Drilling by Amblin Resources (AX-A) at the Lyndhurst property, 25 km north of Rouyn-Noranda, Que., has intersected massive sulphide mineralization at a vertical depth of 970 metres.
The mineralized zone is the first intersected at this depth on the past-producing property, which produced copper in 1956 and 1957.
Amblin, which is earning a 50% interest in the property from Globex Mining Enterprises (GMX-T), was testing a conductor detected by an earlier borehole electromagnetic (EM) survey. In June, Amblin’s hole 98-5, intersected 19.6 metres of massive sulphides, mainly pyrite, pyrrhotite, chalcopyrite and sphalerite. Within that intersection were four intervals: 1.2 metres grading 3.56% copper, 0.06% zinc, and 58 grams silver; 2 metres grading 0.24% copper, 3.66% zinc and 10 grams silver; 3.56 metres grading 0.26% copper, 5.65% zinc and 13 grams silver; and 1 metre grading 1.99% copper, 0.11% zinc and 62 grams silver.
Amblin and Globex estimate that the mineralized zone dips 70 to 80.
Borehole EM results on the new hole are interpreted to show more conductance downdip from the hole. There are possible extensions to the east, as well as up-dip.
Black chlorite in the wall rocks of the massive sulphide zone is strong evidence of hydrothermal alteration, as is surface rock geochemistry that suggests the host rhyolites are depleted in sodium and enriched in potassium.
Amblin is offering 1.3 million units by private placement, at 45 cents each; it plans to use the major part of the proceeds — $600,000, if fully subscribed — for exploration at Lyndhurst. The units consist of one share plus one warrant. The company, which had earlier announced that 2 million shares would be placed at 60 cents each, expects to have the smaller placement completed before the end of July.
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