Matamec cuts new zone at Sakami (November 27, 2001)

Val d”Or, Quebec-based Matamec Explorations (MAT-V) has released preliminary results of a second round of drilling at the Sakami gold project, 80 km southeast of Radisson.

The 2,000-metre campaign drilling was aimed at better defining mineralized zones cut during the first phase of drilling.

The best intersection comes from hole EX-19, which returned 11.8 metres grading 9.7 grams gold per tonne, including 2.5 metres of 28.7 grams gold. The hole is the first to test Zone 26, which lies about 40 metres west of zone 25, which previously yielded a 54.4-metre interval running 2.5 grams gold in hole EX-10. Results from hole EX-22 on Zone 26 are pending.

Two of the recent holes were collared on Zone 25 and returned 9.65 metres of 1.8 grams gold in hole EX-17, and 8 metres of 2.06 grams in hole EX-18.

Holes EX-17 and EX-20 also cut a new zone returning 4.15 metres of 1.3 grams gold and 1.35 metres running 4.1 grams, respectively.

This past summer, exploration by Matamec turned up six new gold showings to the north along the Sakami fault zone. In all, Matamec has identified 8 showings along an 8-km-long portion of the 35 km of the fault zone it holds.

Stripping and channel sampling during the summer focussed mainly on zones 25 and 26 returned between 1.7 and 6.5 grams gold over widths between 2 and 21 metres.

Armed with a $400,000 grant from Quebec’s Ministry of Natural Resources, Matamec plans a program of geophysics and drilling (about 2,000 metres) on the Kalmia, JR, Passe and Ile showings in February and March. A flow-through financing is also underway with an eye toward further drilling on zones 23, 25 and 26 in March.

The company plans to resume prospecting for diamonds and emeralds at Sakami next summer. The Sakami property is situated in the Wemindji-Caniapiscau corridor and was originally focussed on for its potential for emerald mineralization. During the past two years, gold exploration has identified two new areas prospective for emeralds. The corridor has also been identified by Quebec government researchers as prospective for diamonds.