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IOCG EXPLORATION Airborne Survey Over Central Labrador Takes Wing (August 11, 2004)

LABRADOR Strategic partners ALTIUS MINERALS of St. John's, Nfld., and FRONTEER DEVELOPMENT GROUP of Vancouver hav...


LABRADOR Strategic partners ALTIUS MINERALS of St. John’s, Nfld., and FRONTEER DEVELOPMENT GROUP of Vancouver have begun a 12,800-line-km airborne magnetic and radiometric survey of their Post Hill/Michelin property. The area of investigation is in the Central Mineral Belt of Labrador. FUGRO AIRBORNE SURVEYS expects to complete the survey and report results by the end of August.

This survey will provide for the first time, a level of detail capable of highlighting centres of IOCG (iron oxide-copper-gold) mineralization and alteration, as well as areas of uranium mineralization, says Fronteer. Four to six weeks of field work following up on geophysical targets will commence in early September with the objective of defining drill targets that may be tested as early as this winter.

The Post Hill/Michelin property is 73,425 hectares in size and consists of 2,937 mineral claims, most of which are contiguous. This mineral tenure covers hundreds of uranium, copper, molybdenum and gold occurrences in Proterozoic rocks that appear to correlate with rocks of the prolific IOCG Kiruna Belt of Sweden. The property also includes the historical Post Hill (Nash Main and Inda Lake) and Michelin uranium deposits which contain significant tonnages of 0.16% and 0.13% U3O8 mineralization, respectively. These historic uranium resources may indicate proximity to an undiscovered IOCG deposit.

The property also contains a 1200-meter-long uranium rich boulder field (discovered by BRINEX in the 1970s), which was sampled by Fronteer and Altius during the 2003 field season. Boulder samples returned grades of 28.20% U3O8 and 11.90% U3O8. It is anticipated that the results of this geophysical survey will help locate the source of these uranium rich boulders.

Further details about the project are available at both www.AltiusMinerals.com and www.FronteerGroup.com.


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