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Terra Nova Gold Corp.: More High Grade Gold at Cape Ray Project
Tuesday June 17, 7:55 pm ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--June 17, 2003--Mr. Harvey Keats, President of Terra Nova Gold Corp. (the "Company") is pleased to announce results of the first 4 of 7 holes recently drilled on the Cape Ray Gold Project located in southwest Newfoundland. Six of the seven holes were drilled on the 04 deposit, where previous owners carried out over 9,000 metres of drilling in 35 holes, and identified two principal veins (the `A` and `B` veins) with significant gold mineralization. The seventh hole was drilled on the 41 deposit where previous owners carried out over 11,000 meters of drilling in 54 holes, and identified five mineralized vein systems with significant gold mineralization. The recent drilling was designed to explore for extensions to known mineralization and to fill in gaps in known veins. Management is extremely pleased by the results to date and feel that they have greatly expanded the understanding of the 04 deposit, and have significantly advanced the project. Significant assays are shown below:
-0-
---------------------------------------------------------------------
From To Interval Grade
Hole (m) (m) (m) (g/t Au)
---------------------------------------------------------------------
CR-2003-01
---------------------------------------
64.92 66.45 1.52 27.29
66.45 67.21 0.76 12.51
67.21 68.58 1.37 20.67
---------------------------------------
Weighted Average 3.66 21.74
---------------------------------------------------------------------
CR-2003-02
---------------------------------------
218.85 220.37 1.52 15.60
220.37 221.90 1.52 17.14
221.90 222.20 0.30 0.00
222.20 222.51 0.30 8.67
222.51 222.81 0.30 2.91
---------------------------------------
Weighted Average 3.96 13.50
---------------------------------------------------------------------
CR-2003-03
---------------------------------------
78.64 79.25 0.61 86.33
79.25 80.16 0.91 1.30
80.16 81.08 0.91 20.50
81.08 82.14 1.07 40.83
---------------------------------------
Weighted Average 3.51 33.12
--------------------------------------
86.56 87.17 0.61 37.23
---------------------------------------
Weighted Average 0.61 37.23
---------------------------------------------------------------------
CR-2003-01 was drilled to test the up-plunge extension of the A and B veins. The hole intersected 21.74 g/t gold over 3.66 metres in a mineralized quartz vein, 25 metres up-dip of 24.0 g/t gold over 1.52 metres in the A vein. The intersection may represent both the A and B veins.
CR-2003-02 was drilled to test an area of insufficient information in the A vein. The hole intersected 13.5 g/t gold over 3.96 metres in a mineralized quartz vein, 22 metres down-dip of 12.0 g/t gold over 1.52 metres in the A vein. The A vein is still open down-dip. The intersection was significantly wider and of higher grade than the average grade and thickness in the surrounding holes.
CR-2003-03 was drilled to test the up-plunge end of the B vein. In order to reach the B vein, the hole drilled through the mineralized A vein and intersected 33.12 g/t over 3.51 metres. The hole then intersected 37.23 g/t gold over 0.61 metres in mineralized B vein, 27 metres down-dip of 18.9 g/t gold over 2.74 metres in the B vein.
CR-2003-04 was drilled 38 metres down-dip of 4.8 g/t gold over 1.83 metres and 30 metres up-dip of 8.9 g/t gold over 1.52 metres in the A vein. The hole did not intersect significant mineralization but is surrounded by previous intersections with substantial grades and thicknesses. The hole intersected 9 metres of fault gouge where the A vein was expected to be intersected.
Assays are pending for holes CR-2003-05 and CR-2003-07 drilled on the 04 deposit, and for hole CR-2003-06 drilled on the 41 deposit.
The Cape Ray Gold Project is an advanced stage exploration project with four known deposits related to the Cape Ray Fault Zone. The Project has three separate claim groups: 1) the Cape Ray claim group, which contains the 04 and 41 deposits; 2) the Big Pond claim group, which contains the Big Pond deposit; 3) the Isle aux Morts claim group, which contains the Isle aux Morts deposit.
In 1990, Kilborn Engineering prepared a feasibility study for a previous owner that included the 04 and 41 deposits. The report quoted a geological in situ drill indicated mineral inventory at the 04 deposit of 600,000 tonnes of 7.2 g/t gold to a depth of 300 metres, and 100,000 tonnes of 8.2 g/t gold to a depth of 100 metres at the 41 deposit. The tonnage and grade were calculated at a minimum mining width of 1.5 metres and a cut-off grade of 3.4 g/t gold. Based on drill spacing, the tonnage estimates at the 04 and 41 deposits could be classified as indicated resources, however, management has classified the estimates as inferred resources, based on the uncertain economic viability of the 04 and 41 deposits at this time.
Drilling on the Isle aux Morts area in late 2002 was focused on determining the open pit potential of the Isle aux Morts deposit. Five of the holes were drilled into the known Isle aux Morts deposit, all of which intersected gold mineralization both in quartz veins and pyritic sediments. The best intersection in quartz vein, and the best drill intersection at Isle aux Morts to date, is 17.76 g/t gold over 6.8 metres including 47.22 g/t gold over 2.0 metres. The best intersection in the altered pyritic sediments is 3.74 g/t gold over 8.0 metres.
The Company has received support from the Government of Newfoundland & Labrador in the form of a $78,830.00 grant under its Junior Company Exploration Assistance Program. The grant will partially reimburse expenditures on the recent drill program at the 04 and 41 deposits.
Kerry Sparkes, Director of the Company, is the designated Qualified Person responsible for the exploration program on the property and the person responsible for the technical information in this news release.
On behalf of the Board of Directors
TERRA NOVA GOLD CORP.
Harvey Keats, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
--------------------------------------------------------------------------------
Contact:
Terra Nova Gold Corp.
Harvey Keats, 604/684-6535 or Toll Free, 800/565-5336
Fax: 604/602-9311
terranova@bed-rock.com
www.terranovagold.com
--------------------------------------------------------------------------------
Source: Terra Nova Gold Corp.
