With one season of drilling complete, Fortune Minerals (FORM-C) has calculated a preliminary resource figure for the Bowl zone at its Nico property near Mazenod Lake in the Northwest Territories.
The potential resource has 69.9 million tonnes of mineralized material grading 0.53 gram gold per tonne, with 0.07% bismuth, 0.07% cobalt, 0.06% copper and 0.03% tungsten oxide. Included in the resource is a gold zone with 9.8 million tonnes grading 3.4 grams gold.
Fortune’s consultant, Dr. A.H. Mumin, has also defined a smaller (50-million-tonne) resource with higher grades, and has also subdivided the Bowl zone into a separate copper and cobalt-bismuth subzone.
Geologically, the deposit appears to be made up of stacked, lens-like breccia bodies, 2-65 metres thick, and conformable with the volcanic host rocks. They strike slightly south of east and dip variably, but gently, northward.
Fortune is now turning its attention to Noranda’s (NOR-T) Sue-Dianne deposit, where the major company drilled off an 8.2-million-tonne resource grading 0.8% copper and 5.5 grams silver. Under its agreement with Noranda, Fortune can earn a 50% interest in the Sue-Dianne property by spending $2 million over three years. Ground magnetic, induced-polarization (IP) and gravity surveys indicate a number of anomalies beyond the areas drilled by Noranda, and Fortune plans to test these targets this summer.
Avalon Ventures (AVL-V) and Starcore Resources (SOE-V) are planning 2,000 metres of drilling at their property south and west of the Sue-Dianne deposit. The companies are concentrating on the Brooke zone, where they sampled surface showings and did reconnaissance-scale IP and gravity surveys last fall, finding geophysical anomalies that coincided with a large zone of mineralogical alteration and sample assays of 8.52% copper, 0.17% cobalt, 0.22% bismuth, 2 grams gold and 17 grams silver.
Current plans include more ground geophysics, mapping and drilling.
Xemac Resources (XEM-V) is funding a drill program to earn a 50% interest from Moss Resources (MRS-T) in a land package extending southeast from Avalon’s Dianne Lake ground to Fortune’s Nico property. Prospecting in an area where earlier airborne geophysical surveys by the Geological Survey of Canada had identified magnetic highs and anomalous potassium-40 radioactivity turned up an area of alteration and local surface copper showings, with assays up to 0.76% copper.
Gregor Goldfields (GGLD-C) has concluded an option agreement with Aquaterre Mineral Development (AQT-V) for exploration on Gregor’s Mazenod Lake property on the western boundary of the Moss-Xemac ground. Aquaterre is earning a 50% interest in the property by spending $100,000 over three years. Gregor will continue exploration of its Hislop Lake property, immediately west of Moss and Xemac.
Well to the northwest, about 45 km from the Sue-Dianne group, Levelland Energy and Resources (LVL-V) is earning a 60% interest in a land package known as the PIP group from a prospecting syndicate. Levelland’s work commitment totals $400,000 over three years.
Be the first to comment on "Fortune tallies Bowl resource"