Bullish about the prospects for new base metal deposits in the Matagami area, Kingswood Explorations (TSE) has acquired an additional 315 claims in Aloigny, La Gauchetierre and Daniel twps., Que. The company now controls a 100% interest in 914 contiguous claims spanning five townships and surrounding the Phelps Dodge (PD) zinc-copper deposit in La Gauchetierre Twp.
The Toronto-based junior also has an option to acquire and develop the PD deposit, which contains an estimated 1.7 million tons grading 4.5% zinc and 0.84% copper, from Noranda.
Kingswood recently initiated a 10,000-ft. drilling program to the east of the deposit. The company says the first hole intersected a 82-ft. chloritic alteration zone, which hosts stringer copper mineralization at its core.
Responding to this encouragement, Kingswood staked an additional 97 claims to cover the strike extent of the alteration zone and other favorable indicators.
Drilling will be followed by downhole geophysical surveys in both the recent holes and previous holes drilled into the Phelps Dodge deposit.
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