News Releases
May 27, 2005
High Grade Molybdenum Property to be Explored
Mr. David Rankin reports
PROPERTY AGREEMENT
E-Energy Ventures Inc., on Feb. 21, 2005, entered into
an agreement with Impala Resource Services Ltd. and Elite Vantage Development
Ltd. to acquire a 100-per-cent interest in 20 mining claims located in the
Yukon, known as the Stormy Mountain molybdenum property.
The Stormy Mountain molybdenum property has high-grade
molybdenum showings, known since 1956. The property consists of 20 staked quartz
claims covering approximately 1,000 hectares, located in the Pelly Mountains of
south-central Yukon. It is accessible by a 19-kilometre-long secondary gravel
road starting at 158 kilometres of the South Canol Road, south of Ross River,
Yukon.
Past work indicates that Stormy Mountain has good potential
for the discovery of zones containing high-grade (greater than 0.5 per cent)
molybdenum and tungsten. On the property, a three-kilometre-long, partly exposed
contact zone between Cretaceous intrusives and Cambrian carbonates provides the
company with a significant exploration target. The intrusives have greisen-style
alteration near the contact. The Cambrian limestones and limy sediments at the
contact are altered to skarn rock, including garnet-diopside and
tremolite-quartz-diopside. Of particular interest are molybdenite and tungsten
minerals associated with these skarns. Very-high-grade molybdenum discovered in
1956 (up to 6 per cent Mo over 10 feet) led to underground development and
closely spaced underground drilling which identified a small zone with
high-grade molybdenum next to and partly overlapping with an equally sized zone
containing tungsten mineralization. Both zones are open in several directions.
No other part of the three-kilometre-long contact has been drilled to date and
rock sampling has been sporadic.
The Stormy Mountain property contains molybdenite and tungsten
skarn mineralization in environments which host significant mineral properties
(such as the Canada tungsten mine and Mactung tungsten deposits) in Canada's
North. The potential of the Stormy Mountain property and surrounding area is
further enhanced by the fact that it is located in one of the most prominent
clusters of anomalous tungsten and molybdenum identified in stream sediments, in
the Yukon.
Molybdenum and tungsten are both strategic metals which are
used to create specialty steel products. These metals add strength and hardness
to steel for uses such as oil/gas pipelines. Prices for both molybdenite and
tungsten are at or near record-high price levels and the metals are in short
supply.
Mike Magrum, PEng, a qualified person as defined in National
Instrument 43-101, has reviewed and approved of the content of this news
release.
The company is planning an aggressive exploration program, to
include drilling. Work on the property is expected to commence shortly.
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