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Long Lake Project PROSPECTIVE FOR:Volcanogenic zinc-lead-copper-silver-gold massive sulphide deposits. PROPERTY SIZE:
PROPERTY LOCATION:Central Newfoundland. Messina's Long Lake Main Zone historical mineral resource lies within the project. 20 km northeast by road from Boomerang. 50 km southwest by road from the Duck Pond Mine. OWNERSHIP INTEREST:Messina has earned a 100% interest from Xstrata Zinc Canada (formerly Falconbridge Limited, successor to Noranda Inc.). Xstrata retains: the right of first refusal to purchase mineral concentrates at commercial rates; and the right to be paid a 2% NSR or to back-in for a 50% interest *ONLY* if a >10 million tonne ore deposit with a positive feasibility is delineated. SUMMARY HISTORICAL RESOURCES: "Main Zone"970,000 tonnes @ 10.9% zinc, 1.3% lead, 1.7% copper, 33 g/t silver, 0.8 g/t gold based on 15 drill holes (Noranda, 1999). See discussion under "Projects - Mineral Resources". Highlights:Zinc-lead-copper enriched massive sulphides have been discovered on the property at the Main Zone (with an historical resource estimate) and at the East Zone, South Limb, and Lucky Gnome prospects which occur over 5 kilometers of strike length. The massive sulphides are associated with abundant barite and are underlain by a regionally extensive unit of intensely altered felsic volcanic rocks containing stringer and disseminated base metal-bearing sulphides.Main ZoneThe Main Zone zinc-lead-copper-silver-gold massive sulphide was discovered by Noranda in 1994. Noranda (1999) completed an estimate of inferred mineral resources at the Main Zone. Based on 15 drill holes completed between 1994 and 1997, Noranda estimated a straight volume of 970,000 tonnes grading 10.5% zinc, 1.2% lead, 1.6% copper, 32 g/t silver, and 0.8 g/t gold, without applying minimum width, dilution, or cut-off grade factors. Messina treats this calculation as an historical estimate characterizing in-ground mineralization only which does not meet the standards of 'inferred mineral resource' under CIM definitions. A total of 42 drill holes have now been completed testing the Main Zone. 31 holes have intersected massive sulphide mineralization over a 200 meter strike length (8900E to 9100E) and to a vertical depth of 240 meters; and 8 of an additional 11 holes drilled have extended the massive sulphides 100 meters to the west and east respectively (to 8800E and 9200E) and to a vertical depth of 600 meters. The Main Zone remains open.East ZoneEast Zone zinc-lead-copper-silver-gold massive sulphide ("MS") mineralization has been intersected over 300 meters strike length and to a vertical depth of 200 meters in 8 drill holes. The East Zone remains open. Significant results from the East Zone prospect are listed in the following table.
South LimbSouth Limb zinc-lead-copper-silver-gold massive sulphide ("MS") mineralization has been intersected over 200 meters strike length in two widely spaced holes. The South Limb remains open. Significant results from the South Limb prospect are listed in the following table.
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