Matamec cuts new zone at Sakami (June 05, 2002)

The last of nine shallow holes sunk by Val d’Or, Que.-based Matamec Explorations (MAT-V) on the Sakami property, 80 km southeast of Radisson, Que., has cut a new zone of gold mineralization.

Hole 43, 7.5 km northeast of Zone 25, cut a 43-metre section of iron formation and returned between 1.2 and 3.9 grams gold per tonne over widths from 1 to 6 metres. The hole was one of two to test eleven recently identified geophysical anomalies.

The remaining holes tested targets identified during the summer prospecting campaign and intersected low gold values.

Last summer, magnetic and induced polarization surveying on the JR sector identified an 800-by-2,000-metre area comprising a series of at least eight closely spaced anomalous structures ranging in length from 200 metres to 1.5 km. On the Peninsula sector, surveying turned up three anomalous zones; two characterized by high chargeability and low resistivity and another that exhibits low chargeability.

So far, just two of the geophysical anomalies have been drill tested far by drilling.

Late last year, two holes collared on the property’s zone 25 returned 9.6 metres of 1.8 grams gold in hole 17, and 8 metres of 2.06 grams in hole 18. Holes 17 and 20 also cut a new zone, returning 4.15 metres of 1.3 grams gold and 1.35 metres of 4.1 grams, respectively.

Hole 19, the first to test zone 26, which lies 40 metres west of zone 25, cut 11.8 metres grading 9.7 grams gold per tonne, including 2.5 metres of 28.7 grams gold.

Stripping and channel sampling on zones 25 and 26 returned 1.7-6.5 grams gold over widths between 2 and 21 metres.

Results from seven new holes aimed at extending resources at Zone 25 are due shortly.

Matamec says its latest discovery confirms the potential of the Sakami break, a contact corridor between the La Grande and Opinaca subprovinces of the Canadian Shield. The company’s property covers 35 km of the Sakami Break.