Winter drilling produces some 'spectacular' results.A winter diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral program has offered up a treasure trove TREASURE TROVE. Found treasure. 2. This name is given to such money or coin, gold, silver, plate, or bullion, which having been hidden or concealed in the earth or other private place, so long that its owner is unknown, has been discovered by accident. of assays from the massive sulphide sulphide: see sulfide. zone discovered on MetalCORP's 100-per-cent owned Big Lake property. It has been three years since professional geologist Aubrey Eveleigh decided to follow a fault line starting from Michigan across Lake Superior waters to Marathon, Ontario The Town of Marathon is located in Thunder Bay district, Ontario, Canada, on the north shore of Lake Superior north of Pukaskwa National Park, in the heart of the Canadian Shield. , to find a base metal resource and a precious group metals reef. There was no history on the Big Lake property. No other juniors were sniffing sniff v. sniffed, sniff·ing, sniffs v.intr. 1. a. To inhale a short, audible breath through the nose, as in smelling something. b. To sniffle. 2. around, either, but Eveleigh and his team had an educated hunch hunch n. 1. An intuitive feeling or a premonition: had a hunch that he would lose. 2. A hump. 3. A lump or chunk: "She . . . that resources existed below. "This was just a concept with no occurrences around and it turned out quite well," Eveleigh, vice-president of exploration with MetalCORP says with an accomplished laugh. "From a concept to a discovery is a big step." Recent high grade assays with 7.5 per cent copper, 2.2 per cent zinc, 138.0 grams per tonne (g/t) silver and 9.2 g/t gold in hole BL06-24 have been discovered from zone BL 14. "This is a spectacular drill hole with high grade numbers," Eveleigh says. "The value per tonne is somewhere between $600 and $700 US." More drilling will determine whether this high-grade mineralization Mineralization The process by which the body uses minerals to build bone structure. Mentioned in: Rickets mineralization, n the bioprecipitation of an inorganic substance. is consistent throughout the four-metre wide true zone. Three new holes have been drilled to follow a down dip direction. More holes will be drilled horizontally. Eveleigh has tested one hole (BL06-23) along strike which was approximately 210 m away from the zone and came up with yields of 3.7 per cent copper, 2.2 per cent 81 grams per tonne silver and 1.5 grams per tonne gold over 3.1 metres. "It is not as high grade, but it is roughly still $300 US per tonne." Zone BL 14 displays the classic characteristics of a Precambrian volcanic hosted massive sulphide mineralization system. All previous drill holes have intersected varying amounts of copper, zinc and iron sulphide within a zone mostly composed of broken rock fragments that has been hydrothermally altered. Exploration is ongoing as the team works to define the depth of the resource and how far reaching it is. MetalCORP has approximately $3 million in cash set aside for this exploration. This new find is in addition to the reef-style platinum (Pt) and palladium palladium, chemical element palladium [Gr. Pallas, goddess of wisdom], metallic chemical element; symbol Pd; at. no. 46; at. wt. 106.42; m.p. 1,554°C;; b.p. 2,970°C;; sp. gr. 12.02 at 20°C;; valence +2, +3, or +4. (Pd) mineralization that was discovered in drill holes BL04-5 and BL04-6 last March. The zone assayed 0.5 grams per tonne (g/t) of Pt and 0.6 g/t Pd, 0.2 per cent of nickel nickel, metallic chemical element; symbol Ni; at. no. 28; at. wt. 58.69; m.p. about 1,453°C;; b.p. about 2,732°C;; sp. gr. 8.902 at 25°C;; valence 0, +1, +2, +3, or +4. and 0.1 per cent copper over 2.11 m from hole 5 alone. For the time being MetalCORP has decided to go this project alone. "We may or may not do a deal (with another mining company) depending on what they offer. It has to be a good offer for the shareholders." A "good offer" can be a moving target for a new resource discovery. An offer based on two drill hole results may not bring in as much clout as one based on 10 drill holes with assays yielding high-grade values. Eveleigh can access investment houses to gather more financial support, but when it comes to taking the project from a resource to the feasibility stage or reserve stage, major mining companies are the best suitors, he says. [ILLUSTRATION OMITTED] Significant copper, platinum and gold producers have approached the junior. "(But) we are going to carry on like there is nobody coming after us," Eveleigh says. "We are trying to stay focused on the geology and exploration. "We have had several significant mining companies courting us. We are talking to Noun 1. talking to - a lengthy rebuke; "a good lecture was my father's idea of discipline"; "the teacher gave him a talking to" lecture, speech rebuke, reprehension, reprimand, reproof, reproval - an act or expression of criticism and censure; "he had to them to see if there is some value there, but at the same time we do have money and can still carry on. We are not in a desperate situation but we will probably have to make a strategic decision somewhere into our programming within the two years." www.metalcorp.ca By KELLY LOUISEIZE Northern Ontario Business Northern Ontario Business is a Canadian magazine, which publishes monthly in Greater Sudbury, Ontario. The magazine covers business news and issues in Northern Ontario. |
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