The base metal potential of the Cape Smith project in Quebec’s Ungava region has Rupert Resources (VSE) President Donald Moore champing at the bit to begin drilling.
Rupert recently optioned a 75% interest in the property from Glencairn Explorations (ASE).
Only about one-fifth of the 100-sq.-mile project, which is situated east of Falconbridge’s Raglan nickel project, has been subjected to mapping, prospecting and geophysics.
Nevertheless, several drill targets have been outlined, including a heavily faulted, oxidized, sulphide-bearing horizon traced for about 1,000 ft. of strike, with widths ranging from 15 ft. up to 100 ft.
This zone is one of 12 priority airborne anomalies, most of which will be drill-tested in a $600,000 program.
Surface samples from one target returned up to 6.8% copper and 5.4% zinc.
Rupert can earn an initial 51% interest in Cape Smith by spending $500,000, and it can boost this to 75% by spending a further $500,000.
Notwithstanding its stake in the property, Glencairn is essentially a holding company which owns 3.1 million shares of Wheaton River Minerals and has $200,000 in working capital and 8.8 million shares outstanding.
Rupert also holds several claim blocks in Labrador’s Voisey Bay camp, and has a 100% stake in the Surf project on Princess Royal Island, 90 miles south of Prince Rupert, B.C.
NDT Ventures (VSE) holds an option on seven of Rupert’s eight Voisey Bay claim blocks and can earn a 60% interest in the Surf by spending $1.6 million in three phases of exploration.
The Surf project includes two past-producing underground gold mines: the Surf and the Pugsley. Output from both mines totaled more than 1 million tons grading 0.42 oz. gold until 1940, when the Second World War forced a shutdown.
The mines never reopened, although drilling in the early 1940s below the Surf mine returned two encouraging intersections, including 3 ft. grading 0.68 oz. gold and 10 ft. grading 0.19 oz.
An initial $250,000 program will establish a station at the 900 level of the Surf, from which the largely untested downdip projection of the deposit can be drill-tested.
The work will be jointly funded by Rupert and NDT, with Rupert’s commitment limited to $200,000 of the 3-phase, $1.6-million earn-in program.
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