Masuparia eyes Greywacke prospects

Vancouver – The 2002 exploration program over the Greywacke Lake gold project has Masuparia Gold (MPG-V) eyeing the prospects of developing a small open pit operation on the promising property just northeast of La Ronge, Saskatchewan.

“We have now established that there is a wide zone of gold mineralization at surface, on top of a ridge,” says company President Micheal Magrum. “There is a strong probability that we will be able to design an open pit to take out the top 20 metres or so of the zone very easily and economically.”

Driving the optimism is the results from a series of drill holes that tested the Greywacke North gold zone near surface and 2 holes that tested the zone to dpeths of 200 metres below surface.

Of the 11 shallow holes drilled 5-to-10 metres below surface over a 95 metres strike length , ten of them intersected gold mineralization over widths up to 16.5 metres, with grades reaching up to 17.1 gram gold per tonne over 4.1 metres. Overall, the 10 holes returned an average grade of 6.84 grams gold over 9.1 metres.

The deep holes returned 9.64 grams gold over 1.8 metres in hole 76 and 4.35 grams gold over 1.6 metres in hole 68. The latest drill results give the zone a strike length of 160 metres down to depths of 200 metres.

“These new drill results prove that the Greywacke North zone continues to depth, significantly enhancing the tonnage potential of the property,” adds Magrum. “Now that we have a handle on the plunge of the gold zone, I am confident that we will find more wide, rich lenses like those between surface and the 100 metre level”.

Masuapria Gold also punched two holes to test the gold zone hosted in volcanic rocks cut by hole 57 (10.4 metres grading 5.58 grams gold). Hole 66 returned 3.3 metres grading 7.78 grams gold, including a higher grade portion averaging 17.1 grams gold over 1.17 metres. Hole 67 cut 13.21 metres averaging 1.68 grams gold. Mineralization is hosted in massive and tuffaceous andesite, hornblende porphyry and diorite. The volcanic rocks form a zone at least 35 metres thick, which appears to have a flatter dip and a more easterly strike than the tuffaceous metasediments that host the bulk of the Greywacke North gold zone.

In 2001, the junior’s drilling program confirmed gold grades cut by Cameco (CCO-T) in the early 1990s. Between 1989 and 1992, Cameco detected gold over a strike length of 800 metres and to a depth of 200 metres within a greywacke horizon. The Saskatoon-based major drill-tested a 6-km section of the Wacke trend with 40 holes. The widest intercept was in hole 13: 4.69 grams gold over 21 metres at the North zone.

The Greywacke project, which includes the North, South and Lyons zones, 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 exploration before 2008.