PacificOre Mining Corp (CVE:PC) (OTCQX:APAFF) has received the results of a recent surface geophysical survey over its Lac Dore vanadium-iron-titanium deposit in Quebec, confirming the presence of a significant magnetic anomaly.
The magnetometric survey, carried out by Geosig, confirmed a 2.6 km long and 200 metre wide magnetic anomaly, which corresponds to the main Lac Dore iron-titanium-vanadium deposit - the object of SNC Lavalin's 2002 resource estimate.
The junior explorer also noted in a statement late Friday that the survey showed a further 50 to 100 metre wide south branch originating from the main mineralized body, which has yet to be stripped and drill tested.
The company said that if this "magnetically anomalous" zone proves to correspond to vanadium-bearing layers elsewhere, it could add a "significant volume of mineralized resources to the main Lac Dore ore body."
The survey therefore confirms the previous interpretations of PacificOre's team, the company said, and the new branch will be added as a target area for the next drill program.
The first drill program will allow the company to prepare for the commissioning of a pre-feasibility study. Additional drilling is required to bring the property to feasibility study level, as well as to calculate mineral reserves and start mine planning, PacificOre added.
The planned drilling calls for 16 diamond drill holes for a total of 3,200 metres. Of these, 6 holes are planned to twin historic holes in order to cover the whole of the PacificOre’s Lac Doré deposits contained within the claims.
The Lac Dore project consists of 42 contiguous mineral claims covering an area of 1.6 million acres located in the Rinfret and Lemoine townships, 70 kilometres south-east of the town of Chibougamau, Quebec.
The asset includes the 18 key claims awarded to PacificOre Mining in 2011 by the Quebec courts, which alone host the important eastern and western deposits - the two high-grade deposits from which McKenzie Bay International planned to extract its ore back in 2002.
PacificOre estimates, from various sources, that so far, more than $10 million has been spent by previous owners on the discovery and development of PacificOre’s Lac Dore deposit. This has allowed the company to assemble a comprehensive database of geologic data of the deposit on which it can move the project forward.