Drilling to Begin on Lund Property, Ontario
20 Novembro 2008 - 7:58PM
Marketwired
Lund Gold Ltd. (TSX VENTURE: LGD) ("Lund") is pleased to report
that drilling will commence in the next couple of days on the
McFauld's Lake "Ring of Fire" property under option from Noront
Resources Ltd.
The summary report by James Mungall PhD, PGeo of Noront
Resources Ltd. states: "Airborne and ground geophysical surveys
have been completed on the Noront/Lund Gold option to joint venture
property in the James Bay Lowlands of Ontario. Based on the
geophysical interpretations two drill targets have been selected.
Both targets are moderately conductive bodies with short strike
length, on the order of 100 metres, and both are associated with
mildly magnetic lineaments. The geological interpretation is that
these conductors represent exhalative chemical sediments, either
iron formation or VMS mineralization, occurring as rafts surrounded
by felsic to intermediate intrusive rocks. The drill program is
ready to execute upon mobilization of a drill into the area.
In the spring and summer of 2008 Geotech performed a VTEM survey
over the claim group. VT 1 is a two-line conductor with a
calculated conductance of 16.9 S at its south end. It is collinear
with a weak positive magnetic lineament striking approximately 330
degrees. The profiles are too low and irregular in form to indicate
shape or depth to the top of the conductor. The high early time
responses were interpreted to indicate the presence of thick
overburden. VT 2 is another two-line conductor but has a lower
calculated conductance of about 6S on both lines and interpreted as
being either very small or very deep, perhaps as deep as 200m.
Ground magnetometer surveys were performed without grids on both
the VT 1 and VT 2 targets. Both of the conductors can be seen to be
related to weak magnetic lineaments. These targets show potential
to host VMS-type mineralization of the type exemplified by WSR's
501 deposit and Canadian Orebodies' Caribou deposit. The proposed
800m drill budget will be sufficient to establish whether or not
either of these targets is a VMS deposit. A single preliminary hole
of 200 or 250 depth has been proposed on each of the two targets,
leaving 350 m of discretionary drilling in the budget to follow up
either or both of these targets pending initial success. If there
are positive indications of VMS potential after the 800 m drill
program has been completed then a fourth phase of exploration
should be planned, focusing on follow-up diamond drilling of the
targets."
To find out more about Lund Gold Ltd. (TSX VENTURE: LGD), visit
our website at www.lundgold.com.
On behalf of the Board of Directors of LUND GOLD LTD.
Chet Idziszek, President
Cautionary Statement
This document contains "forward-looking statements" within the
meaning of applicable Canadian securities regulations. All
statements other than statements of historical fact herein,
including, without limitation, statements regarding exploration
plans and our other future plans and objectives, are
forward-looking statements that involve various risks and
uncertainties. Such forward-looking statements include, without
limitation, estimates of exploration investment and the scope of
exploration programs. There can be no assurance that such
statements will prove to be accurate, and future events and actual
results could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from our expectations are disclosed in the
Company's documents filed from time to time via SEDAR with the
Canadian regulatory agencies to whose policies we are bound.
Forward-looking statements are based on the estimates and opinions
of management on the date the statements are made, and we do not
undertake any obligation to update forward-looking statements
should conditions or our estimates or opinions change.
Forward-looking statements are subject to risks, uncertainties and
other factors, including risks associated with mineral exploration,
price volatility in the mineral commodities we seek, and
operational and political risks. Readers are advised not to place
undue reliance on forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
Contacts: Lund Gold Ltd. David Scott Investor Relations (604)
331-8772 (604) 331-8773 (FAX) Email: dscott@mine-tech.com Website:
www.lundgold.com
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