Raises completed at Magnacon bet

Three raises have been completed as part of the extensive surface and underground exploration program at the Magnacon project in the Mishibishu Lake area of northern Ontario, Jack McAdam, president of Flanagan McAdam Resources, reports. The SE raise on the No 1 zone averaged 0.66 oz gold per ton over 5.77 ft along 106.5 ft. The east raise on the main vein averaged 1.76 oz over 6.94 ft along 158 ft. (The full width is not known.) And the west raise on the main vein, located 342 ft west of the east raise, averaged 0.12 oz over 4.35 ft along 155.6 ft. Mr Flanagan reports the west raise is an area where prior drilling had returned low values, and the grade currently demonstrated is encouraging.

While assays from muck sampling are awaited, the average of all raising, based on chip sample results, is 1.0 oz, Mr Flanagan reports. Assays are awaited from Holes 87-33 to 87-40.

A significant intersection was obtained in Hole 87-39, which cut a 4.5-ft quartz vein with visible gold at a point 160 ft east of the deepest gold intersection on the property, 8 ft of 0.25 oz in Hole 86-5, Mr Flanagan reports. With these two holes, the main vein has been followed to a depth of 1,200 ft.

Underground exploration has started on two levels. On the 1,350-ft level, 100 ft above previous drifting, the first four rounds displayed visible gold, Mr Flanagan reports. Assays are awaited. Three hundred feet deeper, on the 1,050-ft level, intersection of the main vein by the crosscut is expected soon.

Flanagan McAdam has a 50% interest in the project; Muscocho Resources (the project operator) and Windarra Minerals each have a 25% interest.