Vancouver-based BHP Minerals Canada has completed a third phase of diamond drilling on Southern Africa Minerals’ (ASE) Caber base metals property near Matagami, Que.
The first phase tested the contact between the Watson Lake rhyolite and the Wabasee basalt. The contact, known locally as the Key Tuffite, hosts the base metals mineralization in the Matagami camp.
A second phase resulted in the discovery of two massive sulphide zones containing significant zinc-copper-gold-silver mineralization. The upper zone yielded values of up to 3.28% zinc and 1.79% copper, with a gold value of 0.4 grams over a true width of 12 metres. The lower zone returned values of up to 18.2% zinc and 1.85% copper over 1.9 metres.
The third phase has led to the calculation of a preliminary reserve for both the upper and lower zones. The upper contain about 315,504 tonnes grading 9.79% zinc and 0.49% copper, as well as 7.63 grams silver and 0.11 grams gold per tonne. The lower hosts 956,158 tonnes grading 4.13% zinc, 1.58% copper, plus 11.04 grams silver and 0.31 grams gold.
Drilling is expected to resume this summer.
BHP can earn a half interest by spending $1.5 million over five years, with the option to earn an additional 20% by spending an additional $1.5 million over a further two years. So far this year, BHP has spent about $800,000 on exploration.
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