NEWS ROUNDUP — Orvana explores Madhat project

The Madhat property on Vancouver Island will be further explored this year by Orvana Minerals (VSE).

Exploration is being funded by partner Reynolds Metals, which can earn a 50% interest by spending $500,000 (about $300,000 has already been spent). Previous work was focused on a 2,000×800-metre altered area with copper and gold values (up to 0.17% and 1.1 grams respectively).

The near-surface mineralization is believed to represent structurally controlled, hydrothermal zones related to a major, mineralizing, hydrothermal event “potentially emanating from a deeper porphyry copper-gold target.” Orvana plans to carry out 12 line-km of induced polarization surveys to test for mineralization which could be mined by open pit. The work would focus on the alteration zone, which is covered with transported overburden.