25,491,839 shares issued
NEWS RELEASE
Date:
April 16, 1998MILLSTREAM MINES LTD. ANNOUNCES NEW DISCOVERY
ON THE POTTER MINE PROJECT- HOLE S98-01(#6)
Millstream is pleased to announce further drill results from the successful Deep Drill program on the Company's Potter Mine Property located near Matheson, Ontario. The Deep Drill program consist of 6 diamond drill holes designed to test the down-dip and on-strike extensions of the known mineralized horizons on the property. The table below summarizes the high-value intervals from the Deep Drill program and the attached plan map gives the drill hole locations and lengths drilled. All mineralized zones identified to date remain open along strike and at depth.
Hole S98-01 (#6)
Hole S98-01 (#6) drilled 50 metres (164 ft.) west from hole S97-10 (#3) was targeted to test conductors identified recently by Quantec's geophysics surveys. The drill hole intersected a downhole mineralized envelope extending for 259 meters (850 ft.) containing the following massive Cu-Zn sulphides intervals:
Spot Commodity Price:
|
Copper (US$/lb): |
$0.85 |
|
Zinc (US$/lb): |
$0.50 |
|
Silver (US$/oz): |
$6.24 |
|
Gold (US$/oz): |
$307.20 |
|
Cobalt (US$/lb): |
$25.75 |
|
Interval Meters |
Core Length (M) (Ft.) |
Cu (%T) |
Zn (%T) |
Co (%T) |
Ag (oz/T) |
Gross Value (U$/ton) |
|
695.15-702.9 |
7.75 25.4 |
5.34 |
3.24 |
0.067 |
1.16 |
$166.45 |
|
Incl. |
|
|
|
|
|
|
|
695.15 - 700.4 |
5.25 17.2 |
7.81 |
4.76 |
0.096 |
1.69 |
$240.36 |
|
773.50-776.5 |
3.00 9.8 |
2.17 |
3.90 |
0.047 |
0.46 |
$102.97 |
|
774.35-776.5 |
2.15 7.1 |
2.95 |
5.42 |
0.053 |
0.61 |
$135.45 |
Hole S97-09 (#2)
|
Interval Meters |
Core Length (M) (Ft) |
Cu (%T) |
Zn (%T) |
Co (%T) |
Ag (oz/T) |
Gross Value (US$/ton) |
|
604.60-627.5 |
22.90 75.13 |
2.65 |
2.70 |
0.083 |
0.76 |
$119.54 |
|
Incl. |
|
|
|
|
|
|
|
613.60-623.0 |
9.40 30.84 |
3.86 |
4.57 |
0.128 |
1.13 |
$184.27 |
|
618.80-623.0 |
4.40 14.44 |
3.80 |
7.02 |
0.133 |
1.15 |
$210.49 |
Hole S97-08A (#1)
|
489.00-494.4 |
5.40 17.7 |
1.72 |
4.93 |
0.073 |
0.73 |
$120.89 |
Gold assays still pending
In addition to the Deep Drill program, Millstream has also completed various surface and downhole geophysical surveys on the property including Time Domain IP, 3D TEM Borehole IP, Max/Min H.L.E.M., Mag and VLF. These surveys have not only been successful in identifying the favourable package of volcanic rocks, but have also identified the more sulphide rich areas. Numerous targets that have been identified by the geophysical surveys remain to be drill tested.
The success of the Deep Drill program has generated considerable interest and numerous interested parties have approached the Company. Management and their consultants will use the next few weeks to resume discussions with these parties and determine the best way to further explore and develop the Potter property. Alternatives being considered include a joint venture with a major mining company, raising additional equity or some combination of both. To assist in this process Millstream Mines Ltd. has recently hired Yorkton Securities Inc. as financial advisor.
The Potter property is situated near the confluence of the Pipestone and Destor-Porcupine faults in the Archean Greenstone Belt and is comprised of 28 leased and patented claims and 10 optioned claims located in Munro Township 80 kms east of Timmins and 45 kms north of Kirkland Lake.
The principle objective or Millstream Mines Ltd. is to enhance and develop mineral properties to production potential. Millstream holds mineral claims or interests directly or through wholly owned subsidiaries in the Czech Republic, USA and Canada.
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No regulatory authority or similar body approved nor disapproved the information contained herein.