Size of new C lens mystery as Audrey mulls next step

Having completed the first phase of drilling on a newly discovered massive sulphide lens at the Mobrun polymetallic mine near Rouyn- Noranda, Que., Audrey Resources (TSE) and partner Minnova (TSE) are contemplating their next move. Results from a 7-hole program suggest that the new C lens could be as big or bigger than Mobrun’s 15-millon-ton 1100 lens, which is the subject of a feasibility study funded by Minnova.

One of four new lenses discovered at Mobrun since 1988, the C lens is about 150 ft. south of the 1100 lens at a vertical depth of about 2,000 ft. Identified in stratabound volcanics in the same geological structure as the other lenses, it is lower in the stratigraphy than 1100.

Still open at depth, the size of the new structure is indicated by a number of intersections released recently by Audrey (T.N.M.Aug. 29/90). They include 120 ft. of grade 0.92% copper, 3.90% zinc, 0.60 oz. silver and 0.02 oz. gold per ton at a depth of 2,246 ft.

Hole 60, the deepest to be drilled at Mobrun so far, intersected the C lens at a depth of 2,270 ft. and yielded a 35-ft. section averaging 0.41% copper, 9.96% zinc, 2.01 oz. silver and 0.16 oz. gold.

Audrey became aware of the new structure while conducting definition drilling on the 1100 lens from an exploration drift on Mobrun’s 6th level, the mine’s deepest level.

“It’s going to be very big, but whether it will be as big as the 1100 we don’t know,” said Audrey Vice- President Michel Bouchard.

To gain more information on the new structure, Bouchard said the joint venture may move northward along the 6th level and drive another exploration drift out to the east.

From that point, drillers could test the C lens at depths of around 2,500 ft., Bouchard told The Northern Miner. However, as Minnova is spending $10 million to earn a 50% interest in both the C lens and 1100, it would have to be consulted before such a plan is approved.

While Bouchard says he is very happy with the way events are unfolding at Mobrun, his optimism wasn’t reflected in the stock market immediately after the latest drill results were released.

Probably because of the Middle East crisis and generally nervousness among investors, news of the intersections failed to move the Audrey stock which remained stalled, Aug. 22, at $3.50.

Meanwhile, Bouchard says he expects results of the 1100 feasibility study to be available later this month. As part of that program, the joint venture is driving a ramp from level 6 toward the top of the 1100 which starts at a depth of 1,000 ft. According to Bouchard, drift crews hit mineralization the same week as the latest results of the C structure were released to the public.

Depending on results of the study, Audrey expects the first ore from 1100 to be mined some time in 1992.