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King's Bay Gold and Mainstream Minerals Intersect Wide Zones of Uranium, Rare Earths, Rare Metals, Sulphur and Iron

Last updated: 04:00 27 Nov 2008 GMT, First published: 05:00 27 Nov 2008 GMT

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King's Bay Gold Corp. (TSX-V: KBG) and Mainstream Minerals Corp. (TSX-V: MJO) reported the presence of wide zones of mineralisation at the joint-ventured Phyllis Lake Project, Ontario.


The Phase I drilling intercepted uranium, rare earths, rare metals, iron and sulphur “at or near surface” in East Zone Number 1.  King’s Bay Gold said that the wide zones of near surface mineralisation meant the deposit is amenable to open pit mining.


The assay results from the drilling campaign included 9 metres returning 0.02% Uranium, 470.55 grams per tonne Chromium, 27.40 grams per tonne Gallium, 16.52 grams per tonne Lithium, 18.22 grams per tonne Scandium, 50.66 grams per tonne Vanadium, 26 grams per tonne Tellurium, 8.35 grams per tonne Tantalum, 18.09 grams per tonne Strontium, 5.5 grams per tonne Zirconium, 7.23 grams per tonne Cadmium, 1.02% Calcium, 0.415% Magnesium, 0.065% Manganese, 0.034% Titanium, 0.02% Copper, 0.016% Phosphorous, 15% Sulphur and 28.8% Iron, from only 2 metres down hole.  The same hole intercepted a further zone of multi-metal mineralisation from 18 metres to 29.5 metres.  


King’s Bay Gold and Mainstream Metals reported results from four holes in total, all reported mineralised zones.   King’s Bay also noted that the distance between Hole 1 and Hole 4 confirmed a minimum strike length of 500 metres and drilling had confirmed mineralisation to a depth of 129 metres.  “This area will definitely need more surface stripping at both ends to fully define the actual strike length of this large mineral-rich structure and deeper drilling to test the depth extensions,” the company stated.


King’s Bay Gold and Mainstream Minerals also confirmed that they had received approaches from “several” Chinese mining group’s interested in acquiring or earning into the project.


"King's Bay and Mainstream Minerals are very pleased with the results of this successful initial drill program and are presently evaluating all of the data from this Phase 1 program before commencing an aggressive Phase 2 drilling program. King's Bay is also anxiously awaiting assay results from its 50 % owned high-grade gold and rare earths Bobjo Mine Project and its 100 % owned Sakoose Gold Mine Project. Results will be announced when received and verified."

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