With three projects slated for drilling this coming fall and winter, Pine Channel Gold (VSE) expects to rank among the more active junior companies in northeastern Saskatchewan.
The company recently announced that a 3,280-ft. drill program will begin shortly on the 15,000-acre Reindeer River property, a polymetallic prospect about 90 miles northeast of La Ronge. The program will be carried out by a unit of Noranda (TSE) which can earn a 50% interest by spending $2 million over three years.
Drill targets were identified by Noranda Exploration in the recently completed geophysics and geological mapping program. Six geophysical anomalies with coincident alteration zones and four showings have been identified to date.
The most developed is the Rebecca Noel, where recent grab samples returned up to 3.9% zinc, 8.9% copper, 0.12 oz. gold per ton and 3.0 oz. silver. Old drilling from this showing is reported to have returned 22 ft. of 2% zinc. Noranda Exploration will also be drilling Pine Channel’s Stackhouse Bay property where it can earn a 51% interest. Four sulphide-rich zones have been identified on this property, as well as a number of other exploration targets. By staking and agreement, Pine Channel acquired ground surrounding and on trend with the Peg deposit and then entered into a joint venture with a major international mining company based in Spain.
The Brabant Lake property is reported to have numerous sulphide showings similar to the Peg deposit (4.1 million tons of 4.8% zinc, 0.66% copper, with precious metal credits).
Asturiana de Zinc allocated $75,000 for drill target identification which resulted in five target areas being recommended for diamond drilling. A fall-winter program is being outlined.
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