Birch Mountain Resources Ltd. |
CALGARY, March 11 /CNW/ - Birch Mountain Resources Ltd. (ASE:BMD) at the
request of The Alberta Stock Exchange, reports that, other than the normal
corporate activities, there has been no corporate development which would
account for the current market trading activity in the Company's stock.
Birch Mountain's Athabasca exploration permits cover a large area in
northeastern Alberta including areas prospective for diamonds (the ''Alberta
Diamond Play'') and reported shale-hosted precious metals deposits (Tintina
Mines Limited news release dated February 26, 1999).
At this time, Birch Mountain is pleased to offer an update on the results
of its recent exploration activities. In early January, Birch Mountain
completed a five hole, 560 metre drill program in the Athabasca region and
collected a series of four bulk samples from outcrop exposures and trenches of
altered limestone on its Athabasca property. Three offsets and a twin of
drill hole Syncrude Canada Ltd. 11-7-AE-96-10W4 were drilled to test a
previously identified zone of sediment-hosted platinum and gold enrichment
(April 7, 1997, news release). Three inch core was recovered from offset
drill holes BM98-1, -2 and -3 which were drilled vertically to depths of
between 129 and 139 metres from locations 100 metres to the north, east and
south-west of drill hole Syncrude 11-7-AE-96-10W4. Six inch core was
recovered from hole BM98-4 which was drilled vertically to a depth of 88.5
metres from a location within 3 metres of Syncrude's original drill hole.
Three inch core was recovered from drill hole BM98-5 which was drilled
vertically to a depth of 79.3 metres on Tintina Mines Limited's Ft. McKay
lease; Birch Mountain holds an option to acquire up to 51% working interest in
this property. Core logging and geochemical analyses confirm that the
targeted alteration zone was intersected in all drill holes and bulk samples.
Results will be released when work now underway to confirm assay procedures
and assess metal values in the cores and bulk samples has been completed.
On March 10, 1999, Birch Mountain received the first data from the 1999
airborne magnetometer survey of its Birch Mountain permits. Birch Mountain
holds nine exploration permits totaling 82,944 hectares (approximately 205,000
acres) adjacent and to the north of the Kennecott/Montello/Redwood joint
venture property which hosts at least one announced diamondiferous kimberlite
Birch Mountain announces that it has completed an agreement to acquire
all interests of Focal Resources Ltd. in three exploration permits and two
precious metal leases in the Ft. McKay region of Athabasca for consideration
of 37,500 shares and a 2% net smelter return. In the Yukon, Birch Mountain
has elected not to continue its option to acquire a 100% interest in First
Yukon Silver Ltd.'s Swift River property. Some additional claims staked by
Birch Mountain in 1997 in the Swift River area have been allowed to expire
while others have had sufficient assessment expenditures filed to maintain
them in good standing until April 10, 2001.
Birch Mountain has advised the Government of Indonesia that it intends to
relinquish its Contract of Work on the Sintang prospect in West Kalimantan.
Although exploration activity led to the discovery of two new epithermal gold
targets, results were not judged to be of enough significance to justify
further expenditures on this property.
The Alberta Stock Exchange has neither approved nor disapproved the
information contained herein.
For further information: Doug Rowe, President and CEO or Jane Quinn,
Shareholder Services, Birch Mountain Resources Ltd., Tel: 403.262.1838,Fax:
403.263.9888, Email email@example.com, Home page: