| ||Tue Apr 1, 2003|
Stealth Minerals Request Bids for Drill Contract
| ||Stealth Minerals Limited (SML-TSXV) (the "Company") is pleased to provide an update on its Toodoggone Project in north central British Columbia that adjoins Northgate Explorations (NGX-TSX) Kemess 50,000 tpd copper-gold open pit mine property to the north.|
The Company intends to request proposals from diamond drill contractors for a minimum of 8,400 metres of diamond drilling to be conducted on four prospects on its Toodoggone project in 2003.
The Company intends to conduct development drilling on its Pine copper-gold porphyry deposit up to 300 metres northeast, east and south of the known mineralization, an area where an IP inversion study suggests the higher-grade core of the deposit may occur. In addition, deeper holes will be drilled. The prospect area has been subject to 47 drill holes and the deepest hole is only 200 metres below surface. Recent drilling at Kemess North by Northgate Exploration has seen drill holes in excess of 800 metres and the deposit appears to be open at depth. The highest-grade portion of the Kemess north deposit appears to start 150-metres below surface and persists for several hundred metres.
The Company also intends to initiate a drill program on the Mex copper-gold porphyry target, 3 km southeast of the Pine. The Mex is a multi-hundred million tonne target that exists in a similar geological setting to the Pine and Kemess South and North. Stealth completed IP and magnetic geophysical programs last year and magnetic and chargeability anomalies exist over large areas. In addition, a large zone of potassic alteration and quartz-magnetite-pyrite-chalcopyrite stock work occurs on surface and is believed to be a similar style of mineralization to the Kemess deposits.
The Company will also conduct diamond drilling on the Wrich Hill epithermal prospect, which is an open pit bulk tonnage gold-silver target. During the 2002 field season, bedrock samples in trenches yielded excellent gold and silver assays from two sub parallel zones. The West Zone, in Trench #2, assayed 2.04 g/t gold and 10.4 g/t silver over a true thickness of 32.0 metres and the sub parallel East Zone assayed 0.67 g/t gold and 20.3 g/t silver over 24.0 metres. Trench #3 returned 0.90 g/t gold, 7.3 g/t silver over 62.0 metres. The target is a large silicified breccia zone, 150 to 200 metres in width exposed on surface in the area of Trench #2, and occurs in proximity to a regional scale fault zone. The Wrich fault zone and associated alteration and gold-silver mineralization occur over a minimum strike length of 850 metres, and remains open. Several adjacent gold in soil anomalies also occur, and more trenching is required in these areas. Wrich Hill is thought to represent an acid-sulphate system with a possible low-sulphidation overprint, and mineralization appears to be both structurally and lithologically controlled. Clay alteration PIMA studies in part suggest that the mineralized zone discovered in trenches is near the top of the epithermal gold-silver deposition level, with potential for bonanza grade gold and silver values to occur.
The Company also intends to carry out an initial drill program on the VIP copper-gold-silver skarn prospect. In 2002, large-scale trenching and sampling on this prospect yielded several zones of gold, silver, and copper mineralization in skarns and intrusive rocks and gold values in a pyritized siltstone lithology. The Company intends to drill in proximity to trenches in the West skarn that assayed 0.33% copper, 13.3 g/t silver and 3.2 g/t gold over 18.0 metres and 0.22% copper, 6.5 g/t silver and 2.8 g/t gold over 24.0 metres. The West skarn has been traced on surface for over 200 metres and remains open.
The Company will drill test the East skarn under trenches that assayed up to 1.41% copper, 32.6 g/t silver and 5.8 g/t gold over 6.0 metres. The East skarn has been traced on surface for 900 metres and remains open.
Drill holes will also test the North skarn where Trench #6 assayed 1.16% copper, 52.0 g/t silver and 3.6 g/t gold over 6.0 metres. The North skarn has been traced on surface for 600 metres and remains open.
Drilling will also test the potential of the VIP property to host underlying or adjacent Kemess style porphyry copper-gold deposits that may in part be responsible for the widespread mineralization localized in the many skarn, siltstone and intrusive occurrences exposed on surface by trenching.
Geophysical surveys conducted last year indicate that the chargeability anomalies associated with surface mineralization continue to depth, and are increasing in strength to the southwest. Stealth intends to extend the survey grid 3.6 kilometres southwest to cover the newly discovered 343 Creek showing, which is a 30-metre wide shear zone containing copper and gold values within potassic altered intrusive rocks and quartz vein stock work. A chip sample from this shear zone assayed 0.16% copper, 35.0 g/t silver and 0.74 g/t gold, and grab samples up to 2.7 g/t gold were returned. The VIP area consists of 7 kilometres of favourable geology, structure, and alteration within which numerous copper and gold showings occur in skarn, siltstone and intrusive lithologies.
Management is excited about this years drilling and exploration programs as they are a pivotal step in revealing the potential of the Toodoggone to host other multi-million ounce porphyry gold-copper deposits similar to the Stealth's Pine deposit, Kemess South and North as well as bulk mineable open pit gold-silver deposits.
Stealth Mineral's Toodoggone Project is a contiguous 480 square kilometer claim block of highly prospective geology with 51 known mineral showings and prospects identified to date. Management expects that the proposed drill programs could produce significant intercepts of copper-gold and gold-silver mineralization on all four prospects, and advance them to the definition drilling stage.
Bill McWilliam, Chief Executive Officer
For further information contact:
Mr. Bradley L. Jones, c.a. Telephone: (416) 510-8397
Chairman Facsimile: (416) 510-8561
Stealth Minerals Limited Website: www.stealthminerals.com
Stealth Minerals Limited
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