Here's text of PR dated Feb. 26/97:
A Geostatistical Resource Estimate for the Mac Property has been completed by G.H. Giroux, P. Eng.
MaSc. of Giroux Consultants Ltd. The report confirms that at a cut off grade of 0.06 MoS2, the Indicated
Resource in the volcanics is 52,420,000 tonnes at an MoS2 equivalent of 0.14 MoS2 and the Inferred
Resource is 47,520,000 tonnes at an MoS2 equivalent of 0.12 MoS2 for a total of approximately 100
million tonnes Indicated and Inferred. Gross value of the resource at current market prices exceeds one
billion dollars Canadian.
On February 19, 1997, the Company commenced a new phase of diamond drilling of the Mac
Molybdenum/Copper deposit near Granisle, B.C. The planned 2,500 metre drill program will focus on
extending the higher grade intercepts of Molybdenum and Copper in the South East volcanics of the
Camp Zone.
The private placement announced December 23, 1996, has now been completed. A total of 365,000
Flow-Through Units were sold to six placees at a price of $0.75 per Unit, for total proceeds of $273,750.
The proceeds of the private placement are being utilized in the Drilling project currently underway.
ON BEHALF OF THE BOARD
SPOKANE RESOURCES LTD.
G. ARNOLD ARMSTRONG, CHAIRMAN
Anybody know what these numbers mean?
Ken |
