Cogitore Resources (WOO-V) has hit upon more copper and zinc-rich volcanogenic massive sulphides (VMS) on its Caribou project.
Five of the Company’s holes in the latest drill program intersected massive sulphides.
The new VMS intercepts were highlighted by: Drill hole CAR-06 returning 2.4% copper, 11% zinc, 0.5 grams per tonne gold and 58.2 grams silver over 1.5 metres; and drill hole CAR-07 returning 3.8% copper, 6% zinc, 1.7 grams gold and 52.2 grams silver over 2.3 metres.
The VMS intersections occur at depths of 325 to 555 metres and the company estimates true width to be between 83 and 90% of the core length.
The most recent results add to results released in early February of this year which were highlighted by an intersection of 2.52% copper, 6.99% zinc, 1.48 grams gold and 62.8 grams silver over 1.7 metres.
But despite such promising results, Cogitore says drilling will be halted until the first quarter of next year due to wet field conditions.
In that time, the company says it will re-assess its geotechnical data and do surface geophysical work.
When it does turn back to the drill the company says it will focus on drilling closely spaced holes towards a NI 43-101 compliant resource estimate as well as target weaker geophysical anomalies to the west of the area where the VMS discovery has been made because of its known volcanic host rocks.
Caribou – which is under option from Iamgold (IMG-T) — sits 95 km southwest of Matagami in Northern Quebec
Cogitore can earn a 70% interest on the 87% interest that Iamgold has in the property. To do so it must spend $2 million by 2012.
The area where Cogitore is currently drilling is also subject to a 50% participating interest by Inmet Mining (IMN-T). That interest, however, will be going down as the company decided not to participate in the 2009 drill program.
The new deposit sits 3.7 km west of Cogitore’s past producing zinc-rich Estrades VMS mine and 24-km east of the Casa Berardi Mine
In Toronto on April 27, the company’s shares finished down 3% at 14.5¢ on 5,000 shares traded.
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