Stealth Minerals Limited

Stealth Minerals Limited

May 12, 2006 09:00 ET

Stealth Minerals Limited: Permits Submitted for Four Drill Programs in the Toodoggone

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 12, 2006) - Stealth Minerals Limited ("Stealth") (TSX VENTURE:SML) has submitted permit applications to the Department of Energy, Mines and Petroleum Resources in Prince George, BC, for the Company's proposed exploration program for 2006 in the Toodoggone Region in north central British Columbia. The program consists of core drilling on the Louie, FogMess, Sickle Creek and Sofia prospects. Stealth holds a 100% interest in all prospects. The Sickle Creek and FogMess prospects are subject to a 3% NSR.

The first $1 million of exploration is being funded jointly by Stealth and Barrick Gold, which company assumed the Placer Dome-Stealth agreement signed in November 2005. The first two prospects to be worked on are the Louie and FogMess.

The Louie prospect has received significant historic exploration mainly by Cyprus Canada who conducted surface work that included geophysics. Several drill programs were completed but all were relatively shallow. The target was an epithermal system similar to the Lawyers, Baker and Shasta deposits, which occur along the same northwest trending fault system on the western part of the Toodoggone volcanic belt. Several drill holes encountered narrow intervals of gold and silver values. In 1994, an airborne geophysical survey revealed an arcuate anomaly in the area of the known gold bearing epithermal veins and silicification. This pattern fits the new model for the district that suggests the epithermal systems are telescoped on top of porphyry copper-gold deposits. Stealth will test this hypothesis with at least one deep core hole.

The FogMess prospect is about 8 kms east of the Kemess South mine and has a similar geologic and structural setting. There are two different but related targets. The prospect has been worked by various operators most notably by INCO in the late 1980s. INCO conducted surface sampling and trenching and completed 5 drill holes. The target was a silver-rich massive sulphide system that proved too narrow to be of interest. Stealth completed systematic prospecting over the entire claim area including the area worked by INCO. Mapping and sampling in the area stratigraphically above the massive sulphide veins revealed two large-scale sheeted veins systems that were ignored by previous workers. The epithermal veins only yielded low gold and silver values on surface but sampling of the veins at a lower elevation produced samples as high as 49 g/tn gold. Stealth is planning an initial 2 core holes in each sheeted vein system.

In addition, an airborne survey revealed a magnetic anomaly in the valley to the south of the sheeted vein systems. Rock samples in the area revealed elevated levels of higher temperature minerals, such as moly and tungsten along with highly anomalous copper, silver and gold. The airborne anomaly is in an area of dense bush and outcrop is rare. Stealth is planning ground geophysics including IP and magnetic surveys. The company geologists believe that the geological and geophysical evidence from this area displays the same pattern as much of the Toodoggone where epithermal systems are related to deeper porphyry systems.

The Company will report on the program for Sickle Creek and Sofia next week.

The exploration program is expected to commence in June.


Contact Information

  • Stealth Minerals Limited
    Bill McWilliam
    Chief Executive Officer
    Cell: (604) 999-0391, Office: (604) 924-5504