DD for new investors - Part 2Here is the other property they just picked up, awaiting TSX approval too!
Parres Property, Snow Lake Mining Camp, Manitoba
Summary:
The Parres Property covers about 4 kilometres of favorable copper-zinc-gold-silver massive sulphide and gold mine rock stratigraphy located between the past-producing Stall and Rod Mines to the west and the Osborne Mine to the east. The newly discovered Lalor Lake copper-zinc-gold-silver volcanic massive sulphide deposit is located about 20 kilometres to the southwest hosted in rocks similar to those occurring on the Parres Property. The past-producing Britannia Gold Mine (formerly the Nor-Acme Gold Mine) is located about 15 km southwest in a similar geological environment to that occurring on the Parres Property.
In early October 2009 HudBay reported indicated and inferred resources for the Lalor deposit which have a combined total of approximately 17.3 million tonnes grading roughly 9% zinc and 0.6% copper. HudBay have also reported associated gold zones and a higher grade copper-gold zone (13.35 g/t gold, 5.33% copper and 0.35% zinc over 34.5 metres at a depth of about 1275 metres) making Lalor Lake possibly also a gold discovery as well. Additionally, HudBay plans to immediately begin a $85 million production ramp from their Chisel Lake North mine to the Lalor deposit. Nine past-producing HudBay mines in the immediate Snow Lake region have had past production and resources totalling roughly 25 million tonnes with grades ranging from 0.1 to 10.9% zinc and 0.2 to 6.4% copper. HudBay reports five diamond drills working on Lalor suggesting that this deposit may eventually exceed the production and reserve tonnage total of all the local base metal mines discovered and operated since the early 1950’s.
The Lalor Lake deposit is a significant deep discovery with the mineralization being located deeper than 800 metres below the surface. The Parres Property was extensively explored from 1960’s to 1980’s by ground geophysical surveys, geological mapping and by diamond drilling. Most of this geophysical surveying didn’t test below about 200 metres of depth and all of the historical drilling didn’t test below 200 metres of depth from the surface. Therefore, the Parres Property is essentially untested below 200 metres of depth, and is highly prospective below this depth, for Lalor and other similar massive sulfide copper-zinc deposits (Chisel, Anderson, Stall-Rod, Osborne Mines etc.) and for Lalor Lake deposit and Britannia Mine-types of gold mineralization.