Prime Meridian Resources (PMR) has an option to acquire a 100% ownership in two claim blocks (10,500 acres) in the Pakwash area of the Red Lake gold district in Ontario, Canada, subject to a 1.5% NSR.
The Bruce Lake Project comprises 4,250 acres and is located south east of the Dixie Project of Great Bear Resources (GBR.TSXV) and east/southeast of the Dixie Halo Project of BTU Metals Corp. (BTU.TSXV).
The Camping Lake Project comprises 6,250 acres and ties directly on to the south east of the Pakwash Project of Great Bear Resources.
The Company has the right to acquire a 100% interest in the Bruce Lake and Camping Lake Projects by paying $86,500 and issuing 400,000 common shares over 5 years, as per the following:
Prime Meridian has also executed a purchase agreement to acquire three new mineral claims in the western Pakwash Lake area of the Red Lake Mining District of Ontario for $15,000, subject to a 1.0% NSR.
These New claims (556590, 556591, 556592) are due south of the TNT target of BTU Metals (BTU.TSXV) and contiguous to both the Company’s previously optioned claims and to the Bruce Lake Project of GoldON (GLD.TSXV).
Great Bear Resources owns the Dixie Project in the Red Lake gold district.
The Dixie Project contains multiple high-grade gold zones with confirmed mineralized deposits. Great Bear is in the midst of a very active 90,000 metre drill program.
Great Bear has also secured additional prospective areas including the 3,100-hectare Pakwash property.
BTU Metals Corp. announced that they have discovered compelling indications suggestive of a notable volcanogenic massive sulphide (“VMS”) target in DH 13.
Current interpretation of the data is that the target is up to 200 m in width and 1000 m long at surface with a dip of near -45 degrees east.
DH 19 and 20 have been drilled to the East of hole 13 and are currently being logged and split for assay.
Geologically, the Pakwash Project appears to host the same lithologies encountered in the drill program ongoing by BTU. Rock types intersected in their drilling to date include highly altered and bleached basalt, rhyodacite tuffs and flows as well as felsic and mafic intrusive bodies. According to the Ontario Geological Survey regional map in this area, similar rock types can be expected to be beneath the extensive overburden cover on the Bruce Lake Property.
100% ownership of 2 claim blocks (10,500 acres total) in the Pakwash area of the Red Lake. Ontario gold district.
Prime Meridian Resources Corp.
Great Bear Resources Ltd.
Laurentian Goldfields Ltd.
The supracrustal rocks in the north are intruded by two intermediate intrusions, 1) a granodiorite of undetermined age and 2) diorite intrusions known as the Pakwash Lake Pluton and the Bruce Lake Pluton
The magnetic data is an asset for identifying structures and lithological contacts. Most notably the survey resolved a previously unrecognized, highly magnetic granite with a distinct ellipsoid shape. This body is noted as an important exploration target because of the significance of oxidized granitiods in other Archean gold deposits in the Superior Province.
An exploration drilling program was completed by Laurentian during the winter of 2011 to test a Pakwash Lake bottom gold anomaly.
The two northern drill fences were drilled within the southern boundaries of the PMR claim block over Pakwash Lake.
Drilling of the Pakwash Lake bottom on both sides of the Keelson fault and north of the Pakwash fault found trace pyrite, pyrrhotite and chalcopyrite disseminated throughout the sedimentary package and as euhedral crystals at the contacts between intrusive rocks (granite & diorite) and the sediments.
Trace amounts of pyrite, pyrrhotite and minor chalcopyrite are observed as well as magnetite. Sulphide minerals occur preferentially in association with biotite and sillimanite. Chlorite and white mica are the most common alteration minerals in the sedimentary enclaves, replacing biotite and feldspar respectively. Rare quartz‐carbonate veins occur in the sedimentary enclaves. These locally have minor pyrite and hematite associated with them.
Trace amounts of disseminated pyrrhotite occur throughout the sedimentary succession, but from 270m to 280m, several foliation‐parallel bands of semi‐massive pyrrhotite occur up to 10cm wide.
MMI™ Soil Samples of Laurentian Goldfields Ltd. – November 2010
Laurentian Goldfields conducted a soil sampling program using the MMI sampling method across its entire Goldpines property at 500mx500m sample spacing. The MMI sampling method was employed because the Goldpines property is largely covered by thick glacial till. In the absence of outcrop, MMI can be used to effectively delineate the geochemical expression of mineralized bedrock below the overburden. This method is unique in that it measures the concentration of only the mobile ions in the surface soils. It relies on the principle that ions which migrate from a source at depth (by processes such as convection, electrochemistry, diffusion, and capillary rise) are absorbed into surface soils, forming weak bonds with the soil particles around them.
Regional MMI conducted by Laurentian Goldfields on their previously held Goldpine Project.
Laurentian’s D-Nut detailed soil grid was designed to cover a highly prospective area within the Pakwash Lake Fault Zone near the edge of on oxidized granite pluton.
Portions of these gold anomalies have been captured in the Camping Lake claim block. These samples may reflect weakened element responses since the region is blanketed by a thick layer of impermeable clay that may restrict ion migration.
The Ear Falls grid of Laurentian provides detailed sampling coverage near the eastern portion of the Sydney Lake Fault Zone.
Portions of these gold anomalies have been captured in the Camping Lake claim block.
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