Kingswood Exploration (TSE) President Wayne O’Connor is encouraged by results from an 8-hole program on the company’s La Gouchetiere Twp. claims west of Matagami, Que.
The Toronto-based company has been drilling in a previously unexplored area southeast of the Phelps Dodge Corp. of Canada’s base metal deposit containing 1.7 million tons of grade 4.5% zinc and 0.84% copper.
According to Kingswood, two holes (one drilled from surface bedrock to a depth of 700 ft.) contained 13 sulphide-bearing samples of 3 ft. or less which assayed from 0.10-1.5% copper. An additional 17 samples assayed 0.05-0.10% copper, says Kingswood, which is calling the new discovery the “M zone.”
“The widespread sulphide mineralization and alteration in the two M zone holes at the edge of a newly discovered alkali intrusive complex suggest that a porphyry copper deposit could exist in the area,” the company says.
To find out, O’Connor is planning to raise $1-million in flow-through financing for follow-up exploration including geophysical surveying and diamond drilling. In an area about one mile south of the M zone, Kingswood intersected copper stringer mineralization in three holes, one of which yielded 0.18% copper over 3.2 ft. The company has named this area the KL zone.
In a bid to consolidate its position in the Mattagami region, Kingswood recently acquired an additional 165 claims in Daniel Twp. (the first twp. east of La Gouchetiere) and the company now controls 1,079 claims covering about 20 miles.
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