Mineral explorer Zone Resources (CVE:ZNR) said Wednesday that field work has started on its iron properties within the Nunavik region in northern Quebec, already finding four new zones of iron formation at its Moore asset.
The Moore-Ross iron property, which spans about 6,900 hectares, is situated in the Labrador Trough and covers historic iron formation zones.
The Vancouver-based company said a recently completed airborne magnetic survey has identified four new zones of iron formation that were not described in historical reports.
The first, the Ross Mountain Zone, is exposed for a strike length of 3 kilometres and a thickness of 80 meters, with a dip that varies from 10 degrees to 45 degrees, the company said.
Meanwhile, corresponding to an airborne magnetic anomaly that is over 2 kilometres long, the Creek Zone exposes iron formation that is at least 160 meters thick.
The North Slope Zone is exposed in one location where it is about 100 meters thick, and the corresponding magnetic anomaly is roughly 2 kilometres long, with a possible offset extension that might add 2 more kilometres, Zone added.
The company also said the North River Zone is about 95 metres thick and has a likely strike length of 1 kilometre, with an additional magnetic anomaly that appears to be a slightly offset extension, and is at least 3 kilometres long.
There are also many airborne magnetic anomalies that have no outcrop, but are believed to be caused by other zones of iron formation. Zone said grab samples of the new zones have been collected and sent for assay.
The new zones are in addition to historic zones – the Moore, Partington, and Star zones - which were partially delineated by drilling in the early 1950's by Fenimore Iron Mines.
On the company's Girard property, only one magnetic anomaly was looked at, and it is caused by an iron formation that seems to be 220 metres thick. The anomaly is 9 kilometres long, and is one of many as yet untested anomalies on Girard.
Zone, a publicly traded company, is in the business of acquiring oil and natural gas properties for exploration and development. The company’s shares traded at $0.17 as of 11:31 a.m. Wednesday on the Toronto Stock Exchange.