Greywacke grades confirmed

Vancouver — The first 1,000 metres of drilling by Masuparia Gold (MPG-V) targeting the North zone has confirmed the gold grades previously cut by Cameco (CCO-T) on the Greywacke property some 90 km northeast of La Ronge, Sask.

The initial 12-hole program tested the continuity between gold intercepts cut by Cameco in 1991. Highlights from the drilling include:

• Hole 41 — 26.2 grams gold per tonne over 4.1 metres from 120 metres down-hole,
• Hole 47 — 10.9 grams gold over 4 metres from 78 metres down-hole,
• Hole 50 — 8.5 grams gold over 10.3 metres from 64.5 metres down-hole,
• Hole 51 — 14.8 grams gold over 6.9 metres from 40 metres down-hole,
• Hole 52 — 10.7 grams gold over 6 metres from 81.5 metres down-hole.

Based on the results, the junior plans to drill another 2,500 metres aimed at expanding the mineralized zone and testing additional targets on the property.

Between 1989 and 1992, Cameco detected gold over a strike length of 800 metres and to a depth of 200 metres within a greywacke horizon on the property The Saskatoon-based major drill tested a 6-km section of the Wacke trend with 40 holes. The widest intercept reported by Cameco was in hole 13: 4.69 grams gold over 21 metres at the Greywacke North zone. Mineralization is sedimentary hosted and is classified into the broad category of disseminated sulphidic gold deposits.

The Greywacke project is under option from equal partners Shane Resources (SEI-V) and JNR Resources (JNN-V). Masuparia stands to earn up to a 70% interest by issuing 500,000 shares and spending $2.8 million on the property by 2008. At last count, Masuparia had $700,000 in its coffers.