The Toronto-based company is optioning the 11,680-acre property from
Gold mineralization in the northwesterly striking, westerly dipping zone is hosted by quartz-feldspar porphyry sills. Two of these sills have been identified, and range in width from 5 to 15 metres over a strike length of 500 metres. They are intensely silicified and contain quartz veining with a characteristically “sugary” texture; hence the zone’s name. Sulphide mineralization consists of 5-10% pyrite, with lesser amounts of pyrrhotite, galena and chalcopyrite. Visible gold is common and occasionally spectacular, Corona says. The portion that hosts the gold mineralization extends over a strike length of 3 km and is open in both directions.
The Sugar zone has so far been stripped, washed clean, mapped and channel-sampled at three locations. While the assays of the channel samples are still awaited, the results of initial chip- and grab-sampling confirm the presence of gold, Corona reports.
Three diamond drill rigs are at work on the property, with the initial phase to consist of 5,000 metres.
Corona is also active in Ontario’s English Bay area, on Lake Nipigon, where it believes potential exists for the discovery of Olympic Dam-type mineral deposits.
The recently acquired, 80-claim English Bay property protects a mid-Proterozoic fluorite-bearing and hematitic quartz-feldspar porphyry-to-equigranular granite intrusion. The intrusion is said to have a pronounced uranium radiometric signature and to be similar to the Olympic Dam model, which includes a range of giant copper-gold deposits occurring in iron oxide-rich systems.
Petrographic studies of samples of the English Bay porphyry taken on a field visit by Corona indicate the presence of alteration and accessory minerals consistent with those found in Olympic Dam granites. Samples of dark, coarse-grained gabbroic boulders on the English Bay property contain appreciable amounts of chalcopyrite and lesser amounts of magnetite, sphalerite, galena and uranite.
A high-resolution, helicopter-borne survey over the entire property included magnetic, electromagnetic and radiometric components. Preliminary color field plots of the magnetics provide a good definition of the contacts of the intrusion and indicate several magnetic anomalies within it. The final survey report and maps, including interpretation of the airborne data, are being prepared.
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