EXPLORATION – Juniors to drill Headway project

Companies exploring in Ontario’s Red Lake region have their eyes trained for high-grade gold deposits similar to those being mined and developed at the Red Lake and Campbell mines. Among the hopefuls are Rubicon Minerals (RMX-V) and Norcal Resources (NRL-V), which recently signed an agreement to explore the Headway project.

Though still subject to regulatory and other approvals, Norcal has secured rights to earn up to a 60% interest in the property, which is situated a mere 1,500 metres southwest of Goldcorp’s new high-grade zone at the Red Lake mine.

The property is reported to host several high-grade gold occurrences, including 2.74 oz. gold over 2 ft. and 0.61 oz. gold over 3.08 ft. in drill core, as well as several grab samples exceeding 1 oz. gold.

The gold mineralization is in quartz-carbonate-tourmaline-arsenopyrite veins associated with quartz-feldspar porphyry dykes that intrude into altered and sheared mafic volcanics. These veins are found in two east-west-trending structures: the Headway shear zone and the Main zone.

The companies note that the project has been subjected only to limited and shallow diamond drilling and has all the geological ingredients associated with adjacent mine properties. A work program, consisting of surface trenching and diamond drilling, is to begin shortly.

Norcal must spend $350,000 on exploration over three years to earn a 51% interest, which includes a firm commitment to spend $100,000 in the first year and issue 200,000 shares over the same period. It can earn a further 9% by spending $500,000 on exploration and paying $100,000.

Rubicon will operate the work progam in the first year, after which Norcal can elect to become operator.

Print

Be the first to comment on "EXPLORATION – Juniors to drill Headway project"

Leave a comment

Your email address will not be published.


*


By continuing to browse you agree to our use of cookies. To learn more, click more information

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.

Close