Masuparia cuts high grade at Greywacke property

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

The first hole intersected 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 over 4.4 metres.

Subsequent analysis of larger samples, using a “metallics” assay in which different size fractions are analyzed separately, showed an average grade of 26.2 grams over the same interval. The metallics assay generally provides a more representative result for samples with coarse gold grains.

Previous work by Cameco (CCO-T) at this 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 intercept reported by Cameco was in hole 13, which returned 4.69 grams gold over 21 metres.

The 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 (though this calculation does not conform to current reporting standards).

Masuparia intends to test the continuity between gold intercepts from previous drilling to gain information that can be used to upgrade the resource to the reserve category, as well as test for further high-grade zones.

The Greywacke project is under option from 50-50 partners Shane Resources (SEI-V) and JNR Resources (JNN-V). Masuparia stands to earn up to a 70% stake in the property by issuing 500,000 shares and spending $2.8 million on exploration by 2008.