Economically significant tantalum mineralization, ranging in grade from 0.023% to 0.158% Ta2O5 over estimated true widths of 0.5 to 28 metres, was intersected in all eight holes, and all three of the targets tested show excellent vertical continuity.
The most encouraging results have been received from the Rubellite dyke, where six of the eight holes were drilled on four sections spaced 20-25 metres apart to a maximum vertical depth of 125 metres.
The deepest intersection produced the greatest thickness, averaging 0.026% Ta2O5 across a true width of 28 metres in hole LRD00-11. A new dyke intersected at depth in this hole assayed 0.047% Ta2O5 over 5.4 metres.
Results from the six holes drilled on the Rubellite Dyke indicate good continuity of economic-grade tantalum mineralization over a minimum strike length of 70 metres and to depths exceeding 130 metres where the pegmatite appears to widen.
Follow-up drilling is planned.
The Lilypad Lakes property is one of three tantalum projects being explored under a joint-venture agreement between Avalon and Global. Global can earn a half-interest in any one property by spending $5 million or completing a feasibility study before Dec. 31, 2002.
Global can increase its interest in any one property to 75% by arranging production financing.
A total of $750,000 in expenditures was incurred in the fall program. The next stage of the earn-in (optional) calls for Global to spend a further $1.25 million before Aug. 31, 2001.
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