Tuesday June 17, 7:55 pm ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--June 17, 2003--Mr. Harvey Keats, President of Terra Nova Gold Corp. (the "Company") is pleased to announce results of the first 4 of 7 holes recently drilled on the Cape Ray Gold Project located in southwest Newfoundland. Six of the seven holes were drilled on the 04 deposit, where previous owners carried out over 9,000 metres of drilling in 35 holes, and identified two principal veins (the `A` and `B` veins) with significant gold mineralization. The seventh hole was drilled on the 41 deposit where previous owners carried out over 11,000 meters of drilling in 54 holes, and identified five mineralized vein systems with significant gold mineralization. The recent drilling was designed to explore for extensions to known mineralization and to fill in gaps in known veins. Management is extremely pleased by the results to date and feel that they have greatly expanded the understanding of the 04 deposit, and have significantly advanced the project. Significant assays are shown below:
-0-
---------------------------------------------------------------------
From To Interval Grade
Hole (m) (m) (m) (g/t Au)
---------------------------------------------------------------------
CR-2003-01
---------------------------------------
64.92 66.45 1.52 27.29
66.45 67.21 0.76 12.51
67.21 68.58 1.37 20.67
---------------------------------------
Weighted Average 3.66 21.74
---------------------------------------------------------------------
CR-2003-02
---------------------------------------
218.85 220.37 1.52 15.60
220.37 221.90 1.52 17.14
221.90 222.20 0.30 0.00
222.20 222.51 0.30 8.67
222.51 222.81 0.30 2.91
---------------------------------------
Weighted Average 3.96 13.50
---------------------------------------------------------------------
CR-2003-03
---------------------------------------
78.64 79.25 0.61 86.33
79.25 80.16 0.91 1.30
80.16 81.08 0.91 20.50
81.08 82.14 1.07 40.83
---------------------------------------
Weighted Average 3.51 33.12
--------------------------------------
86.56 87.17 0.61 37.23
---------------------------------------
Weighted Average 0.61 37.23
---------------------------------------------------------------------
CR-2003-01 was drilled to test the up-plunge extension of the A and B veins. The hole intersected 21.74 g/t gold over 3.66 metres in a mineralized quartz vein, 25 metres up-dip of 24.0 g/t gold over 1.52 metres in the A vein. The intersection may represent both the A and B veins.
CR-2003-02 was drilled to test an area of insufficient information in the A vein. The hole intersected 13.5 g/t gold over 3.96 metres in a mineralized quartz vein, 22 metres down-dip of 12.0 g/t gold over 1.52 metres in the A vein. The A vein is still open down-dip. The intersection was significantly wider and of higher grade than the average grade and thickness in the surrounding holes.
CR-2003-03 was drilled to test the up-plunge end of the B vein. In order to reach the B vein, the hole drilled through the mineralized A vein and intersected 33.12 g/t over 3.51 metres. The hole then intersected 37.23 g/t gold over 0.61 metres in mineralized B vein, 27 metres down-dip of 18.9 g/t gold over 2.74 metres in the B vein.
CR-2003-04 was drilled 38 metres down-dip of 4.8 g/t gold over 1.83 metres and 30 metres up-dip of 8.9 g/t gold over 1.52 metres in the A vein. The hole did not intersect significant mineralization but is surrounded by previous intersections with substantial grades and thicknesses. The hole intersected 9 metres of fault gouge where the A vein was expected to be intersected.
Assays are pending for holes CR-2003-05 and CR-2003-07 drilled on the 04 deposit, and for hole CR-2003-06 drilled on the 41 deposit.
The Cape Ray Gold Project is an advanced stage exploration project with four known deposits related to the Cape Ray Fault Zone. The Project has three separate claim groups: 1) the Cape Ray claim group, which contains the 04 and 41 deposits; 2) the Big Pond claim group, which contains the Big Pond deposit; 3) the Isle aux Morts claim group, which contains the Isle aux Morts deposit.
In 1990, Kilborn Engineering prepared a feasibility study for a previous owner that included the 04 and 41 deposits. The report quoted a geological in situ drill indicated mineral inventory at the 04 deposit of 600,000 tonnes of 7.2 g/t gold to a depth of 300 metres, and 100,000 tonnes of 8.2 g/t gold to a depth of 100 metres at the 41 deposit. The tonnage and grade were calculated at a minimum mining width of 1.5 metres and a cut-off grade of 3.4 g/t gold. Based on drill spacing, the tonnage estimates at the 04 and 41 deposits could be classified as indicated resources, however, management has classified the estimates as inferred resources, based on the uncertain economic viability of the 04 and 41 deposits at this time.
Drilling on the Isle aux Morts area in late 2002 was focused on determining the open pit potential of the Isle aux Morts deposit. Five of the holes were drilled into the known Isle aux Morts deposit, all of which intersected gold mineralization both in quartz veins and pyritic sediments. The best intersection in quartz vein, and the best drill intersection at Isle aux Morts to date, is 17.76 g/t gold over 6.8 metres including 47.22 g/t gold over 2.0 metres. The best intersection in the altered pyritic sediments is 3.74 g/t gold over 8.0 metres.
The Company has received support from the Government of Newfoundland & Labrador in the form of a $78,830.00 grant under its Junior Company Exploration Assistance Program. The grant will partially reimburse expenditures on the recent drill program at the 04 and 41 deposits.
Kerry Sparkes, Director of the Company, is the designated Qualified Person responsible for the exploration program on the property and the person responsible for the technical information in this news release.
On behalf of the Board of Directors
TERRA NOVA GOLD CORP.
Harvey Keats, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
--------------------------------------------------------------------------------
Contact:
Terra Nova Gold Corp.
Harvey Keats, 604/684-6535 or Toll Free, 800/565-5336
Fax: 604/602-9311
terranova@bed-rock.com
www.terranovagold.com
--------------------------------------------------------------------------------
Source: Terra Nova Gold Corp.
Ich gebe ja zu, daß ich kein Gold-Experte bin, aber es gibt trotzdem mehrere Dinge die mir auffallen.
-im Vergleich zu Explorationsergebnissen von anderen
Companies erscheint mir der Goldgehalt sensationell hoch und in einer geringen Tiefe also gut abbaubar d.h. geringe Abbaukosten
-in einer der letzten Pressemitteilungen konnte man nachlesen, welche Erwartungen Terra Nova an Cap Ray knüpft.
Ausgehend vom jetzigen Goldpreis je Feinunce könnte das Vorhaben mind. 50 Millionen Dollar einspielen. Allerdings ging man damals von einem wesentlich geringeren Goldgehalt bei den Probebohrungen aus.
-lt. kanadischer Börse TSX (tse.com Kürzel TGC) existieren 8.633.236 Aktien. Der market value beträgt 1.856.145 kanadische Dollar ausgehend vom gestrigen Schlußkurs von 0,215 §.
Wenn ich jetzt mal hochrechne würde das bei erwarteten Erlösen von ca. 50 Mio. Dollar einem Kurs von 5,79 $ entsprechen oder mache ich da einen Rechenfehler?
