WINNIPEG, Manitoba, Nov 26, 2008 (GlobeNewswire via COMTEX) --
Mainstream Minerals Corp. (CA:MJO:
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and King's Bay Gold Corp. (CA:KBG:
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are pleased to announce the successful completion of their Phase 1
drilling program on their joint-ventured Phyllis Lake Project located
in Grummitt and Cathcart Townships near the Town of Ignace, Ontario.
The results from this
program confirms the presence of wide zones of uranium, rare earths,
rare metals and other minerals, notably sulfur and iron, at or near
surface in East Zone Number 1. All of these minerals have significant
economic value and given that these wide zones are at or near surface,
they are amenable to open pit mining.
Both companies are also
cooperating to stake more land in the immediate area which could triple
the size of this project from the current 64 claim units (2,560 acres).
The property is easily accessible via the TransCanada Highway and has a
location advantage of being intersected by a railroad.
The results from the completed Phase 1 program are as follows:
Hole # 1
From 2.0 to 11.0 metres
9.0 metres grading 0.0204 % Uranium, 470.55 g/t Chromium, 27.40 g/t
Gallium, 16.52 g/t Lithium, 18.22 g/t Scandium, 50.66 g/t Vanadium,
26.00 g/t Tellurium, 8.35 g/t Tantalum, 18.09 g/t Strontium, 5.50 g/t
Zirconium, 7.23 g/t Cadmium, 1.021 % Calcium, 0.415 % Magnesium, 0.0654
% Manganese, 0.0343 % Titanium, 0.0222 % Copper, 0.0165 % Phosphorous,
15.03 % Sulfur and 28.80 % Iron.
From 18.0 to 29.5 metres
11.5 metres grading 0.0080 % Uranium, 606.66 g/t Chromium, 10.37 g/t
Gallium, 18.58 g/t Lithium, 11.04 g/t Rubidium, 10.19 g/t Scandium,
21.79 g/t Vanadium, 8.58 g/t Tellurium, 3.33 g/t Tantalum, 5.91 g/t
Strontium, 6.87 g/t Zirconium, 4.08 g/t Thorium, 8.45 g/t Cerium, 1.75
g/t Cadmium, 1.16 g/t Yttrium, 0.562 % Magnesium, 0.0603 % Manganese,
0.0513 % Titanium, 0.0245 % Phosphorous, 7.27% Sulfur and 15.32 % Iron.
Hole # 2
From 1.48 to 16.5 metres
15.02 metres grading 0.0285 % Uranium, 395.71 g/t Chromium, 30.22 g/t
Gallium, 10.35 g/t Lithium, 20.39 g/t Scandium, 13.00 g/t Vanadium,
29.25 g/t Tellurium, 9.16 g/t Tantalum, 15.17 g/t Strontium, 5.23 g/t
Zirconium, 9.51 g/t Cadmium, 1.091 % Calcium, 0.450 % Magnesium, 0.0585
% Manganese, 0.0180 % Titanium, 0.0230 % Copper, 0.0142 % Phosphorous,
19.09 % Sulfur and 33.35 % Iron.
From 28.5 to 33.0 metres
4.5 metres grading 0.0164 % Uranium, 591.25 g/t Chromium, 19.75 g/t
Gallium, 19.12 g/t Lithium, 18.50 g/t Scandium, 29.37 g/t Vanadium,
22.37 g/t Tellurium, 6.62 g/t Tantalum, 7.12 g/t Strontium, 3.62 g/t
Zirconium, 4.37 g/t Cerium, 7.37 g/t Cadmium, 0.450 % Calcium, 0.550 %
Magnesium, 0.0618 % Manganese, 0.0375 % Titanium, 0.0171 % Phosphorous,
12.15 % Sulfur and 19.31 % Iron.
Hole # 3
From 7.5 to 9.5 metres
2.0 metres grading 0.0290 % Uranium, 546.75 g/t Chromium, 33.00 g/t
Gallium, 6.50 g/t Lithium, 17.50 g/t Vanadium, 33.00 g/t Tellurium,
11.00 g/t Tantalum, 7.00 g/t Zirconium, 6.25 g/t Cerium, 3.50 g/t
Cesium, 7.75 g/t Lanthanum, 11.75 g/t Cadmium, 33.00 g/t Rubidium,
11.75 g/t Scandium, 1.37 g/t Samarium, 1.72 g/t Thorium, 0.300 %
Magnesium, 0.0397 % Manganese, 0.0332 % Titanium, 0.0233 % Phosphorous,
18.95 % Sulfur and 34.50 % Iron.
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