|
Location: 380 Km north northeast of Yellowknife, Northwest Territories
Size: 24,674 acres
History
Two gold showings were discovered in the REN claims area in 1964 by Point Lake prospecting Syndicate (AR 017346, 017348). Ten years later another two gold showings were found by Texas Gulf Incorporated (AR 080527). Twenty-six holes were drilled totalling 3,145 metres.
The claims lapsed in 1986, and Cominco acquired them in 1987. They entered into a joint venture with Westview Resources Incorporated. In 1988, a 240 line-km magnetic and EM survey was completed and ground geophysics and geological mapping and sampling followed up on anomalies. Eleven BQ-sized holes totalling 1,280 metres tested seven conductors (AR 082743). In 1989 four holes totalling 1,372 metres tested the Main Zone. One hole intersected 9.3 g/t Au over 6 metres.
In 1990, 200 line-km of HLEM, magnetic, and gradiometric surveys were completed (AR 082944) and eighteen diamond drill holes totalling 2,396 metres tested eleven conductors. Six holes were drilled in the Main Zone and its north strike extension. A new showing (Grizz) was tested by three holes. It may be an extension of the Main Zone iron formation.
Bedrock and Mineral Deposit Geology
The area is within the Slave Geological Province and is underlain by sedimentary and volcanic rocks. Greywacke and mudstone turbidites are interbedded with iron formation; these rocks are north trending and steeply dipping. Intermediate to felsic volcanic rocks outcrop on the claims. Mackenzie diabase dykes crosscut all rock types.
In the Main Zone, four zones of auriferous iron formation between 10 and 35 metres thick were intersected to a depth of 290 metres. The strike length may exceed 500 metres.
Significant Results
The Banner Zone, a new showing in iron formation, was discovered in 1989. Chip samples assayed up to 198 g/t Au and the zone could be traced by magnetometer for 600 metres. Westview Resources Incorporated reported in 1990 that the Main Zone indicates the potential for a 1.8 to 2.7 million tonne deposit in the 10 g/t Au range.
Qualifying statement on potential resource estimate
The potential resource estimate cited in this press release was prepared by Westview Resources Incorporated in 1990. At the time, Cominco was a partner in the property. Details of the calculations are not available; therefore it is not possible to compare the categories of resource with those required by NI 43-101. The company believes that the estimate is relevant to an appraisal of the merits of the property because the estimate was based on all drill data available at the time, and because there is no evidence of any subsequent work on the property. No more recent data or resource estimates are available in the public domain. No work has been done by a qualified person to classify the potential resource estimate as a current resource or reserve. The company is not treating the potential resource as a current mineral resource or reserve. The potential resource estimate should not be relied on.
From: A Guide to the Mineral Deposits of the Northwest Territories.
|