Following a summer drill program, Canmine Resources (ASE) has calculated a reserve figure for the Island zone on its Fer polymetallic property near Flin Flon, Man.
Based on an area of influence of 50 metres and a specific gravity of 3.4, initial geological reserves are estimated at 300,000 tonnes grading 1% copper and 5.02% zinc, plus 0.2 grams gold and 17.8 grams silver per tonne. Mineralization occurs at vertical depths of 200-230 metres, and the zone has an average thickness of 2.4 metres.
Geophysical surveys suggest that the zone is at least 700 by 500 metres in size and occurs on the west limb of a major syncline. Three additional areas of base metal mineralization — known as the Prism, Fer and Ruby zones — have been located on the structure. Geological reserves in the Fer zone are estimated at 1.7 million tonnes grading 0.61% copper, 3.21% zinc and 0.34% lead, plus 1 gram gold and 15.4 grams silver.
Drilling has tested only a minimal portion of the Island zone, and Canmine plans to carry out a 13,700-metre program beginning in November. The program will probe the fold nose of the synclinal structure at depth. Additional geophysical surveys will also be carried out, to aid in the drilling. The winter program will be financed by a $1.9-million private placement through the Manitoba Mineral Exploration Incentive Program. Canmine’s flow-through investors will each receive a 25% cash grant from the Manitoba government upon completion of the work program.
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