Ateba sampling old Magnet mine workings

Underground mapping and sampling are currently under way on Ateba Mines’ (TSE) Magnet mine property, located 10 km west of Geraldton, Ont.

A dewatering program, completed last month, has enabled access to the lowermost level of the mine workings, where the company is currently exploring for new mineralization.

The 17th level, at a depth of 2,630 ft, was the last level to be developed before the Magnet mine closed in 1952. About 1,000 ft of lateral development was completed at that time on a “new zone” of mineralization.

The “new zone” consists of a strongly folded east-west trending package of altered sedimentary rocks. The zone has an area of about 80 ft by 600 ft, and contains at least two horizons with sulphide enrichment and silicification.

The company is currently conducting detailed sampling and mapping of the “new zone” workings on 17th level. Initial grab samples grading 0.19 oz, 0.57 oz, 0.34 oz, and 1.01 oz gold per ton have been returned from the zone’s south horizon.

To date, two diamond drill holes have confirmed the presence of the zone of mineralization above and below the 17th level. Initial assay results include 1.3 ft of 0.159 oz, 1.1 ft of 0.26 oz and 1.0 ft of 0.33 oz gold.

Stephen Wilkinson, Ateba’s vice-president, says sampling work has yet to reach the main areas of interest where sulphide bearing mineralization had shown grades of 0.10 oz to 0.55 oz gold over widths of 2 ft to 6 ft. The current sampling program is expected to reach completion by the end of November, he added.

The Magnet mine project is a joint venture with Roxmark Mines Ltd. (TSE). Ateba is the operator and holds a 60% interest in the project.