WEEKLY ONLINE NEWS STORY
You are receiving this weekly newsletter at no additional cost as part of your subscription to Petroleum News. If you do not want to receive this newsletter, email Shane Lasley at [email protected] to be removed from the list.
| June 12, 2014 --- Vol. 08, No. 24 | June 2014
|
British Columbia
COPPER/GOLD – Seabridge Gold Inc. June 10 reported that a drill program primarily focused on expanding and increasing the grade of Deep Kerr, which hosts a 515 million metric ton inferred resource averaging 0.53 percent copper and 0.36 grams per metric ton gold. The second objective is to test several more identified and highly prospective core zone targets which have the potential for deposits similar to Deep Kerr. Seabridge Chairman and CEO Rudi Fronk said, “Our understanding of the KSM system has increased immensely since the discovery of Deep Kerr, and the more we learn, the more upside we see. We now know a great deal more about the geophysical and geochemical signatures of the higher grade core zones we are looking for and we have also unraveled the major displacements that have occurred along the district’s faults. With these powerful tools at our disposal, we are confident that we will find more core zones this summer. Both copper-rich and gold-rich targets are included in the program. We also expect to make substantial additions to the Deep Kerr resource.” Additional magnetotelluric geophysical surveys have recently been completed by Quantec Geoscience Ltd of Toronto and are now being interpreted. Seabridge said magnetotelluric, which measures fluctuations in naturally-occurring electrical and magnetic fields over a broad range of frequencies, has proven to be an effective tool for conceptual modelling of deep targets at KSM. MT resistivity profiles along the plunge projection of the original Kerr deposit helped to guide the discovery of Deep Kerr. The same method is being used to identify other potential core zones. Seabridge said the opportunity at Deep Kerr is enhanced by its accessibility from the Sulphurets valley floor by way of an inclined tunnel, raising the potential for a lower cost block caving option which would also have significant environmental benefits. The company notes that the last drill holes completed in 2013 at Deep Kerr, located on the north end of the deposit, were some of the widest and richest to date. One of the priority targets for 2014 is to determine the northern extension of the deposit with step-outs that could extend the strike of Deep Kerr by several hundred meters. Seabridge said the standard model for very large porphyry mineral systems such as Bingham Canyon in Utah is a symmetrical distribution of metal around a source intrusion. In this model, the core of the source intrusion has typically pushed its metal load out to the margins. On the margins, a systematic zonation of metals is observed consistent with changing fluid conditions related to changing pressures and temperatures as the fluids move away from the source stock. If this model applies to Deep Kerr, Seabridge believes it would mean that the Deep Kerr resource drilled to date may only be the western limb of the mineral deposition surrounding the host intrusion and that an eastern counterpart has yet to be found. Such a discovery would be significant, potentially repeating the known Deep Kerr deposit in addition to the expected expansion of the west limb to the north. Ongoing analysis of the data from the original Kerr deposit suggests to Seabridge that the potential for an eastern limb to Deep Kerr. Geophysical surveys from 2011 indicated that the eastern part of the Kerr system contained rocks with physical properties similar to the Deep Kerr zone. This interpretation also appears to be supported by the new MT surveys. An eastern extension of Deep Kerr is therefore a second target for 2014 drilling. A third target at Deep Kerr is derived from mineralogical data which points to the potential for greater concentrations of bornite, a mineral with higher copper content, below the limits of last year's drilling. This target remains a priority for testing. Drilling below the Iron Cap deposit in 2012 and 2013 attempted to test the downward plunge of the deposit for higher grade gold-copper core zone mineralization. One such hole, IC-13-49, returned 261.4 meters of 0.40 percent copper and 1.09 g/t gold. Targeting this zone by drilling down plunge is not optimum; consequently, holes in the 2014 program have been designed to cut across the projected core zone at Iron Cap to determine the width and strike of the zone. Iron Cap is currently designed as an underground block cave mine, sitting about 1,000 to 1,200 meters laterally from the access tunnels designed for the KSM project. Extending this deposit down plunge into higher grade gold and copper zones would significantly improve the Iron Cap deposit with little change to the KSM project design. “The Seabridge exploration team believes the 2014 program will be our best yet. The excitement level is really palpable as the drilling begins,” Fronk said.
CLARIFICATION – As a result of a review by the British Columbia Securities Commission, Decade Resources Ltd. June 4 issued a clarification of technical disclosure for the Red Cliff property in northwestern British Columbia. On Decade’s website under the “Investor Presentation” tab under the heading “Media Coverage,” there was a link to an article titled, “Stewart Rising; Mountain Boy Minerals’ and Decade Resources Improving Port Town’s Gold Prospects.” This article referred to potential ounces of gold and a sizeable resource estimate for the Red Cliff property. The article was written by Vantage Wire and was presented from April 2013 to early May 2014. The company reports that there are no current mineral resources on the Red Cliff property. Disclosure of mineral resources and the potential quantity and grade of a target for further exploration are restricted by NI 43-101 Section 2.3 (1) (a) and 2.3 (2) (a and b). Decade retracted the use of terms that disclosed or implied mineral resource estimates and potential quantity of gold. Decade said the aforementioned article was not produced by the company; it may potentially still be available online or in printed form; and investors should not rely upon it.
Did you find this article interesting?
Email it to an associate.
Print this story
Mining News North - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
[email protected] --- http://www.MiningNewsNorth.com
S U B S C R I B E
|
|
|
