LA PRAIRIE, Quebec, March 23, 2020 (GLOBE NEWSWIRE) — The management of the company announces that it has acquired 98 additional cells (5,188 hectares) by map designation to be added to Amanda project for a total of 138 cells with a total area of 7,306 hectares.
The Amanda property is located 275 km northwest of Chibougamau within the regional county municipality of Jamésie in the southern part of the Nord-du-Québec administrative region, Quebec, Canada.
The Amanda project is located in the southeastern part of the Auclair Formation in the La Grande Subprovince. The Auclair Formation consists of a sedimentary pile essentially made up of paragneiss alternating with iron formations varying from a few meters to forty meters thick. South of Lac Béryl, there is an intrusion corresponding to a foliated and homogeneous tonalite as well as a band of volcanic rocks belonging to the Natel Formation. The Natel Formation represents the basis of the Eastmain Group. South of the Natel Formation, metasedimentary rocks are described as belonging to the Laguiche Complex. The region has structural complexity linked to the presence of folds, shear zones and faults.
Two major deformation phases (D1 and D2) are highlighted on the property.
Orogenic-type gold mineralization is associated with these two deformation episodes. However, the most important, such as the Eau Claire deposit located 40 km to the west and the mineralization of the Amanda property, are linked to event D2.
Several gold showings are listed on the Amanda property. Other evidence with a similar geological background is also highlighted within a 15 km radius to the west and southwest of the property. Mineralization consists of pyrite, pyrrhotite, disseminated arsenopyrite, and gold in veined quartz veins intersecting iron formations or in paragneiss. The type of mineralization is similar to the Homestake, Lupine and Musselwhite deposits.
The following data presents some historical results from boreholes and trenches:
|Hole||Grade g/t Au||Thickness (m)||Showing|
|AC-97-31||2,42 g/t Au||4 m||Arianne|
|and||5,4 g/t Au||7 m|
|including||12,1 g/t Au||3 m|
|AC-02-01||1,15 g/t Au||18 m||Arianne|
|AC-02-05||0,52 g/t Au||11,37 m||Rock’n Hammer|
|Including||1,36 g/t Au||2 m|
|Trench||Grade g/t Au||Thickness (m)||Showing|
|TR-97-01||0,6 g/t Au over||8,3 m||Arianne|
|and||1,07 g/t Au over||7 m||Arianne|
|TR-97-03||1,35g/t Au over||11 m||Ti Beu|
|including||5,2 g/t Au over||2 m||Ti Beu|
|TR-97-04b||1,69 g/t Au over||13,8 m||Kog|
|and||5,17 g/t Au over||2,9 m||Kog|
|and||8,34 g/t Au over||1,6 m||Kog|
“The geological and geophysical data as well as the presence of many gold showings located in several locations on the Amanda property and in its environment confirm the gold potential of this project. Following the recommendations of our consulting firm, we plan to start various exploration work there (geophysics, geology and prospecting) as soon as the land is accessible in order to prepare a first drilling campaign, “underlined the CEO, Mr. Guy Morissette.
The company is currently in discussions with a few specialized firms in order to carry out this first step.
The management of the company intends to undertake as soon as possible a first drilling program on this project. Located in the Chicobi sedimentary formation, this project proposes some interesting targets in areas of low magnetic intensities.
With regard to the Nelligan project, the drilling program currently underway continues without stopping. The company is still awaiting the first results. More than 2,500 meters have been completed to date on a program of a minimum of 8,000 meters. The objectives of this program are to verify the lateral and in-depth extensions of the Nelligan deposit as well as to categorize the inferred resources into the indicated resources.
The Nelligan deposit contains nearly 100 million tonnes grading 1.02 g/t Au for a current total of nearly 3.2 million ounces of inferred gold (NI43-101 Report Oct 2019).
This press release was read and approved by Gilles Laverdière, consulting geologist and qualified person according to Canadian standard 43-101.
The TSX Venture Exchange and its regulator (as defined in the TSX Venture Exchange policies) accept no responsibility for the adequacy or accuracy of its content.
Sources: Sébastien Plouffe, VP – Investor Relations
Gary Claytens, VP – Western Corporate Development 604-761-3233