill holes previously completed by GLR in the Blanche River fault have returned anomalous gold values of 0.88 g/t Au over 13 m which includes 2.65 g/t Au over 1.0 m in historic hole BW-04-01 within a strongly altered zone.
A deep penetrating Induced Polarisation survey (IP) has recently been completed on the property with excellent results. Three anomalous IP areas have been identified, being the Blanche River fault area, the shaft porphyry area and the ultramafic-mafic contact area. At depth, the resistivity anomalies are much stronger indicating stronger alteration at depth. No serious exploration has taken place in the immediate area of the old shaft. Drilling is expected to start shortly.
Sackville Property: (formerly Stares) is located west of Thunder Bay and is a 50 / 50 joint-venture with RJK Explorations Ltd. Previous exploration work has concentrated on the south felsic (Rhyolite) horizon to locate the source of a high grade Rhyolitic boulder trains containing debris up to 15 tonnes in size. One of the smaller boulders approximately one tonne in size from the original discovery on the Stares property, returned assay results of 12% Zn, 0.60% Cu, 4.44% Pb, 359 g/t Ag and 5.52 g/t Au. The largest of these boulders which now sits on campus at Lake Head University for the benefit of its geology students contained an average grade of 18.6% Zn, 93 g/t Ag and 1.76 g/t Au.
Recent work by the JV companies have identified an extensive northern felsic (Rhyolitic) horizon located approximately 6 kilometers to the north of the companies historic exploration work which contain airborne VTEM anomalies from a recently completed survey.
Additional grid work is currently being completed over this area with an Induced Polarization survey (IP) in progress. A drill is on the property and drilling will resume drilling shortly.
Casa Berardi Property: This property consists of approximately 1,150 (hectares) in Puiseaux and Orvilliers Townships, Quebec and approximately 50 km east of the currently producing Aurizon mine located within the Casa Berardi Fault Structure which is also known to transverse GLR's property. GLR has completed a series of drill holes on the property following the discovery of the Estrades base metal deposit in 1985 which was discovered proximal to GLR's south claim boundary. No active exploration work has been completed on the property since 1987.
This historic diamond drilling returned gold values in shallow drilling all above 250 m of 2.10 g/t over a length of 9.3 m which includes 8.64 g/t Au over a length of 0.50 m in hole PS-87-59A on section 6+50E. Presently Insight Geophysics is completing a deep penetrating IP survey (+/-500m depth) which results to date have indicated strong alteration at depth on the hanging wall or south side of the Casa Berardi fault. Current auriferous gold zones along the break are known to exist on its hanging wall. Diamond drilling will follow in January 2010.
All the exploration work is being supervised by Mr. Fred Sharpley, P.Geo. and has reviewed the contents of this news release.
For further information please see the company website at www.glrresources.com.
Forward Looking Statements: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond GLR's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Although GLR believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these forward-looking statements.
SOURCE GLR RESOURCES INC.
For further information: For further information: Robert Kasner, President and CEO, Telephone: (705) 567-5351, E-mail: email@example.com