Santoy Resources Ltd.

Santoy Resources Ltd.

October 05, 2005 13:03 ET

Santoy Receives Permit Approvals and Mobilizes Drill

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 5, 2005) - Santoy Resources Ltd. (TSX VENTURE:SAN) is pleased to announce that the company has received all of the permit approvals required in order to commence drilling on its projects in the Central Mineral Belt (CMB) of Labrador. In addition, a drill contract has been awarded to Cartwright Drilling, and the drill rig is expected to start mobilizing to site this week. Diamond drilling is planned for two target areas, Anomaly 7 and Mustang Lake.

The first target to be tested will be Santoy's 100% owned Anomaly 7 area where previous drilling has returned several encouraging intersections. A total of 8 holes were drilled by Canadian Nickel Company between 1978 to 1980, with the best drill hole (#51543) intersecting 0.13% U3O8 over 23.4 meters, including 0.25% U3O8 over 9.7 meters. The zone remains open along strike with the most easterly hole (#51569) assaying 0.132% U3O8 over 11.4 meters.

Fieldwork is continuing on the second target area in an effort to better define drill targets on the Mustang Lake property, where Santoy is earning an initial 50% interest from Monster Copper Corporation. The two targets at Mustang Lake are mineralized boulder trains known as the Irving zone and South Prospect zone. Work in 1979 by Brinex indicated that the boulders average 1.28% U3O8 in the Irving zone (117 boulders; range 0.09 to 6.25% U3O8) and 0.55% U3O8 in the South Prospect (40 boulders; range 0.02 to 3.5% U3O8). Detailed prospecting is ongoing in order to locate the apex of the boulder fans. Recent mapping has located an outcrop near the head of the South Prospect boulder train which contains a narrow, radioactive biotite - magnetite rich shear zone. A significant number of the uranium mineralized boulders that have been located to date are magnetic, and as a result a ground magnetic survey is underway over the up-ice projections of the boulder trains to search for potential magnetite rich source areas of the uranium mineralized boulders. Drilling is planned for the Irving and South Prospect zones immediately after the Anomaly 7 drilling.

The Qualified person, as defined by National Instrument 43-101, responsible for review of this news release is Ron Nichols, P.Geo., Vice-President of Exploration.

On Behalf of the Board of Directors


Ron Netolitzky, President

Cautionary Statement on Forward-Looking Information

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

The TSX Venture Exchange has not reviewed and does not accept responsibility fro the adequacy or accuracy of this news release.

Contact Information

  • Santoy Resources Ltd.
    Ron Netolitzky
    (604) 669-4799
    Santoy Resources Ltd.
    Tony Perri
    Investor Relations, Manager
    (604) 669-4799
    (604) 669-2543 (FAX)