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Here are 3 Canadian projects with new gold, uranium targets about to be drilled

We cover the basics on three coming drill programs in Canada – two gold, one uranium.

Always with a focus on new targets, today I hit on three projects: two gold and one uranium, all located in Canada. 

NELLIGAN PROJECT, QUEBEC

Vanstar Mining‘s president and CEO Guy Morisette filled me in last week about Vanstar’s coming drill program at the Liam target on the Nelligan gold project in Quebec. Nelligan, and the Liam target have been lightly drilled with some strong intercepts late last year. Vanstar cut as much as 12 metres @ 4.69 g/t gold

Weather permitting, Morissette said drilling would start mid-January. The scale of the program might grow, depending on initial results, but would start off with about1,000 metres in six drillholes peppered along strike a 900-metre-long gravity anomaly at Liam. So far it’s mostly undrilled apart from a handful of drillholes at its southeast extent, which produced the aforementioned intercept (image below). Morissette said several geologists, looking at results so far, have told him it looks like “strong system.”

The Nelligan project is in the vicinity of TomaGold’s Monster Lake project (which is 15 km to the northwest) where intercepts began picking up high grades last year. Iamgold subsequently optioned Monster Lake.

TSX-V: VSR
24.3 million shares outstanding
C$3.6 million marketcap
C$0.15 shareprice

The Liam target in pink at center of image. Credit: Vanstar

PRESTON LAKE URANIUM PROJECT, SASKATCHEWAN

Moving west and into the western Athabasca basin in Saskatchewan to an area play on Fission Uranium’s Patterson Lake South uranium project – one of the most important uranium discoveries in recent years. Adjacent to some of Fission Uranium’s southern claims four juniors have come together as part of an innovative partnership – earning 25 percent each – on the Preston Lake uranium project. These are Athabasca Nuclear, Skyharbour Resources, Noka Resources and Lucky Strike Resources.

Athabasca – the project operator – is now generating targets for a drill program it tentatively hopes to start around March, Athabasca president and CEO Charles Downie told me in a recent phone interview.

“We’re still defining drilltargets,” Downie said.

Athabasca is doing more geophysics now, among other things, and will hone its drilltargets based on the survey’s results. Downie said there will be more updates to come before drilling starts. Drilling will in part depend on budget approval by its three partners.

Indeed, the size of the program is still up in the air. But Downie said the “targets are relatively shallow” and are only covered by about 10 to 20 metres overburden in the likely drilling areas.

“I don’t imagine the holes will be more than 100 metres, 150 metres in length,” he said.

The program at this point could hit several targets or “one great one.”

“My guess is that it’s going to be more of a reccy thing,” Downie said, suggesting multiple targets.

To date the four partners – calling themselves the Western Athabasca Syndicate – have spent about C$1 million on target definition. Drilling on the property – a first Downie said – will push expenditures over C$2 million. Athabasca, Downie said, won’t need to raise cash to run the drill program, but couldn’t speak for Athabasca’s partners.

Athabasca Nuclear TSX-V: ASC (operator)
46.3 million shares outstanding
C$5.5 million marketcap
C$0.12 shareprice

Skyharbour Resources TSX-V: SYH
43.6 million shares outstanding
C$4.8 million marketcap
C$0.11 shareprice

Noka Resources TSX-V: NX
22 million shares outstanding
C$2.6 million marketcap
C$0.12

Lucky Strike Resources TSX-V: LKY
34.2 million shares outstanding
C$3.8 million marketcap
C$0.11 shareprice

The Patterson Lake South area play. Western Syndicate claims in salmon pink with slanted lines. Credit: Athabasca Nuclear

BENOIST GOLD PROJECT, QUEBEC

And finally back to Quebec. Cartier Resources recently said in a press release that between now and late March it plans to drill five drillholes, with 3,200 metres, to test a reinterpreration of its Benoist deposit at depth. It drilled that back in May, but by the looks of it now, thinks it may have missed high grade extensions in past drilling. I’ve not been able to confirm this with the company today, but in a recent diagram (below) Cartier includes a fault that suggests the mineralized zone has been dropped down somewhat. In previous diagrams Cartier showed a linear – untruncated – extension of the Benoist gold deposit, which Cartier acquired last year.

TSX-V: ECR
64.7 million shares outstanding
C$10.3 million marketcap
C$0.16 shareprice

Cartier’s down dip high grade target. Credit: Cartier.

For another recent roundup of active exploration on new targets see: BREAKING NEW GROUND: 9 juniors drilling untested targets.

Also, please note that this story is sourced to the best of my knowledge. Have a funding covered drill program about to start? Contact kip@mineweb.com.

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