CAPELLA RESOURCES LTD. (TSX-V: CPS) (“Capella”
or the “Company”)
is pleased to announce assay results from the 2008 sampling program on
its Labrador Base Metals Initiative. The company is actively exploring
for nickel, copper, cobalt and other metals in central Labrador.
Labrador is largely underexplored and hosts several new nickel and base
metal discoveries, including Voisey’s Bay
nickel-copper-cobalt deposit.
The Property was flown by a wide-ranging aerial geophysical program
during the spring and summer of 2007. Aeroquest Ltd. collected more than
4,500 line-kilometres of high resolution magnetic, electromagnetic (“EM”),
and radiometric data in Labrador. From this data, over 50
nickel/copper-type and other EM anomalies were identified. A total of 18
of the top ranked EM anomalies were targeted for ground follow-up. A
nine-person team was dispatched in August, 2008 to validate and rank
airborne anomalies at five project locations: 1) Harp Lake, 2) Snegamook
Lake C & D, 3) Pocketknife Lake, 4) Leticia Lake A & B and 5) Wilson
Lake A, B, & C.
A total of 99 grab samples were collected from the Property and analyzed
by Activation Laboratories Ltd. in Ancaster, Ontario, for a suite of 62
major and trace elements by the ICP-MS method. The study analyzed base
and precious metal, and trace element concentrations to obtain a more
complete understanding of mineralization.
Five main diamond-drilling target areas were defined based on
geophysics, geology and assay results. The target areas are as follows:
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1.
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Snegamook C: strong magnetic and EM anomaly hosted by carbonate
metasediments. Peak copper assays in excess of 1% were discovered.
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2.
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Snegamook D: 5 strong EM and magnetic anomalies. Intersection of 30
metres of massive sulphide with graphite during the 2007
diamond-drill program and grab samples up to 0.36% Cu with
associated trace elements are suggestive of a VMS-type environment.
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3.
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Wilson Lake B contains 9 distinct EM targets. When combined with
historical data, the 2008 sampling gave 17 samples with greater than
0.1% Cu with peak values of 0.47% Cu.
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4.
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Wilson Lake C contains 5 main anomalies with peak copper assays of
0.41%.
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5.
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Wilson Lake A contains 4 anomalies with peak copper assays of 0.44%.
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The portion of the Property pertaining to Wilson Lake contained a total
of 18 strong EM conductors and several weaker ones. Copper values up to
0.47% have been reported. The presence of magnetite in mineralized zones
has good correlation with magnetic anomalies. Major and trace element
associations correlate well with IOCG mineralization.
Structural, geological and geophysical analyses are under way to
establish drilling plans for 2009. Planning is complete for Snegamook C
with 8 diamond drill-hole locations proposed. Additional geological
mapping and rock sampling will be carried out in early 2009 in
preparation for drilling. The Company anticipates that fieldwork in 2009
will start in Wilson Lake with access from the Trans-Labrador Highway.
Brian Cole, B.Sc., P.Geo. is a qualified person as defined by National
Instrument 43-101 and has reviewed the technical information reported in
this news release for accuracy.
About Capella Resources Ltd.
The Company is a publicly traded, junior exploration company with a 100%
interest in the Nevada and Dorado Gold and Copper properties located in
the Maricunga Gold and Copper District approximately 700 kilometres
northwest of Santiago, Chile. The properties are comprised of ten
exploration claims and six exploitation claims totaling a cumulative
3,500 hectares in area. The Company holds a 100% interest in the Tinton
Gold Project located 15 kilometres west-northwest of the famous and
historic Homestake Mine in the Black Hills at Lead, South Dakota. The
property consists of 1,270 hectares contained in 157 unpatented mining
claims. The Company also holds over 25,000 mineral exploration claims
covering an aggregate land area of over 1.2 million acres (495,264
hectares) in Atlantic Canada (Nova Scotia, New Brunswick and
Newfoundland and Labrador).
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CAPELLA RESOURCES LTD.
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Richard Bachman, President
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Not for distribution to the United States newswire services or for
dissemination in the United States. This news release does not
constitute an offer to sell or a solicitation of an offer to buy any of
the securities in the United States. The securities have not been and
will not be registered under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act”)
or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from
such registration is available.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Capella Resources Ltd.
Diane Webber, P.Geo, 902-456-4349
Toll
Free: 1-877-342-7474
info@capellaresources.com