PS: Bin mal gespannt wie es heute in Canada läuft? Denke da sind noch viele short die covern müssen.
-im Vergleich zu Explorationsergebnissen von anderen
Companies erscheint mir der Goldgehalt sensationell hoch und in einer geringen Tiefe also gut abbaubar d.h. geringe Abbaukosten
-in einer der letzten Pressemitteilungen konnte man nachlesen, welche Erwartungen Terra Nova an Cap Ray knüpft.
Ausgehend vom jetzigen Goldpreis je Feinunce könnte das Vorhaben mind. 50 Millionen Dollar einspielen. Allerdings ging man damals von einem wesentlich geringeren Goldgehalt bei den Probebohrungen aus.
-lt. kanadischer Börse TSX (tse.com Kürzel TGC) existieren 8.633.236 Aktien. Der market value beträgt 1.856.145 kanadische Dollar ausgehend vom gestrigen Schlußkurs von 0,215 §.
Wenn ich jetzt mal hochrechne würde das bei erwarteten Erlösen von ca. 50 Mio. Dollar einem Kurs von 5,79 $ entsprechen oder mache ich da einen Rechenfehler?
PS: Bin mal gespannt wie es heute in Canada läuft? Denke da sind noch viele short die covern müssen.
@bigfutue
warum hast Du den thread nicht bei Terra Nova untergebracht? Findet doch kein Mensch mehr wieder
warum hast Du den thread nicht bei Terra Nova untergebracht? Findet doch kein Mensch mehr wieder
Es gibt einen Thread im OTC Board von mir dazu. Diesen habe ich gestern gegen 21.30h nach oben geholt. Die 9k zu 0,215 gehörten mir!
Good luck und jetzt erst Recht!!!
Neono
Good luck und jetzt erst Recht!!!
Neono
@Neona
Im OTC Board findet man den Wert doch auch nicht so leicht
Ich glaube Cannacord ist mit 100.000en Stücken short. Da könnte wirklich etwas gehen!
Good luck!
Im OTC Board findet man den Wert doch auch nicht so leicht
Ich glaube Cannacord ist mit 100.000en Stücken short. Da könnte wirklich etwas gehen!
Good luck!
Trading Spotlight
Ich weiss. Wir können auch gerne hier weiterschreiben. Im Moment würde ich es allerdings vorziehen mich etwas zurückzuhalten. Warten wir mal auf die Canadier. Platz nach oben ist ausreichend und selbst bei 50ct sind immer noch 1000% und mehr drin. Die vorletzten Bohrergebnisse waren schon gut, aber die sind in der Tat der Hammer.
Das bestätigt es im Grunde nur noch:
The Company has received support from the Government of Newfoundland & Labrador in the form of a $78,830.00 grant under its Junior Company Exploration Assistance Program. The grant will partially reimburse expenditures on the recent drill program at the 04 and 41 deposits.
Sollte es nach oben gehen, werde ich nachkaufen. Zu jeden Preis unter $0,50!
Drückt die Daumen!
Neono
Das bestätigt es im Grunde nur noch:
The Company has received support from the Government of Newfoundland & Labrador in the form of a $78,830.00 grant under its Junior Company Exploration Assistance Program. The grant will partially reimburse expenditures on the recent drill program at the 04 and 41 deposits.
Sollte es nach oben gehen, werde ich nachkaufen. Zu jeden Preis unter $0,50!
Drückt die Daumen!
Neono
mayday18
Die TSX VEN weiss nix von short volumen. An den short squeeze glaube ich sowieso nicht. Die pissen sich nicht gegenseitig an. Man würde sich sicherlich irgendwie einigen.
Mehr Info gibt es hier:
http://www.cdnx.com/LCDB/SecuritySummary.asp?SECURITY_ID=211…
Neono
Die TSX VEN weiss nix von short volumen. An den short squeeze glaube ich sowieso nicht. Die pissen sich nicht gegenseitig an. Man würde sich sicherlich irgendwie einigen.
Mehr Info gibt es hier:
http://www.cdnx.com/LCDB/SecuritySummary.asp?SECURITY_ID=211…
Neono
@neono
paß mal auf wie oft heute der Name canacoord auf der Käuferseite auftritt und mit welchen Volumen dann weißt Du was ich meine.
PS: Taxe in Frankfurt 0,175 bei fast +60% gefällt mir schon mal ganz gut
paß mal auf wie oft heute der Name canacoord auf der Käuferseite auftritt und mit welchen Volumen dann weißt Du was ich meine.
PS: Taxe in Frankfurt 0,175 bei fast +60% gefällt mir schon mal ganz gut
Kein Canacord weit und breit, aber +23,26%
TD Securities Inc. sind die Käufer
24x28 und fast nichts im ask
Neono
der den Tag nicht vor dem Abend loben will
TD Securities Inc. sind die Käufer
24x28 und fast nichts im ask
Neono
der den Tag nicht vor dem Abend loben will
Wundert mich auch, daß bisher kein canacoord zu sehen ist, aber mal abwarten.
Sieht ja schon mal ganz ordentlich aus. Sollen wir uns die paar Stücke bei 27,5 nehmen? Denke das wir ab heute in einen Aufwärtstrendkanal laufen werden, der zunächst mal zwischen 0,5 und 0,8 enden könnte, wenn nicht weitere Topresultate präsentiert werden.
Sieht ja schon mal ganz ordentlich aus. Sollen wir uns die paar Stücke bei 27,5 nehmen? Denke das wir ab heute in einen Aufwärtstrendkanal laufen werden, der zunächst mal zwischen 0,5 und 0,8 enden könnte, wenn nicht weitere Topresultate präsentiert werden.
Td hat 50k von den zu 23,5 gekauften bei
- 0,28 15k
- 0,31 15k
- 0,40 20k
ins ask gestellt. Eben sind wieder 30k für 26ct raus (20,93%)
Neono
- 0,28 15k
- 0,31 15k
- 0,40 20k
ins ask gestellt. Eben sind wieder 30k für 26ct raus (20,93%)
Neono
@neono
jetzt wieder 0,28! Bei den Ergebnissen werden die Investoren und die Firmen, die Gold abbauen Schlange stehen.
Ich bin ganz relaxt und denke hier wirds bald richtig krachen (iim positiven Sinne natürlich). Wenn ich mir so anschaue welcher Wirbel hier um andere Werte wie Tournigan Gold oder Donner Minerals gemacht wird, muß ich sagen, daß Terra Nova aufgrund dieser sensationellen Drillergebnisse schon zwei Schritte weiter zu sein scheint. Dauert warscheinlich noch etwas bis die sich die Aufmerksamkeit auf diesen Wert richtet.
