Very Signifucant News….Talc and Placer Gold at Deer CoveThe August CP is on the web site and contains yet another monetization project for the Hub and Spoke business model ......Talc production from a high grade deposit near the Deer Cove mine with gold credits...fits right in with the Deep Water Port and Panamax ore carriers..
My Research below including a signifucant resource of Placer Gold at Deer Cove as well...
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The Project hosts over 25 gold occurrences and zones, the most important being the >550 m long Main Vein near Deer Cove Pond.
Most of these zones have to date undergone only preliminary evaluations and generally had good gold results.
In 1987 Noranda drove a 500 m long adit along the Main Vein with variable results. Surface drilling into the Main Vein cut values grading up to 12.3 g Au/t over 11.5m.
Six surface drill holes (all NQ) along the first 40-50 m section of the vein near the start of the adit had an average drill hole grade of 6.24 g Au/t over 3.8 m.
Based on detailed underground sampling this section of the Main Vein actually averaged 14.25 g Au/t over the adit width of 2.9 metres; a 229% gold grade increase.
The next 100 to 175 m of the vein averaged (based on surface drilling) approximately 3 to 5 g Au/t over 2 to 3.5 m; this section requires a close reexamination.
Noranda calculated an uncut reserve of 150,000 tonnes grading ~9 g Au/t. The high- grade shoot has a possible resource of 32,000 t grading ~13 g Au/t from sea level elevation to surface.
In the west Deer Cove Valley area, a speculated ‘placer resource’ of possibly between 17,000 to 27,000 ounces of gold may exist (based on Noranda till sampling and statements made by Noranda).
The entire valley area could possibly contain upwards of 80,000 ounces of ‘placer’ gold.
The Goldenville gold zone yielded over 150 ounces of gold in 1905.
A 1987 drill hole in the area cut banded iron formation with an assay of 12.9 g Au/t over 1.8m.
Soil surveys here also show a number of untested zones coincident with a magnetic high. No detailed work has been conducted on this or other adjacent and significant anomalies.
In addition to gold on the Project a number of significant high-grade talc zones have been located in 1986-88. The most important outcrops and underlies the access road immediately west of Deer Cove Pond.
This talc-carbonate and talc-carbonate-magnesite zone is fairly extensive and covers a zone over 1.2 km long and from 200 to over 500 m wide. Preliminary bench-scale processing test work on the Deer Cove talc deposit has shown this to be a “world-class” (Noranda’s words) talc deposit
with a significant high-grade, open pitable talc reserve 3 million tonnes minimum, grading over 30% talc.
An open pit potential exists for over 17 million tonnes grading 23-25%.
This digital soils compilation report has shown several significant Au trends with coincident As anomalies.
Some of the Au anomalies are coincident with known Au showings but many of the gold anomalies are essentially untested and point to very discrete and significant gold anomalous areas requiring detailed follow up.
Overall the gold anomalies are well defined along the NE trending faults adjacent to ultramafics and along the major EW trending Deer Cove thrust fault.
The more obvious of the gold anomalies were followed up by Noranda in 1987-88 and a number of gold zones were located as a results of this.
Many other anomalous areas associated with fault structures have yet to be followed up.
FORTIS has reprocessed and plotted the Noranda aeromagnetic survey for this report. Prominent fault structures and ultramafic units are obvious and detailed analysis of the magnetics along with geology and historical soil geochem data is instrumental in pinpointing significant and obvious gold targets.
Numerous gold soil anomalous zones and structural breaks throughout the Deer Cove Project have yet to be properly explored and remain as viable gold targets.
The 2003 compilation of historical geochemical, geophysical and geological exploration work has demonstrated that the Deer Cove Gold Project has an excellent potential to host significant orogenic- mesothermal Mother Lode style gold deposits in addition to “placer type” gold in tills and “world class” talc deposits. A two-phase exploration program totaling $420,000 is recommended for the