Advanced Gold drilling Buck Lake Project, Ontario
Advanced Gold Exploration Inc. [CSE: AUEX; FSE: HZ2; OTC Pink: AUHID] reported the start of a follow-up drill program on its 100%-owned Buck Lake property in Ontario, Canada.
Highlights: At least 500 metres of drilling is planned for the Buck Lake property. Exploration will test high-grade copper mineralization in a VMS-Type geological environment discovered in 2022 drilling. Drilling will commence immediately with drill on-site
The fully permitted Buck Lake Property consists of a total of 180 single-cell mining claims that covers 3,886 hectares located in Lunkie and Gapp Townships in the Batchewana Greenstone Belt of Northern Ontario.
The work program will consist of at least 500 metres of diamond drilling with base metal and gold assaying. A diamond drill has been deployed to the property and is scheduled to begin drilling immediately. The objective will be to test extensions of the high-grade copper mineralization discovered by drilling in 2022. Notably, high-grade silver (up to 98 g/t) accompanied the higher-grade copper mineralization. Copper and/or zinc mineralization was intersected in 13 of the 15 holes completed in 2022 generally in zones 3 to 4 metres thick.
The highest copper results returned in the 2022 drilling program was in drill hole BL-22-06 which returned a value of 4.59% Cu over 3.2 metres in a larger zone of 11.75 metres of 1.51% Cu. Drill holes BL-22-14 and BL-22-15 also intersected copper mineralization with assays of 0.42% Cu over 4.15 metes and 2.38% Cu over 2.95 metres.
“We are pleased to be back drilling at Buck Lake prior to year-end,” commented Arndt Roehlig, President and CEO. “The 2022 discovery hole of 4.59% copper over 3.2 metres within a broader 11.75-metre zone grading 1.51% copper, together with strong silver values up to 98 g/t, confirmed the presence of a significant VMS system. With only 500 metres of a 3,000-metre-long EM anomaly tested to date, the current program is designed to rapidly expand the depth and continuity of this high-grade copper zone and demonstrate the scale potential that Buck Lake clearly possesses.”
The 2022 drill program outlined a zone of massive sulphide of VMS-Type contained in a mixed sequence of volcanic units consisting of felsic and mafic volcanics with tuffaceous and agglomerate textures. The massive to semi-massive sulfides which are dominantly pyrite and pyrrhotite with chalcopyrite and sphalerite and rarely galena.
The sulphide zones are often enclosed in silicious material and exhalate and are often accompanied by chloritic alteration. The zone is contained in a 3000-meter-long EM anomaly which has only been explored over approximately 500 meters.
The environment is typical of VMS-type deposits such as Kidd Creek in Timmins and Horne in Noranda. Notably, VMS deposits occur in clusters as can be seen in Mattagami and in NW Quebec.
A NI 43-191 Technical Report Prepared by Mike Kilbourne, P.Geo. in 2023 stated that the geological environment of the property is favourable for the presence of Archean volcanogenic massive sulphide deposits(VMS), iron deposits and orogenic gold deposits, namely banded iron formation (BIF) hosted gold deposits due to the fact that BIF’s are present on the property. The focus of exploration has historically been on VMS-type deposits, but other deposit model types should not be dismissed.
The Buck Lake property is believed to have high potential. There are an additional eight prospective areas based on the presence of base metal mineralization identified in historical or recent activities, including areas of copper and zinc mineralization seen in past drilling and recent prospecting. Assays results will be announced upon receipt.