Bin mal gespantt wie es heute und in den nächsten Tagen weitergeht. Ich glaube die nächste gute News wird nicht lange auf sich warten lassen.
Viel Glück!
jetzt wieder 0,28! Bei den Ergebnissen werden die Investoren und die Firmen, die Gold abbauen Schlange stehen.
Ich bin ganz relaxt und denke hier wirds bald richtig krachen (iim positiven Sinne natürlich). Wenn ich mir so anschaue welcher Wirbel hier um andere Werte wie Tournigan Gold oder Donner Minerals gemacht wird, muß ich sagen, daß Terra Nova aufgrund dieser sensationellen Drillergebnisse schon zwei Schritte weiter zu sein scheint. Dauert warscheinlich noch etwas bis die sich die Aufmerksamkeit auf diesen Wert richtet.
Bin mal gespantt wie es heute und in den nächsten Tagen weitergeht. Ich glaube die nächste gute News wird nicht lange auf sich warten lassen.
Viel Glück!
Du weisst, das Donner und Terra die gleichen Personen sind?
@neono
nein wußte ich bisher nicht. Wie meinst Du das mit den gleichen Personen? Willst Du mir damit sagen, daß das Management von Donner dem Management von Terra Nova entspricht? Das mußt Du mir wirklich erklären.
Danke
mayday
nein wußte ich bisher nicht. Wie meinst Du das mit den gleichen Personen? Willst Du mir damit sagen, daß das Management von Donner dem Management von Terra Nova entspricht? Das mußt Du mir wirklich erklären.
Danke
mayday
Genau das!
Ich könnte mir eine Beteiligung von Donner an Terra Nova demnächst sehr gut vorstellen
Das ist bei Knight Resources ebenso gelaufen. BTW, auch gleiches Personal und einen anderen Laden ahben die auch noch. Den Namen verrate ich aber erst, wenn ich meine Stücke alle habe.
Terra ist neu, keine Donner und relativ unverbraucht. Wir hatten schon einen kleinen run (100% an einem Tag) in Berlin. Drüben haben sie alles kaputtgemacht. Terra ist heissssssssssssssss
Neono
Das ist bei Knight Resources ebenso gelaufen. BTW, auch gleiches Personal und einen anderen Laden ahben die auch noch. Den Namen verrate ich aber erst, wenn ich meine Stücke alle habe.
Terra ist neu, keine Donner und relativ unverbraucht. Wir hatten schon einen kleinen run (100% an einem Tag) in Berlin. Drüben haben sie alles kaputtgemacht. Terra ist heissssssssssssssss
Neono
Kennt einer einen Explorer der ähnliche Ergebnisse vorlegen konnte?
Ich habe gestern lange gesucht und nichts vergleichbares gefunden. Open pit und eine solch hohe Konzentration sind einmalig, denke ich.
Neono
Ich habe gestern lange gesucht und nichts vergleichbares gefunden. Open pit und eine solch hohe Konzentration sind einmalig, denke ich.
Neono
Morgen Neono!
danke für die Info! Also ich hab auch keine annähernd guten und vergleichbaren Drillergebnisse von irgendwelchen Explorern gefunden!
Ich denke die Auswertungen 5-7 werden in den nächsten Tagen folgen. Vermutlich können hier ähnlich gute Resultate vorgelegt werden.
Ich bin nach wie vor der festen Überzeugung, daß die Unternehmen, die Gold abbauen und die Investoren nach Abschluß dieser Phase Schlange stehen werden.
Was das mit dem Kurs macht werden wir sehen und aus entspannter Position in Ruhe verfolgen.
Good luck!
PS: Auch heute wird es wieder spannend in Canada. Gestern in der Nähe des Tageshoch geschlossen ein gutes Zeichen.
danke für die Info! Also ich hab auch keine annähernd guten und vergleichbaren Drillergebnisse von irgendwelchen Explorern gefunden!
Ich denke die Auswertungen 5-7 werden in den nächsten Tagen folgen. Vermutlich können hier ähnlich gute Resultate vorgelegt werden.
Ich bin nach wie vor der festen Überzeugung, daß die Unternehmen, die Gold abbauen und die Investoren nach Abschluß dieser Phase Schlange stehen werden.
Was das mit dem Kurs macht werden wir sehen und aus entspannter Position in Ruhe verfolgen.
Good luck!
PS: Auch heute wird es wieder spannend in Canada. Gestern in der Nähe des Tageshoch geschlossen ein gutes Zeichen.
@Neono
Was hälst Du davon einen neuen Thread aufzumachen, wenn hier heute über 10% in Canada hinlegen? Ehrlich gesagt ist es mir zu mühselig immer wieder nach diesem Thread im Nirvana zu suchen.
Was hälst Du davon einen neuen Thread aufzumachen, wenn hier heute über 10% in Canada hinlegen? Ehrlich gesagt ist es mir zu mühselig immer wieder nach diesem Thread im Nirvana zu suchen.
Die ticken doch nicht mehr sauber da drüben in Canada!
Und übrigens kommt mir die Galle hoch, wenn ich den Namen Canaccord lese. Tippe mal auf massives short selling. Aber jetzt zu diesem Zeitpunkt doch etwas verwunderlich
Und übrigens kommt mir die Galle hoch, wenn ich den Namen Canaccord lese. Tippe mal auf massives short selling. Aber jetzt zu diesem Zeitpunkt doch etwas verwunderlich
@Neono
halte einen neuen Thread auch für sinnvoll. Terra Nova scheint einie interessante Geschichte zu sein. Das Management überzeugt mich noch nicht wirklich, aber die Werte waren beeindruckend!
halte einen neuen Thread auch für sinnvoll. Terra Nova scheint einie interessante Geschichte zu sein. Das Management überzeugt mich noch nicht wirklich, aber die Werte waren beeindruckend!
