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March 30, 2005
Update on Arcadia Property in Nunavut
Vancouver, BC (PRWEB) March 30, 2005 -- Garnet Point Resources Corp. (TSX.V: GRC); (OTCBB: GRCDF) is pleased to announce that it has been advised by Full Metal Minerals Ltd. that a 1,500-metre diamond drilling program is scheduled to begin July 2005 at the Arcadia property, located in Nunavut on the Arctic Ocean, west of Bathurst Inlet. The objective of this program is to upgrade near-surface, high-grade portions of the North vein, which hosts a historic resource estimate of 640,650 tonnes averaging 7.2 grams per tonne (g/t) (approximately 148,000 ounces). This resource estimate was completed prior to 2001 and NI 43-101, and should therefore not be relied upon. Additionally, drilling will step out from previous intercepts at the GHX vein including -- 29 g/t Au over 5.6 metres and 12 g/t Au over 23.1 metres. At Arcadia, over 20 veins/structures with over five-gram-per-tonne-Au samples have been discovered to date.
Garnet Point Resources Corp. has an option to earn a 51% interest in the Arcadia property from Full Metal Minerals Ltd.
Full Metal currently has interests in gold and copper-gold properties in Alaska and Nunavut, including the highly prospective Ganes Creek Gold Project, and the Pebble South Copper-Gold Project.
Garnet Point is expanding its focus to include gold and base metal exploration with the addition of the Arcadia and also Mac and Cache Properties in Nunavut optioned from Full Metal Minerals Ltd.
“The TSX-Venture exchange does not accept responsibility for the adequacy or accuracy of this release”.
Posted by Industrial-Manufacturing at March 30, 2005 04:07 AM