Formation tests anomalies at Pine Bay copper-zinc project

Formation Capital (FCO-T) has begun drill testing geophysical anomalies at its Pine Bay copper-zinc property near Flin Flon, Man.

The program, which follows geophysical work, is designed to test an anomaly believed to be

the fault offset of the company’s 800-ha Pine Bay property; the anomaly is also believed to host the zinc-rich portion of a larger volcanogenic massive sulphide (VMS) deposit.

Reserves at Pine Bay are estimated at 1.1 million tonnes grading 2.8% copper.

The program will also focus on another anomaly, where earlier, widely spaced drilling intersected the type of alteration and stringer mineralization usually found close to VMS deposits.

To date, 24 deposits totalling 160 million tonnes of copper-zinc VMS mineralization have been identified throughout the Flin Flon-Snow Lake greenstone belt. Through option agreements and staking, Formation Capital now controls more than 4,900 ha underlain by favorable stratigraphy in the region.

In addition to its wholly owned Pine Bay property, Formation has an option to acquire a 75% interest in the nearby 3,000-ha Sourdough Bay copper-zinc project.

More recently, the company entered into an option to acquire a 567-ha land package contiguous with Sourdough Bay; limited underground work there has located banded VMS mineralization that reportedly assayed as high as 3% copper and 10 grams gold per tonne, with anomalous zinc and silver values.