Terra Nova Gold Corp.: Additional High Grade Gold at 04 Deposit
Monday June 23, 7:24 pm ET
VANCOUVER, BRITISH COLUMBIA--Mr. Kerry Sparkes, Director of Terra Nova Gold Corp. (the "Company") is pleased to announce the results of the final two holes recently drilled on the 04 deposit of the Cape Ray Gold Project located in southwest Newfoundland. Six of seven holes were drilled on the 04 deposit, where previous owners carried out over 9,000 metres of drilling in 35 holes, and identified two principal veins (the `A` and `B` veins) with significant gold mineralization. The recent drilling was designed to explore for extensions to known mineralization and to fill in gaps in known veins. Management is extremely pleased by the results to date and feel that they have greatly expanded the understanding of the 04 deposit, and have significantly advanced the project. Significant assays, including those previously reported in the Company`s June 17, 2003 news release, are shown below:
--------------------------------------------------------------------
Hole From To Interval Grade
(m) (m) (m) (g/t Au)
--------------------------------------------------------------------
CR-2003-01(i)
64.92 66.45 1.52 27.29
66.45 67.21 0.76 12.51
67.21 68.58 1.37 20.67
-----------------------------------------
Weighted Average 3.66 21.74
--------------------------------------------------------------------
CR-2003-02(i)
218.85 220.37 1.52 15.60
220.37 221.90 1.52 17.14
221.90 222.20 0.30 0.00
222.20 222.51 0.30 8.67
222.51 222.81 0.30 2.91
-----------------------------------------
Weighted Average 3.96 13.50
--------------------------------------------------------------------
CR-2003-03(i)
78.64 79.25 0.61 86.33
79.25 80.16 0.91 1.30
80.16 81.08 0.91 20.50
81.08 82.14 1.07 40.83
-----------------------------------------
Weighted Average 3.51 33.12
-----------------------------------------
86.56 87.17 0.61 37.23
-----------------------------------------
Weighted Average 0.61 37.23
--------------------------------------------------------------------
CR-2003-05
331.47 332.4 0.92 1.95
-----------------------------------------
Weighted Average 0.92 1.95
-----------------------------------------
361.92 363.45 1.53 3.63
-----------------------------------------
Weighted Average 1.53 3.63
--------------------------------------------------------------------
CR-2003-05 374.00 375.50 1.50 8.81
375.50 377.00 1.50 11.80
-----------------------------------------
Weighted Average 3.00 10.30
--------------------------------------------------------------------
CR-2003-07
357.23 358.90 1.65 4.94
-----------------------------------------
Weighted Average 1.65 4.94
-----------------------------------------
366.00 366.19 0.19 7.20
366.19 367.40 1.21 3.43
-----------------------------------------
Weighted Average 1.40 3.77
-----------------------------------------
375.30 375.60 0.30 7.92
-----------------------------------------
Weighted Average 0.30 7.92
--------------------------------------------------------------------
(i) Previously reported assays
CR-2003-01 was drilled to test the up-plunge extension of the A and B veins. The hole intersected 21.74 g/t gold over 3.66 metres in a mineralized quartz vein, 25 metres up-dip of 24.0 g/t gold over 1.52 metres in the A vein. The intersection may represent both the A and B veins.
CR-2003-02 was drilled to test an area of insufficient information in the A vein. The hole intersected 13.5 g/t gold over 3.96 metres in a mineralized quartz vein, 22 metres down-dip of 12.0 g/t gold over 1.52 metres in the A vein. The A vein is still open down-dip. The intersection was significantly wider and of higher grade than the average grade and thickness in the surrounding holes.
CR-2003-03 was drilled to test the up-plunge end of the B vein. In order to reach the B vein, the hole drilled through the mineralized A vein and intersected 33.12 g/t over 3.51 metres. The hole then intersected 37.23 g/t gold over 0.61 metres in mineralized B vein, 27 metres down-dip of 18.9 g/t gold over 2.74 metres in the B vein.
CR-2003-04 was drilled 38 metres down-dip of 4.8 g/t gold over 1.83 metres and 30 metres up-dip of 8.9 g/t gold over 1.52 metres in the A vein. The hole did not intersect significant mineralization but is surrounded by previous intersections with substantial grades and thicknesses. The hole intersected 9 metres of fault gouge where the A vein was expected to be intersected.
CR-2003-05 was drilled to test the down-dip extension of the A vein. The hole intersected 10.3 g/t gold over 3.0 metres in the A vein approximately 61 metres down dip of 7.54 g/t gold over 12.3 metres. CR-2003-05 has important implications for significantly increasing the overall size of the 04 deposit, as the intersection is the furthest down-dip and down-plunge and the zone remains open at depth.
CR-2003-07 was drilled to test the down-plunge extension of the B vein and the western margin of the A vein. Due to deviation problems the hole was stopped short of the target zone, however several additional veins were intersected in the hangingwall and are thought to be splays of both the A and B veins. Once modeling of the recent drilling has been completed, a decision will be made to re-drill or to deepen the hole.
The Company expects to have available up to date cross section and longitudinal sections for the 04 deposit on its website www.terranovagold.com by the end of the month.
Final assays are pending from a seventh hole drilled on the 41 deposit where previous owners carried out over 11,000 meters of drilling in 54 holes, and identified five mineralized vein systems with significant gold mineralization.
The Cape Ray Gold Project is an advanced stage exploration project with four known deposits related to the Cape Ray Fault Zone. The Project has three separate claim groups: 1) the Cape Ray claim group, which contains the 04 and 41 deposits; 2) the Big Pond claim group, which contains the Big Pond deposit; 3) the Isle aux Morts claim group, which contains the Isle aux Morts deposit.
In 1990, Kilborn Engineering prepared a feasibility study for a previous owner that included the 04 and 41 deposits. The report quoted a geological in situ drill indicated mineral inventory at the 04 deposit of 600,000 tonnes of 7.2 g/t gold to a depth of 300 metres, and 100,000 tonnes of 8.2 g/t gold to a depth of 100 metres at the 41 deposit. The tonnage and grade were calculated at a minimum mining width of 1.5 metres and a cut-off grade of 3.4 g/t gold. Based on drill spacing, the tonnage estimates at the 04 and 41 deposits could be classified as indicated resources, however, management has classified the estimates as inferred resources, based on the uncertain economic viability of the 04 and 41 deposits at this time.
Drilling on the Isle aux Morts area in late 2002 was focused on determining the open pit potential of the Isle aux Morts deposit. Five of the holes were drilled into the known Isle aux Morts deposit, all of which intersected gold mineralization both in quartz veins and pyritic sediments. The best intersection in quartz vein, and the best drill intersection at Isle aux Morts to date, is 17.76 g/t gold over 6.8 metres including 47.22 g/t gold over 2.0 metres. The best intersection in the altered pyritic sediments is 3.74 g/t gold over 8.0 metres.
The Company has received support from the Government of Newfoundland & Labrador in the form of a $78,830.00 grant under its Junior Company Exploration Assistance Program. The grant will partially reimburse expenditures on the recent drill program at the 04 and 41 deposits.
