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News Release: March 9th, 2001
MOR PROPERTY REVIEW, SOUTHERN YUKON
The Company is pleased
to confirm the recent signing of an option agreement with Brett
Resources Inc. (BRN-V) whereby, subject to regulatory approval,
Brett can earn a 70% interest in Fairfield's Caribou Creek and
MOR polymetallic prospects located in the Teslin area of south-central
Yukon Territory. These properties cover similar geology to that
in the Finlayson Lake district (160 km to the northeast) where
several important volcanogenic massive sulphide (VMS) deposits
have been discovered since 1994.
Additional staking
has been recently completed; the two groups now comprise 100
mineral claims covering approximately 2,100 hectares. As previously
reported, work programs conducted by Fairfield during 1997 and
1998 have outlined significant geochemical (soil) and geophysical
anomalies and have located schist-hosted sulphide mineralization
carrying strongly anomalous copper, lead, zinc, silver and gold
values.
Pursuant to the agreement,
Brett may earn a 70% undivided participating interest in both
properties by making total cash payments of $70,000, issuing
200,000 shares of Brett to Fairfield and expending $500,000 on
exploration before December 31, 2001. Work expenditures of at
least $70,000 are required during 1999. Brett has advised that
it will conduct geological mapping, prospecting, and possibly
diamond drilling.
GRID LOCATION
|
DEPTH & SAMPLE INTERVAL (m)
|
Cu (ppm)
|
Pb (ppm)
|
Zn (ppm)
|
Ag (ppm)
|
Au (ppb)
|
2450E/2500N
|
0.7 - 1.4
|
1226
|
5724
|
292
|
43.1
|
1255
|
"
|
1.4 - 2.0
|
827
|
3133
|
365
|
43.1
|
415
|
2450E/2510N
|
0.2 - 0.7
|
978
|
2505
|
387
|
41.8
|
1763
|
"
|
0.7 - 1.4
|
722
|
1805
|
395
|
26.1
|
492
|
"
|
1.4 - 2.2
|
1020
|
2358
|
466
|
43.4
|
783
|
3000E/2610N
|
0.4 - 1.3 *
|
243 *
|
2475 *
|
121 *
|
60.7 *
|
990 *
|
* - Averaged result from 3 samples within this interval. Best individual sample results include 109.2 ppm Ag and 2,139 ppb Au
Elsewhere on the property, results from the 2000 program have outlined coincident copper-silver soil anomalies together with several weak VLF-EM conductors within a broad zone situated approximately one kilometre south from the main (Discovery) trend.
The MOR claims as well as Fairfield's nearby Cabin Lake and Caribou Creek properties are underlain by highly prospective Devono-Mississippian metavolcanic and metasedimentary rock assemblages.
These assemblages include the Big Salmon Complex which in part has been correlated to Yukon-Tanana stratigraphy that is host to several important VMS deposits in the Finlayson Lake district, 160 kilometres to the northeast. Current studies in the MOR area, by the Ancient Pacific Margin NATMAP Project (Mihalynuk et al, 2000), have also pointed out distinct geological and geochemical similarities between the Big Salmon Complex and the world class VMS-prolific Iberian Pyrite Belt of southwestern Europe. A particularly significant common feature is the presence of a regionally extensive baritic and manganiferous exhalative chert unit which constitutes a time - stratigraphic marker for widespread seafloor hydrothermal activity. This rock type has been located on the MOR and Cabin Lake properties and appears to be spatially related to the presently known mineral occurrences.
These developments, together with the cumulative exploration results to date, are considered to be very encouraging. Further exploration to include excavator trenching and/or diamond drilling is being planned, and discussions are in progress with potential joint venture partners.
ON BEHALF OF THE BOARD
OF DIRECTORS
Duane Poliquin
The Toronto Stock Exchange
has not reviewed nor accepted responsibility for the adequacy
or accuracy of the contents of this news release which has been
prepared by management. Statements contained in this news release
that are not historical facts are forward looking statements
as that term is defined in the private securities litigation
reform act of 1995. Such forward -looking statements are subject
to risks and uncertainties which could cause actual results to
differ materially from estimated results. Such risks and uncertainties
are detailed in the Company's filing with the Securities and
Exchange Commission.
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