BASE METALS — Noveder intersects base metals at Cabot property

Preliminary drilling by Noveder (NED-M) has intersected two parallel zones of copper-cobalt mineralization at the Cabot property on Newfoundland’s Baie Verte Peninsula.

Visual inspections of four drill holes show the first zone, varying in drill-width from 5.2 to 18.6 metres, to be a magnetite formation with minor chalcopyrite, pyrite and pyrrhotite. The second zone, ranging from 8.5 to 29.1 metres in drill-width, contains disseminated and semi-massive to massive lenses of chalcopyrite and pyrrhotite in a highly chloritized schist.

Noveder collared the holes to test an electromagnetic anomaly outlined over a linear distance of 600 metres, to either side of a copper-cobalt showing discovered by PNL Ventures. Surface samples taken along 400 metres of that showing returned values varying from 1.13% to 6.8% copper and up to 0.04% cobalt.

Hole 98-3 intersected 5.2 metres (from 23.8 metres) of magnetite-rich rock averaging 0.16% copper and 0.01% cobalt. Further downhole, 7.9 metres (from 83.1 metres) averaged 0.67% copper and 0.02% cobalt, while 4.4 metres (from 96.8 metres) averaged 0.68% copper and 0.02% cobalt. The latter two zones are within 24.1 metres of chlorite schist having a weighted average of 0.45% copper and 0.02% cobalt.

Hole 98-4 yielded 0.22% copper and 0.01% cobalt over 8.3 metres of magnetite-rich rock. Farther downhole, in 29.1 metres of chlorite schist, a 12.7-metre interval (from 136.2 metres) averaged 0.31% copper and 0.02% cobalt and a 9.7-metre interval (from 155.6 metres) averaged 0.64% copper and 0.02% cobalt.

Results from holes 5 and 6 are pending. Mineralization has been traced over a strike length of 450 metres and down to a vertical depth of 133 metres.

The zones remain open along their northeasterly strike and their northwesterly dip.

Noveder says recently completed holes 7 and 8 intersected mineralization in the chlorite schist. Farther downhole, hole 7 also intersected a third, 8-metre-wide zone containing chalcopyrite, pyrite and pyrrhotite. The company plans to test the extent of this new zone by deepening hole 7 and drilling hole 9 to a vertical depth of 200 metres.

As well, Noveder resampled two short holes drilled by PNL on a pyrrhotite-bearing zone 300 metres along strike of, and thus, possibly continuous with, the newly outlined zone.

The first hole, 97-1, averaged 0.38% copper over 22.6 metres (from 62.2 metres); PNL’s results included a separate 5.5-metre interval closer to the surface that averaged 0.55% copper and included 0.5 metre grading 0.04% cobalt. The second hole, 97-2, averaged 0.35% copper over 22 metres (from 13 metres); the intersection includes the 6.5 metres of 0.51% copper (including 0.5 metre of 0.03% cobalt) pulled earlier by PNL.

Both zones are associated with a wide, highly chloritized and sheared alteration zone in a metasedimentary horizon. Mineralization is in the form of disseminated and massive pyrite and pyrrhotite with bands and blebs of chalcopyrite.

Meanwhile, geophysical surveys are continuing on the Fleur de Lys property, situated immediately north of Cabot. Showings of up to 19% copper with minor silver, up to 22.7% lead with minor silver, and up to 10.32% molybdenum were outlined in previous work.

Both the Cabot and Fleur de Lys properties are within 20 km of three known deposits: Terra Nova (233,524 tonnes at 2.41% copper and 1.68 grams gold per tonne); Ming (1.81 million tonnes at 3.7% copper and 2.4 grams gold); and East Rambler (1.74 million tonnes at 1.04% copper).