[meteorite-list] Manicouagan Minerals Inc. Identifies Significant Shallow and Deep Anomalies Related to a Large Meteorite Impact Structure

From: Ron Baalke <baalke_at_meteoritecentral.com>
Date: Fri Jul 22 18:01:36 2005
Message-ID: <200507222200.j6MM0gU01555_at_zagami.jpl.nasa.gov>

http://www.newswire.ca/en/releases/archive/July2005/22/c3803.html

Manicouagan Minerals Inc. Identifies Significant Shallow and Deep
Anomalies Related to a Large Meteorite Impact Structure

    - MEGATEM airborne survey identifies several conductive anomalies
       near the edge of the inner crater
    
    - Given the position of the intense and arcuate anomalies relative
       to the edge of the crater the analogy to Sudbury remains relevant
       at Manicouagan.
    
    - Drilling to commence by July 28th focusing on testing the recently
       identified anomalies

    TORONTO, July 22 /CNW/ - (TSXV:MAM) Manicouagan Minerals Inc.
("Manicouagan" or the "Company") is pleased to announce the completion of
MEGATEM airborne surveys, as well as magnetotelluric results and commencement
of diamond drilling program on the 65km wide impact site at Manicouagan,
Quebec.
    The MEGATEM airborne geophysical surveys were completed on June 30th. A
total of 8184 line km on 200m line spacing was completed over the large (1750
square km) property held by Manicouagan on Ile Rene Levasseur, the 65-km wide
inner Manicouagan crater. The island was formed by a Triassic age (215my)
meteorite impact, one of the five largest on earth. Although technical
analysis by FUGRO is still preliminary, the Company plans to drill at least
eight of the land based MEGATEM conductors before year end.
    An additional six selected conductors are on or near water and will be
tested on winter ice early in 2006. Among the latter are several long arcuate
anomalies on the periphery of the island which forms the inner meteorite
crater. The objective of the MEGATEM surveys was to locate targets within the
larger (95%) part of the inner crater which to date has not been explored.
The surveys were successful in outlining significant and relatively shallow
drill targets particularly near the edge of the crater.
    The Sudbury base metal deposits by comparison are located primarily near
the edge of the inner crater where they are shallowest, providing a strong
analogy to the Manicouagan setting and the recently identified geophysical
anomalies. The central part (5%) of the Manicouagan crater was the focus of
deeply penetrating magnetotelluric (MT) surveys designed to better define MT
targets located by earlier surveys as well as locate a strong anomaly towards
the central uplift north of the camp on Lac des Iles, which is located near
the center of the crater.
    The March/April surveys carried out by Phoenix Geophysics located twelve
conductors within four km of the camp. They appear to be associated with long
dyke-like features with pinch and swell MT anomalies straddling the margins.
At least three holes will be drilled to the depths of 1500m with a fourth to
eventually test the strong anomaly (No. 12) near the edge of the central
uplift at Mont de Babel. The first holes to be drilled near the camp will
test highly conductive sub-horizontal MT anomalies.
    Contracts for the deep drilling (5600m) have been awarded to Heath and
Sherwood of Kirkland Lake, Ontario and for the MEGATEM drill follow-up
(4800m) to Forages Pelletier of Cap Chat, Quebec. The heavier drill has now
been mobilized to the edge of the reservoir awaiting transport. Once the
drill is on site to initiate drilling on the first deep hole, the second
drill will be mobilized to the camp.
    The Company anticipates a July 28th start-up for the drilling program.
    Constantine Salamis, CEO, reports, "We are encouraged by results
obtained to date by the two geophysical programs. It is our view that, in
light of these positive and strategically positioned anomalies, the case for
the Sudbury analogy on the Manicouagan impact site is now stronger."
    The Company's management believes that the Manicouagan impact crater in
Quebec may be an analogue to Sudbury, which at 360 million pounds of annual
nickel production, is the second largest nickel camp in the world after
Norilsk (in Russia). Statistically speaking, 36% of known impacts have
significant mineralization in post-impact sediments, 25% of known impacts
have associated mineral resources and 12% are currently being exploited or
have been exploited in the past. The Manicouagan crater site has not been
tested using modern exploration techniques.

    The TSXV has not reviewed this news release and does not accept
responsibility for the accuracy or this news release. The TSXV has neither
approved nor disapproved the contents of this news release.

    The statements in this press release may contain forward looking
statements that may involve a number of risks and uncertainties. Actual
events or results could differ materially from the Company's expectations and
projections.

For further information: please visit www.manicouaganminerals.com
or contact Constantine Salamis, President and Chief Executive Officer at
(450) 226-2265
Received on Fri 22 Jul 2005 06:00:42 PM PDT