The 16-sq.-km property is in the southern range of the Sudbury Igneous Complex, between the Garson and Norduna nickel/copper/platinum-group-metal mines. The property covers about 8 km of the contact and footwall rocks of the Sudbury Igneous Complex and lies immediately adjacent to, and south of, the Falconbridge and Falconbridge East mines, as well as the Cryderman properties of Inco. The contact dips to the south in this area, and each of the mines and properties have been projected downdip on to the Footwall property. Both the contact and footwall rocks host nickel-copper and platinum group metal deposits.
Aurora is required to spend $6 million exploring the property over three years in order to earn a 60% interest. Initially, it will carry out a $1.5 million program to test several targets. The company has re-surveyed a few shallow holes using ground electromagnetics, confirming an anomaly that is believed to represent this mineralization. This anomaly soon will be drill-tested.
In the northern portion of the property, contact-type mineralization offers a good target for additional mineralization at depth. Previous drilling in the vicinity of this anomaly, which is east of the Falconbridge East mine, intersected contact-type mineralization grading 1.56% nickel and 0.67% copper over 6.7 ft. No PGM values were reported.
Both the Falconbridge and Falconbridge East deposits remain open at depth. Deep drilling in the footwall of these two mineralized zones detected a moderate-to-strong ground electromagnetic anomaly. Previous drilling by Falconbridge below the East mine workings confirmed the continuation of mineralization for an additional 800 ft. Highlights of this drilling include the following (PGM values not reported):
– hole 78 — 43.3 ft averaging 2.37% nickel and 0.78% copper;
– hole 135 — 22.5 ft. of 1.94% nickel and 1.08% copper;
– hole 136 — 26 ft. of 1.45% nickel and 1.11% copper;
– hole 138 — 46.9 ft. of 1.91% nickel and 1.41% copper.
Aurora is trying to raise up to $15.3 million by selling up to 2.2 million non flow-through units and $2 million flow through units at $3.65 per unit. Each non-flow-through unit will consist of one non-flow-through common share and one non-flow-through common share purchase warrant. Each flow-through unit will consist of one flow-through common share and half of a non-flow-through common share purchase warrant. Each whole warrant will entitle the holder to buy one non flow-through common share for $4.75 within one year after closing. Gross proceeds will be used for ongoing exploration programs in Canada, as well as for working capital.
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