The Buchans North 2010 diamond five hole drilling program successfully intersected high grade massive sulphide mineralization in one of the holes and favourably altered stockwork mineralization in the remaining four holes. Since drilling a 3.1 metre intersection of semi-massive to massive sulphides in the first hole averaging 7.32% zinc, 3.93% lead, 0.40% copper, 75.0 g/t silver & 1.75 g/t gold in hole H-3421 results released November 17, 2010, the Company completed four additional holes including three located less than 100 metres from previous high-grade intersections (H-3422, -3424 & -3425) and one located 300 metres to the southwest (H-3423).
Each of the additional holes intersected favorably altered and variably mineralized felsic volcanic rocks at the target horizon, including disseminated and stockwork mineralization similar to that typically seen immediately beneath or immediately adjacent to massive sulphide deposits in the Buchans Camp. Based on these results, the Company now believes the Buchans North prospect represents a structurally disrupted, in situ massive sulphide prospect underlain by base metal, stockwork mineralization and anticipates undertaking additional drilling in this area in 2011 to explore for additional high-grade massive sulphide deposits. Among the areas anticipated to be targeted by future drilling are areas where the Buchans North horizon extends to the north and east, as the northern area remains essentially untested by previous drilling, while previous drilling to the east was primarily focused on testing shallower targets and failed to test the deeper extensions of the favourable horizon in this area. The Company also believes the Buchans North high-grade sulphide mineralization has potential to extend in several directions, particularly northeast and southeast of previous high-grade intercepts and may conduct further drilling in these areas to test for extensions to the zone.
The Buchans North prospect was discovered by previous mine operators, Asarco, in the early 1950s. The prospect is located approximately 500 metres northwest of the former Oriental Mine, where Asarco, mined 3.3 million tonnes averaging 14.18% Zn, 7.90% lead, 1.47% copper, 154.0 g/t silver and 1.96 g/t gold between 1935 and 1983. The prospect was last explored by Asarco in 1967 and occurs approximately 290 metres below surface within what is believed to be a less explored, faulted repeat of the same horizon that hosts the Oriental mine. The table below highlights some of the massive sulphide intersections identified by the company in the Buchans North prospect:
|
Hole
|
From (m)
|
True Width (m)
|
Zinc (%)
|
Lead (%)
|
Copper (%)
|
Silver (g/t)
|
Gold (g/t)
|
|
H-3421
|
376.50
|
3.1
|
7.32
|
3.93
|
0.40
|
75.0
|
1.75
|
|
including
|
376.50
|
0.30
|
7.60
|
1.72
|
0.22
|
61.0
|
0.19
|
|
including
|
376.80
|
0.70
|
0.85
|
0.46
|
0.08
|
37.6
|
1.28
|
|
including
|
377.50
|
0.60
|
14.50
|
9.60
|
0.70
|
130.4
|
3.71
|
|
including
|
378.10
|
0.50
|
0.90
|
0.54
|
0.02
|
12.3
|
0.25
|
|
including
|
378.60
|
0.70
|
13.90
|
6.80
|
0.79
|
134.2
|
2.66
|
|
H-3415
|
306.30
|
0.26
|
4.70
|
2.06
|
0.20
|
10.7
|
0.34
|
|
|
311.30
|
0.26
|
5.80
|
1.85
|
15.50
|
214.8
|
2.92
|
|
H-3416
|
342.70
|
0.43
|
3.80
|
1.34
|
0.28
|
18.4
|
0.19
|
|
|
352.10
|
1.79
|
15.52
|
7.61
|
0.92
|
148.9
|
1.15
|
|
including
|
352.10
|
0.85
|
20.20
|
9.20
|
1.26
|
180.2
|
0.96
|
|
including
|
353.10
|
0.43
|
6.80
|
3.50
|
0.34
|
57.9
|
0.63
|
|
including
|
353.60
|
0.51
|
15.00
|
8.40
|
0.84
|
172.6
|
1.90
|
|
H-1030
|
296.11
|
2.02
|
24.85
|
10.75
|
2.65
|
212.9
|
1.48
|
|
including
|
296.11
|
1.01
|
32.40
|
14.50
|
2.70
|
218.6
|
1.64
|
|
|
297.30
|
1.01
|
17.30
|
7.00
|
2.60
|
207.1
|
1.32
|
Assay highlights table. Estimated true widths are estimated to be 85% of core length intercept based upon the inferred dip of the mineralized zone. Assays presented are from samples collected and assayed by Buchans Minerals in 2009 and 2010.