Stock Info
| October 01, 2008 OREBODIES INTERSECTS DISSEMINATED TO NEAR MASSIVE SULPHIDES WITH BASE METAL MINERALIZATION AT MCFAULDS LAKE "RING OF FIRE" PROPERTY | |
| TORONTO, OCTOBER 1, 2008 --- Canadian Orebodies Inc. (TSXV: CO) ("Orebodies") is pleased to announce the discovery of an important base metal sulphide occurrence at its Caribou property located 35km southeast of the WSR-Metallex VDS (volcanogenic derived sulphide) discovery, announced May 22, 2008. The property consisting of 8 claims, 2,048 hectares, is owned 100% by Orebodies (subject to a 2% NSR, 1% each being held by Noront Resources and Temex Resources). SUMMARY OF DRILLING ------------------- TABLE 1 - CARIBOU PROPERTY TARGET 2-16 -------------------------------------------------------------------------
Hole North- East- North- Easting Azimuth Dip Length Observations
No. ing ing ing (UTM) (degrees) (Deg- (m)
local local (UTM) rees)
(m) (m)
-------------------------------------------------------------------------
CO-08-04 200N 65W 547396 5880012 80 -50 141 70.6-88.3 diss.
(grid iron, zinc
east) sulphides
88.3-88.7 near
massive iron,
zinc sulphides
-------------------------------------------------------------------------
CO-08-05 200N 65W 547396 5880012 80 -70 213 101.6-170.3
(grid diss. iron,
east) copper
sulphides
170.3-180.0
semi-near
massive iron,
copper
sulphides
180.0-188.1
diss. iron
copper
sulphides
-------------------------------------------------------------------------Hole No. CO-08-04 was designed to test an Airborne conductor (2-16) that was traced horizontally for 600 meters in a north-south direction. The hole intersected disseminated to near massive sulphides containing disseminated sphalerite (zinc) from 70.7 to 88.7 (18.1) meters with iron sulphides (pyrite and pyrrhotite). Hole No. CO-08-05 drilled beneath hole CO-08-04, intersected the sulphide zone from 101.6 to 188.0 (86.4) meters, this time containing minor chalcopyrite (copper) with iron sulphides (pyrite and pyrrhotite). The holes at the Caribou Property were drilled to test an EM conductor with coincident magnetic signature. A portion of this conductor was surveyed on the ground with Max Min II EM where two distinct lenses were observed being 150m to 200m in length. The holes were drilled in the northern lens and further drilling of both EM conductors along with more detailed ground geophysics to better outline the lenses (including mise-a-la-masse resistivity methods) is recommended. Notwithstanding the foregoing, visible observations are estimates only and pending assay results may not confirm visual observations in whole or in part. The dip and strike of the zone have not yet been determined and the true width cannot be determined at this time. Drilling has been temporarily suspended as the company awaits assay results and has arranged further financing to proceed with more detailed drill testing on the Caribou Property. However, drilling still continues on Orebodies joint venture properties in conjunction with partners MacDonald Mines and Temex Resources, as announced Sept 24, 2008. A second property, the Crossroads Property, was also diamond drilled to test Airborne EM anomalies 8-1 and 8-2, with two holes totalling 367.4 meters. TABLE 2 - CROSSROADS PROPERTY TARGETS 8-1, 8-2 AND 8-3 ------------------------------------------------------------------------
Hole North- East- North- Easting Azimuth Dip Length Observations
No. ing ing ing (UTM) (degrees) (Deg- (m)
local local (UTM) rees)
(m) (m)
-------------------------------------------------------------------------
CO-08-01 20N 400E 539146 5888505 190 -50 185 97.5-101.0
(grid diss. - semi
south) massive iron
sulphides
101.0-101.7
semi-near
massive iron
sulphides
101.7-114.0
diss. iron
sulphides
-------------------------------------------------------------------------
CO-08-02 95N 900E 539951 5890574 355 -50 182.4 No significant
(grid mineralization
north)
-------------------------------------------------------------------------
CO-08-03 10N 300E 539386 5890337 348 -50/ 18.0 Hole abandoned
(grid -60 in overburden
north)
-------------------------------------------------------------------------Hole No. CO-08-01 tested Anomaly 8.1 and encountered 16.5 meters of disseminated to near massive iron sulphides. Hole No. CO-08-02 intersected no significant mineralization in Anomaly 8-2. A third hole testing Anomaly 8-3 was lost in overburden at 18.0 meters. Notwithstanding the foregoing, visible observations are estimates only and pending assay results may not confirm visual observations in whole or in part. The dip and strike of the zone have not yet been determined and the true width cannot be determined at this time. Samples are currently being prepared for shipping to Activation Laboratories (an independent to the Company), in Thunder Bay, where strict quality control procedures are in place that will be administered by an independent Qualified Person. Gordon McKinnon, Orebodies President and CEO stated "We are very encouraged by the results of our drilling to date. The presence of sulphides observed by our geologists is very positive and could be of substantial significance to the McFaulds area if the assay results returned are favourable". The work program onsite is being directed under contract to R.S. Middleton (P.Eng.) who is an independent consultant to the Company and a "qualified person" (as such term is defined in National Instrument 43-101). R.S. Middleton has verified the data disclosed in this press release. For more information please contact: Gordon McKinnon, President & CEO Canadian Orebodies Inc. (705) 268-9000 www.canadianorebodies.com Forward Looking Information: Some of the statements and information contained herein may be forward-looking information which involves known and unknown risk and uncertainties, including statements respecting the visual potential of mineralization and resources and subsequent recommended work programs. Without limitation, statements regarding potential mineralization and resources, proposed exploration activities, and future plans and objectives of Orebodies are forward looking statements that involve various degrees of risk. The following are important factors that could cause Orebodies actual results to differ materially from those expressed or implied by such forward looking statements: risk inherent in mineral exploration, risks associated with development, construction and mining operations, changes in the world wide price of mineral commodities, general market conditions and the uncertainty of access to additional capital. In particular, there can be no assurance that the visual potential for mineralization will be confirmed. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this press release. | |
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