Messina cuts high grade at Boomerang in Newfoundland

Vancouver — Messina Minerals (MMI-V) has encountered massive sulphides on the Boomerang prospect, part of the South Tulks project in west-central Newfoundland.

Hole 11 intersected 13.9 metres (from 274.7 metres down-hole) grading 13.6% zinc, 4% lead and 0.7% copper, plus and 102 grams silver per tonne. The last 4.7 metres of volcanogenic massive sulphide mineralization encountered in the interval showed elevated grades of 20.1% zinc, 5.2% lead, 0.6% copper and 138 grams silver.

The massive sulphide horizon has a true thickness of 9.6 metres with a near-vertical dip of 80.

An additional 17-metre section of core below the VMS zone showed footwall alteration, including stringer-stockwork mineralization with minor copper, lead and zinc sulphides.

A second hole, no. 10, intersected 20 metres (from 226 metres down-hole) of massive sulphide clasts in a debris flow horizon. The base of the debris flow contained an 8.5-metre interval of massive clasts of pyritic sulphides. The 20-metre debris flow intercept averaged 0.1% copper, 0.4% lead, 0.7% zinc, 18.3 grams silver, and 0.4 gram gold.

The intercept in hole 11 is 100 metres east and 50 metres vertically below the intersection in hole 10 and is open both downdip and updip, as well as along strike.

Messina is earning a 100% interest in the project from Noranda (NRD-T) in return for $1.1 million in exploration expenditures. Noranda retains a 2% net smelter return or a back-in right for a 50% interest if more than 10 million tonnes of economic mineralization are outlined in a positive feasibility study. To exercise the back-in right, Noranda is required to pay 150% of the exploration costs incurred by Messina.

Tulks South covers the southern half of the Tulks volcanic belt and is 40 km south of the past-producing Buchans mine, from which, between 1928 and 1984, Asarco produced 16.2 million tonnes of ore grading 14.51% zinc, 1.33% copper, 7.56% lead, 126 grams silver and 1.37 grams gold. Asarco is now a subsidiary of Grupo Mexico (GMBXF-Q).

In addition to its 257 sq. km of prospective base metals/massive sulphide land holdings in central Newfoundland, Messina retains a US$1-per-tonne production royalty on gold mined from the Mishi open pit at River Gold Mines‘ (RIV-T) Eagle River project in northern Ontario.

Messina has 14.8 million shares outstanding and was trading at 50 at presstime.