Kerry Sparkes, Director of the Company, is the designated Qualified Person responsible for the exploration program on the property and the person responsible for the technical information in this news release.
On behalf of the Board of Directors
TERRA NOVA GOLD CORP.
Kerry Sparkes, Director
--------------------------------------------------------------------------------
Contact:
Terra Nova Gold Corp.
Kerry Sparkes
Director
Phone: (604) 684-6535 or Toll Free: 1-800-565-5336
Fax: (604) 602-9311
Email: terranova@bed-rock.com
Website: www.terranovagold.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
--------------------------------------------------------------------------------
Source: Terra Nova Gold Corp.
Monday June 23, 7:24 pm ET
VANCOUVER, BRITISH COLUMBIA--Mr. Kerry Sparkes, Director of Terra Nova Gold Corp. (the "Company") is pleased to announce the results of the final two holes recently drilled on the 04 deposit of the Cape Ray Gold Project located in southwest Newfoundland. Six of seven holes were drilled on the 04 deposit, where previous owners carried out over 9,000 metres of drilling in 35 holes, and identified two principal veins (the `A` and `B` veins) with significant gold mineralization. The recent drilling was designed to explore for extensions to known mineralization and to fill in gaps in known veins. Management is extremely pleased by the results to date and feel that they have greatly expanded the understanding of the 04 deposit, and have significantly advanced the project. Significant assays, including those previously reported in the Company`s June 17, 2003 news release, are shown below:
--------------------------------------------------------------------
Hole From To Interval Grade
(m) (m) (m) (g/t Au)
--------------------------------------------------------------------
CR-2003-01(i)
64.92 66.45 1.52 27.29
66.45 67.21 0.76 12.51
67.21 68.58 1.37 20.67
-----------------------------------------
Weighted Average 3.66 21.74
--------------------------------------------------------------------
CR-2003-02(i)
218.85 220.37 1.52 15.60
220.37 221.90 1.52 17.14
221.90 222.20 0.30 0.00
222.20 222.51 0.30 8.67
222.51 222.81 0.30 2.91
-----------------------------------------
Weighted Average 3.96 13.50
--------------------------------------------------------------------
CR-2003-03(i)
78.64 79.25 0.61 86.33
79.25 80.16 0.91 1.30
80.16 81.08 0.91 20.50
81.08 82.14 1.07 40.83
-----------------------------------------
Weighted Average 3.51 33.12
-----------------------------------------
86.56 87.17 0.61 37.23
-----------------------------------------
Weighted Average 0.61 37.23
--------------------------------------------------------------------
CR-2003-05
331.47 332.4 0.92 1.95
-----------------------------------------
Weighted Average 0.92 1.95
-----------------------------------------
361.92 363.45 1.53 3.63
-----------------------------------------
Weighted Average 1.53 3.63
--------------------------------------------------------------------
CR-2003-05 374.00 375.50 1.50 8.81
375.50 377.00 1.50 11.80
-----------------------------------------
Weighted Average 3.00 10.30
--------------------------------------------------------------------
CR-2003-07
357.23 358.90 1.65 4.94
-----------------------------------------
Weighted Average 1.65 4.94
-----------------------------------------
366.00 366.19 0.19 7.20
366.19 367.40 1.21 3.43
-----------------------------------------
Weighted Average 1.40 3.77
-----------------------------------------
375.30 375.60 0.30 7.92
-----------------------------------------
Weighted Average 0.30 7.92
--------------------------------------------------------------------
(i) Previously reported assays
CR-2003-01 was drilled to test the up-plunge extension of the A and B veins. The hole intersected 21.74 g/t gold over 3.66 metres in a mineralized quartz vein, 25 metres up-dip of 24.0 g/t gold over 1.52 metres in the A vein. The intersection may represent both the A and B veins.
CR-2003-02 was drilled to test an area of insufficient information in the A vein. The hole intersected 13.5 g/t gold over 3.96 metres in a mineralized quartz vein, 22 metres down-dip of 12.0 g/t gold over 1.52 metres in the A vein. The A vein is still open down-dip. The intersection was significantly wider and of higher grade than the average grade and thickness in the surrounding holes.
CR-2003-03 was drilled to test the up-plunge end of the B vein. In order to reach the B vein, the hole drilled through the mineralized A vein and intersected 33.12 g/t over 3.51 metres. The hole then intersected 37.23 g/t gold over 0.61 metres in mineralized B vein, 27 metres down-dip of 18.9 g/t gold over 2.74 metres in the B vein.
CR-2003-04 was drilled 38 metres down-dip of 4.8 g/t gold over 1.83 metres and 30 metres up-dip of 8.9 g/t gold over 1.52 metres in the A vein. The hole did not intersect significant mineralization but is surrounded by previous intersections with substantial grades and thicknesses. The hole intersected 9 metres of fault gouge where the A vein was expected to be intersected.
CR-2003-05 was drilled to test the down-dip extension of the A vein. The hole intersected 10.3 g/t gold over 3.0 metres in the A vein approximately 61 metres down dip of 7.54 g/t gold over 12.3 metres. CR-2003-05 has important implications for significantly increasing the overall size of the 04 deposit, as the intersection is the furthest down-dip and down-plunge and the zone remains open at depth.
CR-2003-07 was drilled to test the down-plunge extension of the B vein and the western margin of the A vein. Due to deviation problems the hole was stopped short of the target zone, however several additional veins were intersected in the hangingwall and are thought to be splays of both the A and B veins. Once modeling of the recent drilling has been completed, a decision will be made to re-drill or to deepen the hole.
The Company expects to have available up to date cross section and longitudinal sections for the 04 deposit on its website www.terranovagold.com by the end of the month.
Final assays are pending from a seventh hole drilled on the 41 deposit where previous owners carried out over 11,000 meters of drilling in 54 holes, and identified five mineralized vein systems with significant gold mineralization.
The Cape Ray Gold Project is an advanced stage exploration project with four known deposits related to the Cape Ray Fault Zone. The Project has three separate claim groups: 1) the Cape Ray claim group, which contains the 04 and 41 deposits; 2) the Big Pond claim group, which contains the Big Pond deposit; 3) the Isle aux Morts claim group, which contains the Isle aux Morts deposit.
In 1990, Kilborn Engineering prepared a feasibility study for a previous owner that included the 04 and 41 deposits. The report quoted a geological in situ drill indicated mineral inventory at the 04 deposit of 600,000 tonnes of 7.2 g/t gold to a depth of 300 metres, and 100,000 tonnes of 8.2 g/t gold to a depth of 100 metres at the 41 deposit. The tonnage and grade were calculated at a minimum mining width of 1.5 metres and a cut-off grade of 3.4 g/t gold. Based on drill spacing, the tonnage estimates at the 04 and 41 deposits could be classified as indicated resources, however, management has classified the estimates as inferred resources, based on the uncertain economic viability of the 04 and 41 deposits at this time.
