Stock Quote Cabo Drilling Corp.
TSX-V: > The remote server returned an error: (403) Forbidden. View Stock Info >
FWB: > The remote server returned an error: (403) Forbidden. View Stock Info >
Cabo Banner
Request a Quote
Drilling Services Request for Tender
 
Newsletter Sign Up
Subscribe here to receive our latest news releases
 

By clicking Sign Up, you consent to receive electronic messages from Cabo Drilling Corp., including invitations to programs and events and other notifications.

 
printPrint PDFPDF EmailEmail

COBALT SILVER PROPERTIES EXPLORATION UPDATE

Vancouver, British Columbia - Cabo Mining Enterprises Corp. (TSX-V: CBE) announces the following exploration program update on its Ontario silver and gold properties.

Most of the Company’s exploration activity in 2005 has been focused on evaluating numerous silver targets in three areas centered around Giroux Lake in the Historic Cobalt silver mining camp. This area produced more than 450 million ounces of silver from 78 operating mines between 1903 and 1990. These silver deposits were relatively small, averaging a few hundred feet in length, one hundred feet in depth and from a fraction of an inch to 2 feet in width. The grade of these ore lenses however, was extremely high, ranging from a cut-off low of 8 oz/silver
per ton to greater than 4,000 oz/silver per ton. The best known ore lens in the Cobalt area, and undoubtedly one of the largest in the world, was referred to as the Carson Vein measuring 286 feet by 200 feet by 2.5 feet. The Carson Vein produced 9,211,279 ounces of silver and is located under a small lake adjacent to Cabo’s Silver Leaf claim in Coleman Township.

A 3,000 metre (24 hole) drilling program is nearing completion on the Cobalt property. The first 17 holes were drilled to test two previously known prospects (Cummings Pits and Professor Adit) and two newly discovered vein systems. Surface grab samples from the Cummings Pits Prospect contained highly anomalous VALUES (including one calcite vein that contained 151 g/t Ag, 20.7 g/t
Au, 6.2% Pb and 1.4% Cu. Five holes designed to test this showing were unsuccessful in duplicating those results. The best assay obtained here was 3 g/t Ag and 0.34% Pb over a drilled thickness of 0.57 m.

Six holes were drilled in the area of the Professor Adit where four silver bearing veins are exposed underground. Assays from trace amounts of Ag to 189.9 oz/Ag/ton (over 4 inches) were previously reported by workers from underground sampling and drilling. Two of the six holes encountered an unexpected faulted block or roll in the underlying diabase unit and had no chance of intersecting the underground veins. The best intersection came in Hole 12 where a 1.0 metre
drill thickness intersection (12.65 to 13.65 m) assayed 36 g/t Ag.

Three holes were drilled on a newly discovered prospect located 100 metres south of the past producing Waldman Mine – located in the west end of the area of current interest. A stripping program completed in late 2004 exposed a set of narrow veins containing visible galena (lead sulphide) and cobalt bloom. Grab samples from these veins contained silver VALUES (from trace to 126 g/t and up to 10.9% Pb. Drill hole COB-2 intersected a vein zone containing 12 g/t Ag, 0.32% Pb over 0.8 metres.

Three holes were drilled to test a sulphide prospect located 100 metres west of an old shaft referred to as the Oxford Shaft # 2. All of these holes intersected a broad zone of intense calcite stringers in a highly brecciated volcanic sequence containing pervasive stringers and patches of galena, sphalerite (zinc sulphide) and minor chalcopyrite (copper sulphide). The best results from these holes includes a 3.0 metre interval from 69.0 to 72.0 metres in Hole COB-17 that
assayed 15 g/t Ag, 0.35% Cu (including a 1.0 m wide zone 1.0 metre interval (70.0 to 71.0 m) that assayed 26g/t Ag and 0.65 % Cu). Another section from hole COB-17 (104.0 to 105.6 m) assayed 4.0 g/t Ag, 0.77% Pb and 0.58% Zn. The abundant calcite veining and the presence of highly elevated Ag-Pb-Pb in these holes requires additional exploration in the Oxford Shaft area.

Six of the remaining drill holes in this program are designed to test a vein system beneath an old shaft in the western part of the Cobalt Property. At least one hole will be drilled on the Silver Leaf claim immediately west of a previously mined high grade silver zone. Results from these holes will be announced when they become available.

Following completion of the current phase of Cobalt Property drilling, the drill rig will be mobilized to complete drill programs on Cabo’s Electrum Lake and Hope Lake projects in the Kenora, Ontario area. This will include drilling at the Electrum Lake Project to test a minimum of three gold-molybdenum-silver targets associated with the High Lake Porphyry complex identified by a 2004 work program and work at Hope Lake will test two areas of known goldsilver
mineralization delineated by a March/April 2005, stripping program.

Cabo Mining Enterprises Corp. is a drilling services and mineral exploration company headquartered in North Vancouver, British Columbia, Canada. The Company provides drilling services through its subsidiaries Heath & Sherwood Drilling (1986) Inc, of Kirkland Lake, Ontario; Petro Drilling Company Limited of Springdale, Newfoundland; Stratacan Inc. of St. John’s, Newfoundland; Stratacan (Quebec) Inc. of St. Julie, Quebec; and Advanced Drilling Ltd. of Surrey, British Columbia. Cabo’s mineral exploration properties are located near Cobalt,
Kenora, and Sudbury, Ontario, Canada. The Company’s common shares trade on the TSX Venture Exchange under the symbol: CBE. ON BEHALF OF THE BOARD

“John A. Versfelt”

John A. Versfelt
Chairman, President and CEO

Further information about the Company can be found on the Cabo website (http://www.cabo.ca) and SEDAR (www.sedar.com) or by contacting Investor Relations Mr. Garett Greene or Mr. John A. Versfelt, Chairman, President & CEO of the Company at 604-984-8894.

* * * *
 

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, potential mineral recovery processes and other business transactions timing. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
 

 


Last Updated: 05/26/2005