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Worthington Bell Property
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May 8, 2007 press release (URSA
Major Minerals initiates exploration program on nickel targets at
Worthington Bell Property, Worthington Offset Dike, Sudbury area,
Ontario) |
In late 2006, URSA Major signed an option agreement to acquire a 100%
interest in a nickel-copper exploration property on the Worthington
offset dike, located in Lorne Township, 40 km west of Sudbury, Ontario.
URSA Majors’ Worthington Bell option covers 1.2 kilometers of strike
length of the Worthington offset dike. This dike extends for
approximately 12 kilometers from the Sudbury Igneous Complex and is the
host to several nickel-copper mines and deposits. Most notably, the
Totten Mine Extension, owned by CVRD-Inco is located approximately 6
kilometers northeast of URSA’s property on the Worthington offset dike.
The Totten Mine Extension contains approximately 10 million tonnes of
1.50% nickel, 2.0% copper and 4.8 grams per tonne of palladium and
platinum.
The Worthington Bell property is located in an area of excellent
infrastructure and is accessible from paved roads. The Worthington Bell
property was previously known as the Mystery Offset Dike. The central
portion of the dike is an inclusion-bearing quartz diorite that is
similar to other mineralized offset dikes in the Sudbury district.
Continuous zones of pyrrhotite, chalcopyrite and pentlandite
mineralization are present on URSA Major’s Worthington offset dike
property. On the property, shallow drilling by previous operators
returned several mineralized intersections including a 2.62 meter
intersection grading 1.26% nickel, 0.45% copper and 13.43 g/t platinum
group metals plus gold. The approximately 102 ha (250 acre) patented
mining property is being optioned for payments totaling $150,000 and
60,000 shares over a two year period, with a final payment of $187,500.
URSA Major is required to complete a $500,000 exploration program within
2 years. The property is subject to a 2% NSR which is held by third
parties.
At Worthington Bell, as announced on October 5, 2007, URSA Major
completed 2 diamond drill holes to depths of 977 metres and 725 metres
respectively. Both holes intersected the highly favourable rock
fragment-bearing quartz diorite phase of the offset dike with
disseminated sulphide mineralization and localized sulphide veins. The 2
holes completed by URSA Major, as well as holes drilled by previous
operators, were probed with Lamontagne Geophysics Ltd.’s down hole UTEM
system. This survey identified an EM conductor at a depth of
approximately 500 meters and a potential EM conductor near below the
deepest hole. The first conductor was drill tested and did not yield
significant mineralization. The Company currently has plans to drill
test the deeper anomaly. |
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