Typhoon Exploration Inc. (
TSX: V.TYP,
Stock Forum) announces targets for the new drilling campaign on the Fayolle property with a budget of approximately of $500,000.
The Fayolle property, which offers the potential to host gold resources, is located 35 kilometres north-east of the city of Rouyn-Noranda, northwestern Quebec.
According to the
Typhoon Exploration press release, on the property the intrusive rock units and related alterations follow late orogenic faults which are oriented NW-SE and filled with polygenic sedimentary breccia possibly related to the Temiskaming Group sedimentations.
Inside these structures, the superimposition of different brecciation and carbonatization events, combined with intrusions proximity generated gold anomalous zones with values varying between 0.05 and 1.0 grams per tonne gold.
A drill program of approximately 4,500 meters distributed over 13-diamond drill holes (DDH) will be completed to verify the Fayolle deposit down-dip extension, the McDonald Showing down plunge extension and the Cinco Showing quartz-albite-pyrite alteration zone developed in sediments.
Typhoon is focused on exploration and development of resources in Quebec.
On Tuesday morning, Typhoon was unchanged at $0.19 a share. The company had a market cap of $5.6 million, based on 29.7 million shares outstanding.