Masuparia Gold cuts high-grade at Greywacke project

Vancouver — Masuparia Gold (MPG-V) has kicked off a 1,000-metre drill program at its Greywacke project situated 90 km northeast of La Ronge, Saskatchewan.

Results from the first hole cut 22.9 grams gold per tonne over a true width of 4.14 metres. The hole was collared in the Greywacke North zone, 15 metres south of a previous intersection that averaged 11.8 grams gold 4.4 metres.

Previous work by Cameco (CCO-T) over the zone detected gold over a strike length of 800 metres and to a depth of 200 metres. The zone was outlined between 1989 and 1992 when Cameco tested a 6-km section of the Wacke trend with 40 diamond drill holes. The widest drill intercept reported by Cameco was in hole 13, which returned 4.69 grams gold over 21 metres. Masuparia Gold reports that the Greywacke North zone remains open in all directions as well as at depth. In 1991, Cameco outlined a possible resource of 328,000 tons grading 0.27 oz. gold per ton, however this calculation does not conform to current CIM reserve reporting standards.

The property is situated 8 km from a highway and can be worked year-round. Masuparia states that its current objectives are to test the continuity between gold intercepts from previous drilling to gain information, which can be used to upgrade the resource to the reserve category as well as to test for further high-grade zones.

The Greywacke project is under option from Shane Resources (SEI-V) (50%) and JNR Resources (JNN-V) (50%). Masuparia stands to earn up to a 70% interest in the property by issuing 500,000 shares and spending $2.85 million on the property by 2008. Masuparia currently has $700,000 in its coffers.