Canmine drilling tests deep zone

A high-power geophysical survey has enabled Canmine Resources (ASE) to discover at least five volcanic feeder vents.

These vents are believed to be responsible for forming the Island zone massive sulphide plate on the company’s FER project near Flin Flon, Man. The Island zone lies 200 to 300 metres below surface, while the feeder vents have been profiled in three dimensions to a depth of 1 km. Canmine concludes that the vents are indicative of a large hydrothermal system capable of producing what could be a large-tonnage sulphide orebody.

To date, eight drill holes have visually confirmed that the conductors are mineralized. Assay results are pending.

Canmine will test the vents with a series of vertical holes, drilled to depths of up to 1 km. Currently, three rigs in the vent area are coring at least 200 metres below surface. Once the holes are drilled, downhole geophysical surveys will be employed to identify other nearby conductors. Assay results from the three deep holes, as well as from the eight previously drilled holes, are expected in February.

Canmine directors approved a plan protecting their shareholders from unfair, abusive or coercive takeover strategies.

The so-called “poison pill” allows shareholders to acquire one right for every share held. Should a “triggering” event occur (such as a person or group acquiring more than 20% of Canmine’s outstanding voting shares), each right would enable the shareholder (other than the acquiring person or group) to acquire a share of the company for half the market price.