Kevin Flaherty
Reports:
Labrador Nickel
Exploration Update
Calgary, Alberta
November 7,
2008
Celtic Minerals Ltd., (CME:TSX-VEN)
provides the following summary of its summer-fall 2008 nickel-PGE exploration
program in northern Labrador.
Celtics
exploration activities were divided between the Kingurutik River and Black Duck projects located 80
km and 170 km respectively north northwest of the ValeInco Voiseys Bay nickel
mine. The Kingurutik claims lie 14
km northwest of the recently announced discovery by Nortec Ventures Corp.
where
14 metres of 1.02% Ni, 0.51% Cu and 0.03 % Co was intersected in diamond
drilling during summer 2008 drilling.
At Kingurutik, Celtic completed
1733.43 m of diamond drilling in two principal areas known as the West Margin
and Toll Extension areas.
Multiple drill holes returned low nickel tenor and
remobilized sulphides from the Toll Extension drilling, where the target was
moderate to strong electromagnetic (EM) magnetic anomalies along strike north
and south of the Toll nickel-PGE showing.
During 2007, Celtics initial exploration within this area resulted in
the identification of an outcrop grading 1.09 % Ni, 0.59 % Cu, 0.17% Co and
0.433 g/t Pd.
Also at Kingurutik during 2008, a
Celtic focus was to locate the source of fairly numerous, high grade nickel,
platinum, palladium boulders in the West Margin area.
These boulders were first
discovered by Noranda in 1996 and the samples were re-analyzed by Dr.
Andy Kerr
of the Newfoundland and Labrador Department of Mines
and published in 2002.
The samples contain up to 1.4% Ni, 0.2% Cu, and 0.7 ppm
Pt and 2.1 ppm Pd (Kerr, 2002). In
the West Margin area, Celtic completed 404.63 m of diamond drilling in 5 holes
intersecting low nickel tenor sulphides in several holes.
In addition, a total
of 1065 soil samples, 300 stream sediment samples and 75 rock samples were
collected for 64 sq km surrounding the West Margin high grade boulder train.
Celtic will be compiling results to determine the next exploration steps.
Additionally, 1675 line kms of airborne VTEM was completed over the Kingurutik
Project area. Celtic has been
monitoring other exploration activity in the area and views the Nortec discovery
as a technical verification of the potential of the
area.
Further north, on the Black Duck
project, a VTEM airborne geophysical survey was completed covering 1712 line
kms over known mafic-ultramafic bodies.
As well, 33.63 line km of ground PEM
was completed over additional dunite and peridotite bodies.
All ultramafic
bodies have been sampled by a hand held plugger drill for geochemical analysis
and petrographic-microprobe analysis.
Results from this sampling will be
incorporated into the geophysical database and Mag-EM targets will be
prioritized for follow-up diamond drilling.
The Kingurutik project area totals
3598 claims or 899.5 sq km, and the Black Duck project area totals 1364 claims
or 341 sq km. Celtic is the most
active junior exploration company in the Voiseys Bay nickel district and holds
the regions largest land position.
Celtics normal corporate philosophy has
been to hold and operate projects on a 100% basis; however given the change in
the economic climate, Celtic has been entertaining expressions of interest from
senior companies within the industry on its nickel exploration projects in
Labrador.
Concurrently, Celtic is evaluating a select number of projects in
SE Asia, which have been identified through
industry contacts.
Mark Graves,
P.Geo., exploration manager for Celtic Minerals Ltd.
is the qualified person who
has reviewed the content of this news release.
Celtic encourages the public to
visit its website at www.celticminerals.com for additional information on the
various projects or to email us at to be added to the
Companys e-mail list for press releases and
updates.
The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy of this
release.
For further information, please
contact:
Paul
Lipoth
Phone: (403)
261-2890 x.233
Fax: (403)
265-2223
Kevin
Flaherty, Chairman and CEO
Celtic
Minerals Ltd.
Phone: (403)
261-2890
Fax: (403)
265-2223