Masuparia cuts high grade at Greywacke

Vancouver — Junior Masuparia Gold (MPG-V) continues to intersect high-grade gold at its Greywacke project, 90 km northeast of La Ronge, Sask. The company is testing the continuity between gold intercepts from previous drilling.

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. The company has $700,000 in its coffers.

Highlights from Masuparia’s initial 1,000-metre drill program include results from holes 45 and 46. Hole 45 cut a 5.7-metre interval grading 11.27 grams gold per tonne starting at a down-hole depth of 50.6 metres, with the highest-grade section averaging 19.69 grams gold over a 0.5-metre interval. Hole 46 cut 4.95 metres of 0.95 gram gold starting at a down-hole depth of 34.45 metres, including a 1-metre section of 1.86 grams gold.

So far, however, the best results were reported from the first hole, which cut 4.14 metres (true width) grading 26.2 grams gold.

Previous work by Cameco (CCO-T) 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: 4.69 grams gold over 21 metres.

The Greywacke North zone remains open in all directions, as well as at depth. In 1991, Cameco outlined an inferred 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 collect data for the purpose of upgrading the resource to reserve status, and to test for more high-grade zones.

The current drilling will be followed by a further 2,500 metres of diamond drilling, the objective being to expand the Greywacke zone.

The property is in the Proterozoic-aged McLean Lake belt, a group of rocks which includes arkoses of the McLennan Group, the McLean Lake quartzo-feldspathic gneisses, amphibolitic calc-silicates and locally pegmatitic granite.

The gold mineralization is classified into the broad category of disseminated sulphidic gold deposits and hosted in a sillimanite-bearing quartzo-feldspathic sedimentary package referred to as the Wacke trend.

In our Oct. 15-21 issue, we reported that following the dismissal of a lawsuit against Niocan (NIO-T), the plaintiff was ordered to pay the company $35,000. The figure should have read $750.00.