Now we are on the way!
2012-11-26 11:53 ET - News Release
Mr. Patrick O'Brien reports
LAC DORE PROJECT UPDATE MAG SURVEY COMPLETE
PacificOre Mining Corp. has completed a new magnetic geophysical survey over 40 line kilometres on its Lac Dore vanadium-iron-titanium project. The survey was carried out in preparation for diamond drilling. The survey tested the historic McKenzie Bay lines, as well as numerous new lines and line extensions. The geophysical team has now left the field and will process and interpret the data.
PacificOre's Lac Dore vanadium-iron-titanium project received a significant amount of attention in the period between 1997 and 2003. At that time, the company's Lac Dore deposits underwent considerable exploration and studies, which culminated in PacificOre's eastern and western Lac Dore deposits being the focal point of McKenzie Bay International's 2002-to-2003 non-National Instrument 43-101 prefeasibility undertaken and completed. PacificOre's main Lac Dore assets, hosted within a strategic 42-claim (672-hecatre) assemblage, include the 18 key claims awarded to PacificOre in 2011 by the Quebec courts, which alone host the important eastern deposit and western deposit, which were the two high-grade deposits that McKenzie Bay International planned to extract its ore from. These deposits, simply known as Lac Dore in Lemoine township, had been developed historically over more than 40 years, primarily as a Crown asset of the Province of Quebec, and then by McKenzie Bay International in conjunction with the Province of Quebec entity Soquem. The more southeasterly distant southwestern deposit and remote Armitage deposit do not seem to have been given as much consideration for development at that time. It appears the mineralization located at those locales was considered narrower and buried under more overburden than the more favourable, well-outcropped eastern and western deposits now controlled by PacificOre.
It has been reported that the eastern and western orebodies located on PacificOre's Lac Dore are separated by a topographic gully, but the ore-bearing horizons seem uninterrupted. Further, that PacificOre's western orebody and the nearby southwestern orebody are offset by a cross fault corresponding to a second gully, and that these two neighbouring orebodies are supposedly separated by a narrow section of low-grade ore. It has been thought that the eastern and western orebodies would reveal thicknesses of 100 metres to 150 metres, perhaps reaching locally up to 200 metres of minable ore. The neighbouring southwestern body is thought to be perhaps in the range of 50 metres to 100 metres of thickness in comparison, and locally injected of abundant dikes devoid of magnetic ore.
The magnetite deposit was discovered in 1954, with the vanadium content being identified about 12 years later in 1966 by a team working for the Quebec Department of Natural Resources, at which time staking over the deposit was carried out on behalf of the Crown. From 1966 through 1975, the deposit was evaluated by the DNR, which carried out geological mapping, line cutting and surveying, magnetic surveys, bulk sampling, numerous exploratory diamond drill holes, various metallurgical tests, and preliminary tonnage estimates. In 1977, the mining rights for the Lac Dore deposit were transferred to Soquem, a Crown-owned exploration company. In 1979 and 1980, Soquem carried out geological mapping, line cutting, gravity and magnetometry surveying, extensive diamond drilling, and its own tonnage calculations. Soquem carried out its historic bulk-sample blasting on PacificOre's eastern deposit in the area of McKenzie Bay International's 20+50E line. This early work was followed up by additional stripping, channel sampling, surveying, diamond drilling and a prefeasibility study by McKenzie Bay International in 2002 to 2003. PacificOre estimates, from various sources, that to date, in excess of $10-million has been expended by previous owners on the discovery and development of PacificOre's Lac Dore deposit, and Pacificore has assembled a comprehensive database of geologic data of the deposit on which it can move the project forward.
PacificOre has now completed its predrill programs with a combination of tasks involving historic drill-hole spotting and location surveying, channel sampling, magnetic surveying, and line cutting. The next phase at Lac Dore for PacificOre's crews will be focused on diamond drilling, assaying, reporting, and resource calculations and confirmations. The planned drilling calls for 16 diamond drill holes for a total of 3,200 metres. Of these, six holes are strategically planned to twin certain historic holes in order to cover the whole of the PacificOre's Lac Dore deposits contained within the claims. The other 10 holes will be located on sections that have not been previously drilled, or alternatively will test the extension at depth of the mineralized layers. All casings will be left in place for possible future extension of the holes or deviation testing.
If the budget permits, six additional holes, bringing the total to 22 holes, have been planned, with the aim of verifying the northeast extension of the vanadium deposit, between the main area and the eastern boundary of the property. Those holes may add substantial resources to the project.
This first PacificOre drill program will permit the company to prepare the project for a prefeasibility study to be commissioned. Additional drilling will be necessary to bring the property to the feasibility study level, calculate the probable and proven mineral reserves, and to start the mine planning.
This press release has been reviewed by Dr. Christian Derosier, PGeo, consulting geologist and qualified person for the Lac Dore and Lac Dore North vanadium-iron-titanium projects under NI 43-101.