[meteorite-list] Drilling Update at Manicouagan Impact Crater

From: Ron Baalke <baalke_at_meteoritecentral.com>
Date: Thu Sep 22 20:28:42 2005
Message-ID: <200509230027.j8N0RTw13850_at_zagami.jpl.nasa.gov>

http://www.newswire.ca/en/releases/archive/September2005/22/c3199.html
      
Drilling update - Manicouagan meteorite impact site
Manicouagan Minerals Inc
September 22, 2005

    - Five bore holes completed to date, further drilling on-going.
    
    - Disseminated sulphide mineralization (minor copper) was encountered
        in two holes, along with key Sudbury-type geological units in the
        additional holes, raising the level of prospectivity within the
        crater itself.
    
    - Sudbury geology expert conducts detailed study of the Manicouagan
        impact site and drills cores, highlighting distinct similarities
        between the Sudbury and Manicouagan sites and further underscoring
        the discovery potential.

    TORONTO, Sept. 22 /CNW/ - (TSXV:MAM) Manicouagan Minerals Inc.
("Manicouagan" or the "Company") wishes to provide an update on the first part
of its 10,400m drilling program on the 65km wide impact site at Manicouagan,
Quebec.
    The results and studies obtained to date are indicative of the fact that
the impact site's geological and dynamic parameters at the time of the massive
meteorite impact, are amenable to the formation and accumulation of large
orebodies - similar to Sudbury.
    Thus far a total of 3,460m of drilling in five bore holes have been
completed within the 1,750 sq km property owned by Manicouagan, covering the
65 km diameter meteorite impact site. To date, the program has been equally
divided between the inner crater area where significant magnetotelluric (MT)
anomalies are known to exist as well as the outer periphery of the island
where at least twenty shallow MEGATEM anomalies are located.
    The first hole (MAN-05-01) went to a depth of 1,607m to test an MT
anomaly (No. 1). In this hole, minor copper (chalcopyrite) mineralization was
noted in some restricted sections of the 650m thick impact related melt sheet.
    Two other shallower holes (MAN-05-02, MAN-05-03) were completed within
the immediate camp area. The first hole (Man-05-03)located 400m north of the
camp, cut a particularly thick section of the impact melt sheet throughout its
entire 702m length, constituting the deepest section of the highly prospective
melt sheet found to date. Sulphide mineralisation was also noted in this hole
in the form of minute fracture fillings containing chalcopyrite, in addition
to pyrite which is the dominant mineralization associated with the melt rock.
    An additional drill hole (MAN-05-02) was drilled to a depth of 500 m to
provide information on the area near the central meteorite uplift and related
geophysical anomaly. Both holes encountered magnetite with only MAN-05-03
containing disseminated sulphides.
    Two further holes (MAN-05-04, MAN-05-05) were drilled as a partial
cross-section to evaluate two MEGATEM EM anomalies on the west side of the
island. These cut conductive shale units within remnants of Paleozoic
limestones near the edge of the reservoir.
    Dr. Walter Peredery, consulting geologist and expert on Sudbury geology,
visited the project area in early September and concluded as follows in his
September 20th, 2005 report:

        "The Manicouagan Impact Melt Sheet (IMS) is surprisingly similar to
        the Sudbury Igneous-looking Complex noritic member. Both are coarse
        grained, and consist of the same mineralogy and contain high content
        of alkaline feldspars. Both contain relatively small amounts of
        sulphides.

        Manicouagan IMS (melt sheet) is a relatively thick sheet comparable
        to the norite in Sudbury. Fine-grained IMS phases exist at both
        Manicouagan and at Sudbury in the Onaping Formation. The presence of
        Basal Breccia unit both above and below the IMS at Manicouagan is
        similar to that found in the Sudbury structure.

        The presence of sulphides in the basement rocks is a feature of both
        the Manicouagan and the Sudbury structures. As such it is another
        positive element that must be a contributing factor in the formation
        of economic mineralization in the Impact structures."

    Constantine Salamis, CEO, reports:

        "The Manicouagan crater project has been fully initiated and has been
        a technical success with respect to the right mix of ingredients - in
        the form of Sudbury-style geology and minute sulphide mineralization -
        having been intercepted in the recent drilling. Disseminated
        sulphides occur as well in large fragments in melt rock and basalt
        immediately above the basement on the west side of the island. The
        large number of geophysical targets will extend the drill program at
        least until April, 2006. In addition, we are encouraged by the
        findings of our expert consultant in his comparison of Manicouagan to
        Sudbury."

    Both Constantine Salamis and Dr. Walter Peredery qualify under the
definition of "qualified person" set out in National Instrument 43-101
("NI 43-101") and certify that by reason of education, affiliation with a
professional association and past and relevant work experience, they both
fulfill the requirements to be a "qualified person" for the purposes of
NI 43-101.
    The Company's management believes that the Manicouagan impact crater in
Quebec may be an analogue to Sudbury, which at 360 million pounds of annual
nickel production, is the second largest nickel camp in the world after
Norilsk (in Russia). Statistically speaking, 36% of known impacts have
significant mineralization in post-impact sediments, 25% of known impacts have
associated mineral resources and 12% are currently being exploited or have
been exploited in the past. The Manicouagan crater site is currently being
tested for the first time using modern exploration techniques.

    The TSXV has not reviewed this news release and does not accept
    responsibility for the accuracy of this news release. The TSXV has
    neither approved nor disapproved the contents of this news release.

    The statements in this press release may contain forward looking
statements that may involve a number of risks and uncertainties. Actual events
or results could differ materially from the Company's expectations and
projections.
Received on Thu 22 Sep 2005 08:27:29 PM PDT