IC Capitalight exploring Blue Lake Copper Project, Quebec
IC Capitalight Corp. [IC-CSE] reported its 2024 field work program has commenced. Crews are currently on site rehabilitating the 16-person base camp at Retty Lake, located 65km northeast of Schefferville, Quebec, in preparation for the arrival of field crews.
Field work will consist of four teams of geologists and geo-technicians sampling the entire strike length of outcropping ultramafic intrusions on the company’s 995 staked claims, covering an area of 489 km2. It is expected that over 2,000 rock samples will be taken in this program. They will be analyzed for Cu, Ni, PGE and other mineralization. The crews will be serviced by helicopter at the base camp, and by float planes from Wabush and Schefferville.
In addition, a detailed ground gravity survey grid will be completed over the Blue Lake area, and other areas of known massive sulfide type Cu Ni PGE mineralization. The purpose of the gravity survey is to detect any excess mass anomalies in the vicinity, down dip of the historically outlined massive sulfide mineralization and in three new high priority target areas which have not been extensively worked or drill tested to date. These targets are all within the highly anomalous copper in lake sediments anomaly and are co-incident with numerous untested airborne electromagnetic conductors, outlined in previous airborne surveys.
The work program is scheduled to run through September and into early October. Results from the program will be compiled in late October and November. A follow up program, based on the results, can be planned for early 2025 and may consist of further ground geophysics and if warranted, drilling. Drilling would follow further conversation with the Naskapi Nation, other communities, and authorization (ATI) from the Quebec ministry responsible for mines.
The company also announced a LIFE and Flow Through placements 7Aug24. Use of proceeds for that raise cinsider is buying $1,000,000 of the placements. The equity raise is well subscribed to date. The company is fully funded for the current program.