| ||Wed May 26, 2004|
Muskox Intrusion: AAEC Terminates Option
| ||Muskox Minerals Corp. ('Muskox') reports that the Option/Joint Venture Agreement between Anglo American Exploration Canada ('AAEC') and Muskox has been terminated in its entirety. As per the Agreement, Muskox will retain all rights to the tenure of the Muskox Intrusion Project.|
Exploration expenditures by AAEC exceeded $ 2.5 million. The exploration program conducted over 2 years included integration of existing data sets from previous programs conducted by Muskox, a regional Spectrem airborne survey, soil geochemistry, ground UTEM and PEM surveys over specific targets on the western and eastern margins of the Intrusion.
The collection and compilation of data resulted in the identification of numerous drill targets throughout the Intrusion, of these targets, AAEC tested eight, with priority given to those strongly associated with high nickel values in soils and/or conductors from the Spectrem survey. Three of the eight holes drilled were located in the Canoe Lake fault region on the western margin.
The drilling of the 6 holes in 2003 and 2 in April/May 2004) totaled 2,030.58 meters. Downhole geophysics was conducted on all drill holes. A final report detailing the program will be prepared by AAEC and circulated in the near future.
Muskox Intrusion: Gravity Survey Planned by Muskox Minerals Corp.
Preliminary data from the 2003-2004 programs compiled with the Muskox Minerals dataset suggests that a large portion of the Muskox Intrusion requires further exploration. Magnetic and EM modeling indicates that the MacGregor Lake Area is the most prospective for a Norilsk type PGE-Ni-Cu magmatic sulphide deposit. As a result of this rigorous review of the data, Muskox will commence a large-scale gravity survey. The gravity survey will test the Keel region of the Intrusion from Valley Lake to MacGregor Lake and will also test an area between MacGregor Lake and Speers Lake. The targets delineated will then be drill tested after spring breakup. The survey will be conducted in a part of the Intrusion where Muskox Minerals has received values as high as 74.6 gm/T Pd, 7.4 g/T Pt, 5.3 g/T Au, 7.7 % Cu, and 0.3 % Cu from the corresponding margins of the Intrusion. A map outlining the Muskox Intrusion and the intended gravity survey can be found on Muskox's web site at www.muskoxminerals.com
Atlin Project Update
The Atlin Property is situated in northwestern, British Columbia, Canada and comprises mineral tenure to the area of a famous historic placer gold deposit. More than a million ounces of gold are believed to have been recovered from the unconsolidated Pine Creek placer gravels between 1890 and 1990. In December 2003, Muskox's Phase I drill program tested beneath these placer gold gravels and encountered grades to 15.0 oz / ton gold across 5.6 m (YJ 03 01) within the underlying bedrock. The intersection occurred within a section of the Pine Creek Fault Zone, which was previously identified by Homestake Minerals Development (1987) as having ore grade gold potential. Gold occurs within the 50 m to 70 m wide Pine Creek Fault zone in associated with ultramafic rocks and their listwanitic alteration assemblages. This ultramafic / listwanite association is characteristic of many particularly rich gold deposits in the North American Cordillera including the Bralone (4 M oz), Motherlode (10 M oz) and Grass Valley (9 M oz) deposits.
In March 2004, Muskox's Phase II drilling tested a 50 m strike length of the Pine Creek Fault. Preliminary results from Phase II include drill intersections 6.58 oz/ton across 1 meter (YJ 04 07) and 0.76 oz/ton across 2.5 meters (YJ 04 01). The final results of Phase II are now being collated and will be released shortly. A lithological / structural control model is being formulated to predict the occurrence of gold with in the Pine Creek Fault. This model is being used to select drill targets for Phase III drilling.
Muskox's Phase III drilling is scheduled to commence the first week of June 2004 and will both further investigate mineralization identified in previous phases of drilling and explore mineralization further along strike within the Pine Creek Fault and selected cross faults.
Qualified Person/Analytical Resources
Dr. Roger Morton, P.Geol. (Alberta), a director and officer of the Corporation, is currently the Company's Qualified Person responsible for monitoring the supervision and quality control of the exploration completed on both the Muskox Intrusion and the Atlin projects.
ON BEHALF OF THE BOARD OF
MUSKOX MINERALS CORP.
Dr. Roger D. Morton
President and CEO
Muskox Minerals Corp. is a Tier One Company listed on the TSX Venture Exchange (symbol: MSK-V). The Company is exploring for Gold in the Atlin area of British Columbia, Canada and Copper-Nickel-Palladium and Platinum on the Muskox Layered Intrusion project in Nunavut, Arctic Canada.
For further information, contact Mr. Tom Corcoran at:
Phone: 1 (877) 339-3344
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
You can view the Next News Releases item: Tue Jun 8, 2004, Update on the Atlin B.C. Gold-Silver Project
You can view the Previous News Releases item: Wed Apr 28, 2004, New Analytical Results from the Yellow Jacket Property, Atlin, British Columbia: Pine Creek Fault Zone Reveals More Bonanza Grades
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