Drilling on the Isle aux Morts area in late 2002 was focused on determining the open pit potential of the Isle aux Morts deposit. Five of the holes were drilled into the known Isle aux Morts deposit, all of which intersected gold mineralization both in quartz veins and pyritic sediments. The best intersection in quartz vein, and the best drill intersection at Isle aux Morts to date, is 17.76 g/t gold over 6.8 metres including 47.22 g/t gold over 2.0 metres. The best intersection in the altered pyritic sediments is 3.74 g/t gold over 8.0 metres.
The Company has received support from the Government of Newfoundland & Labrador in the form of a $78,830.00 grant under its Junior Company Exploration Assistance Program. The grant will partially reimburse expenditures on the recent drill program at the 04 and 41 deposits.
Kerry Sparkes, Director of the Company, is the designated Qualified Person responsible for the exploration program on the property and the person responsible for the technical information in this news release.
On behalf of the Board of Directors
TERRA NOVA GOLD CORP.
Kerry Sparkes, Director
--------------------------------------------------------------------------------
Contact:
Terra Nova Gold Corp.
Kerry Sparkes
Director
Phone: (604) 684-6535 or Toll Free: 1-800-565-5336
Fax: (604) 602-9311
Email: terranova@bed-rock.com
Website: www.terranovagold.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
--------------------------------------------------------------------------------
Source: Terra Nova Gold Corp.
Press Release Source: Terra Nova Gold Corp.
Terra Nova Gold Corp.: Additional Drilling Planned for Cape Ray Gold Deposits
Monday July 7, 9:02 am ET
VANCOUVER, BRITISH COLUMBIA--Mr. Harvey Keats, President of Terra Nova Gold Corp. (the "Company") is pleased to announce the Company is making preparations for a 2,500 to 3,000 metre diamond drill program on the Cape Ray Gold Project in the Fall of 2003.
ADVERTISEMENT
The Cape Ray Gold Project is an advanced stage exploration project with four known deposits related to the Cape Ray Fault Zone. The Project has three separate claim groups: 1) the Cape Ray claim group, which contains the 04 and 41 deposits; 2) the Big Pond claim group, which contains the Big Pond deposit; 3) the Isle aux Morts claim group, which contains the Isle aux Morts deposit.
The Fall 2003 program will focus on 3 of the 4 known gold deposits in the Cape Ray Project: Isle aux Morts, the 04 deposit and Big Pond.
Isle aux Morts
Gold mineralization at Isle aux Morts occurs in metal rich quartz veins, as well as in pyritic sediments. The Company carried out a limited drill program on the property in the fall of 2002. Most of the mineralization encountered is within 40 metres of surface, and is easily accessible by open pit mining methods. Grades in the quartz veins range from 6.1 g/t over 10.4 metres to 17.8 g/t over 6.8 metres. When gold occurs in quartz vein and adjacent pyritic sediments, typical grades are 4.8 g/t over 14.6 metres, 5.1 g/t over 6.6 metres and 9.9 g/t over 11.0 metres. In the Fall 2003 Program, Management intends to carry out approximately 500 metres of diamond drilling, the majority of which will be to the southwest and northeast of the known Isle aux Morts deposit, and will use IP geophysics and geology to target the drilling.
04 Deposit
In 1990, Kilborn Engineering prepared a feasibility study for a previous owner that included the 04 deposit. The report quoted a geological in situ drill indicated mineral inventory at the 04 deposit of 600,000 tonnes of 7.2 g/t gold to a depth of 300 metres. The tonnage and grade were calculated at a minimum mining width of 1.5 metres and a cut-off grade of 3.4 g/t gold. Based on drill spacing, the tonnage estimates at the 04 deposit could be classified as indicated resources, however, management has classified the estimates as inferred resources, based on the uncertain economic viability of the 04 deposit at this time.
The 04 deposit was the site of the Company`s recent June 2003 drill program, where five of six holes encountered significant gold mineralization (see News Releases of June 17 and 23). Down-dip drilling in the 2003 program confirmed that the 04 deposit remains open at depth. In the Fall 2003 Program, Management intends to carry out approximately 1,000 metres of diamond drilling to better define the known mineralization and to test the down dip and down plunge extensions of the known mineralization.
Big Pond
The Big Pond deposit consists of two parallel-plunging mineralized shoots within a more widespread mineralized system. Four holes in one of the shoots average 12.8 g/t over 2.3 metres. Three holes in the second shoot average 14.7 g/t over 1.3 metres. The Big Pond shoots have been intersected with widely spaced holes from 25 metres to 120 metres below surface, are open at depth, and require infill drilling. There is also an intersection of 30.0 g/t over 0.2 metres which may be on the edge of a third parallel-plunging mineralized shoot. In the Fall 2003 Program, Management intends to carry out approximately 1,000 metres of diamond drilling to better define the known mineralized shoots and to investigate the possibility of additional mineralized shoots.
41 Deposit
In 1990, Kilborn Engineering prepared a feasibility study for a previous owner that included the 41 deposit. The report quoted a geological in situ drill indicated mineral inventory at the 41 deposit of 100,000 tonnes of 8.2 g/t gold to a depth of 100 metres. The tonnage and grade were calculated at a minimum mining width of 1.5 metres and a cut-off grade of 3.4 g/t gold. Based on drill spacing, the tonnage estimates at the 41 deposit could be classified as indicated resources, however, management has classified the estimates as inferred resources, based on the uncertain economic viability of the 41 deposit at this time.
Management is continuing to model the 41 deposit where over 50 holes, and 11,000 metres, have been drilled by previous operators. The Company drilled a single hole, CR-2003-06, in June 2003. CR-2003-06 was drilled down-dip and down plunge of 2.3 metres of 7.9 g/t gold in the A vein. It intersected 0.60 metres of fault gouge, then 5.2 metres of barren quartz vein and a further 0.5 metres of fault gouge, followed by a 1.2 metre mineralized zone which assayed 1.89 g/t gold. It is Management`s interpretation that the hole did not intersect the higher grade A vein, as a result of the late cross cutting barren quartz vein, described above, and intersected in previous holes. Additional drilling will be required on the 41 deposit when the 3-D modeling is completed.
