Exploration on new, Lupin-type targets at the Meadowbank project, 27 miles north of Baker Lake, N.W.T., has confirmed the presence of a new gold-bearing structure stretching for at least 730 ft. along strike.
Agnico-Eagle Mines (TSE), which is earning a 55% interest in the project from Comaplex Minerals and Asamera Minerals (TSE), intersected the mineralized iron formation on Goose Island, about 3,000 ft. south of the Third Portage showing.
In the upper zone, hole 91-51 encountered a true width of 13 ft. grading 0.36 oz. per ton. Further down the hole, at the gradational contact with ultramafic schists, Agnico hit a true width of 28 ft. grading 0.38 oz. gold in highly pyritized iron formation.
About 328 ft. further south, hole 91-64 intersected a 9.5-ft. interval grading 9.29 oz. gold in the upper zone. The lower zone returned 0.34 oz. over 9.8 ft.
Agnico’s 24-hole program also tested a mylonitic shear zone on the west flank of Third Portage Lake. Within the shear, zones of massive quartz veining and breccias carried anomalous gold values.
On the Third Portage occurrence, the most extensively explored zone on the property, 20 out of 40 definition drill holes returned assays averaging greater than 0.3 oz. over 10 ft. Cross sections show that mineralization thickens toward the core of a fold structure where alteration and shearing intensify.
Agnico says a strong geophysical (UTEM) trend stretching for 3,000 ft. to the north under Second Portage Lake could represent an extension of the 2,300-ft. Third Portage mineralization.
Agnico has proposed further drilling to explore: the strike and depth extent of the Goose Island zone; the north extension of the Third Portage zone; and geophysical targets associated with the mylonitic shear zone south of Goose Island.
As of Sept. 30, the company had spent the $3.5 million
required to earn a 55% interest in the project.
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