The Company has received support from the Government of Newfoundland & Labrador in the form of grants under its Junior Company Exploration Assistance Program (`JCEAP`) for its recent programs on the Cape Ray Project. The Company intends to make application for further grants to partially reimburse expenditures on the Fall 2003 program. There is no assurance that the Company will receive any additional grants.
Kerry Sparkes, Director of the Company, is the designated Qualified Person responsible for the exploration program on the property and the person responsible for the technical information in this news release.
On behalf of the Board of Directors
TERRA NOVA GOLD CORP.
Harvey Keats, President
--------------------------------------------------------------------------------
Contact:
Terra Nova Gold Corp.
Harvey Keats
President
Phone: (604) 684-6535 or Toll Free: 1-800-565-5336
Fax: (604) 602-9311
Email: terranova@bed-rock.com
Website: www.terranovagold.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
--------------------------------------------------------------------------------
Source: Terra Nova Gold Corp.
Terra Nova Gold Corp.: Additional Drilling Planned for Cape Ray Gold Deposits
Monday July 7, 9:02 am ET
VANCOUVER, BRITISH COLUMBIA--Mr. Harvey Keats, President of Terra Nova Gold Corp. (the "Company") is pleased to announce the Company is making preparations for a 2,500 to 3,000 metre diamond drill program on the Cape Ray Gold Project in the Fall of 2003.
ADVERTISEMENT
The Cape Ray Gold Project is an advanced stage exploration project with four known deposits related to the Cape Ray Fault Zone. The Project has three separate claim groups: 1) the Cape Ray claim group, which contains the 04 and 41 deposits; 2) the Big Pond claim group, which contains the Big Pond deposit; 3) the Isle aux Morts claim group, which contains the Isle aux Morts deposit.
The Fall 2003 program will focus on 3 of the 4 known gold deposits in the Cape Ray Project: Isle aux Morts, the 04 deposit and Big Pond.
Isle aux Morts
Gold mineralization at Isle aux Morts occurs in metal rich quartz veins, as well as in pyritic sediments. The Company carried out a limited drill program on the property in the fall of 2002. Most of the mineralization encountered is within 40 metres of surface, and is easily accessible by open pit mining methods. Grades in the quartz veins range from 6.1 g/t over 10.4 metres to 17.8 g/t over 6.8 metres. When gold occurs in quartz vein and adjacent pyritic sediments, typical grades are 4.8 g/t over 14.6 metres, 5.1 g/t over 6.6 metres and 9.9 g/t over 11.0 metres. In the Fall 2003 Program, Management intends to carry out approximately 500 metres of diamond drilling, the majority of which will be to the southwest and northeast of the known Isle aux Morts deposit, and will use IP geophysics and geology to target the drilling.
04 Deposit
In 1990, Kilborn Engineering prepared a feasibility study for a previous owner that included the 04 deposit. The report quoted a geological in situ drill indicated mineral inventory at the 04 deposit of 600,000 tonnes of 7.2 g/t gold to a depth of 300 metres. The tonnage and grade were calculated at a minimum mining width of 1.5 metres and a cut-off grade of 3.4 g/t gold. Based on drill spacing, the tonnage estimates at the 04 deposit could be classified as indicated resources, however, management has classified the estimates as inferred resources, based on the uncertain economic viability of the 04 deposit at this time.
The 04 deposit was the site of the Company`s recent June 2003 drill program, where five of six holes encountered significant gold mineralization (see News Releases of June 17 and 23). Down-dip drilling in the 2003 program confirmed that the 04 deposit remains open at depth. In the Fall 2003 Program, Management intends to carry out approximately 1,000 metres of diamond drilling to better define the known mineralization and to test the down dip and down plunge extensions of the known mineralization.
Big Pond
The Big Pond deposit consists of two parallel-plunging mineralized shoots within a more widespread mineralized system. Four holes in one of the shoots average 12.8 g/t over 2.3 metres. Three holes in the second shoot average 14.7 g/t over 1.3 metres. The Big Pond shoots have been intersected with widely spaced holes from 25 metres to 120 metres below surface, are open at depth, and require infill drilling. There is also an intersection of 30.0 g/t over 0.2 metres which may be on the edge of a third parallel-plunging mineralized shoot. In the Fall 2003 Program, Management intends to carry out approximately 1,000 metres of diamond drilling to better define the known mineralized shoots and to investigate the possibility of additional mineralized shoots.
41 Deposit
In 1990, Kilborn Engineering prepared a feasibility study for a previous owner that included the 41 deposit. The report quoted a geological in situ drill indicated mineral inventory at the 41 deposit of 100,000 tonnes of 8.2 g/t gold to a depth of 100 metres. The tonnage and grade were calculated at a minimum mining width of 1.5 metres and a cut-off grade of 3.4 g/t gold. Based on drill spacing, the tonnage estimates at the 41 deposit could be classified as indicated resources, however, management has classified the estimates as inferred resources, based on the uncertain economic viability of the 41 deposit at this time.
Management is continuing to model the 41 deposit where over 50 holes, and 11,000 metres, have been drilled by previous operators. The Company drilled a single hole, CR-2003-06, in June 2003. CR-2003-06 was drilled down-dip and down plunge of 2.3 metres of 7.9 g/t gold in the A vein. It intersected 0.60 metres of fault gouge, then 5.2 metres of barren quartz vein and a further 0.5 metres of fault gouge, followed by a 1.2 metre mineralized zone which assayed 1.89 g/t gold. It is Management`s interpretation that the hole did not intersect the higher grade A vein, as a result of the late cross cutting barren quartz vein, described above, and intersected in previous holes. Additional drilling will be required on the 41 deposit when the 3-D modeling is completed.
The Company has received support from the Government of Newfoundland & Labrador in the form of grants under its Junior Company Exploration Assistance Program (`JCEAP`) for its recent programs on the Cape Ray Project. The Company intends to make application for further grants to partially reimburse expenditures on the Fall 2003 program. There is no assurance that the Company will receive any additional grants.
Kerry Sparkes, Director of the Company, is the designated Qualified Person responsible for the exploration program on the property and the person responsible for the technical information in this news release.
On behalf of the Board of Directors
TERRA NOVA GOLD CORP.
Harvey Keats, President
--------------------------------------------------------------------------------
Contact:
Terra Nova Gold Corp.
Harvey Keats
President
Phone: (604) 684-6535 or Toll Free: 1-800-565-5336
Fax: (604) 602-9311
Email: terranova@bed-rock.com
Website: www.terranovagold.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
--------------------------------------------------------------------------------
Source: Terra Nova Gold Corp.
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