QC Copper and Gold Inc has reported a positive drill result from the Saddle Zone, which it says underlines the potential of its flagship Opemiska project in Quebec and includes a 'spectacular' gold intersection in one hole.
The Saddle zone is a previously unmined structural corridor, which lies between the Springer and Perry conceptual pits at the property, and hole 98 intercepted 100 metres (m) grading 0.5% copper-equivalent starting at just 7m from surface. And near the bottom of the hole (337.6m) was intersected a 9m interval grading 18.30 grams per ton (g/t) gold.
READ: QC Copper and Gold discovers more high-grade copper at its Opemiska project in Quebec
Other previous drill highlights from the Saddle zone have included 0.58% copper equivalent from an intercept of 138m starting from 49.5m depth.
QC Copper's Opemiska property spreads over12,782 hectares and covers the past producing Springer, Perry, Robitaille and Cooke mines, which were previously operated by Falconbridge between 1953-1991.
"The spectacular gold assay in hole OPM-21-98 and historical mine assays underline the significant gold on the Opemiska project, particularly in the southern part of the Springer mine, near the Gwillim fault," said Charles Beaudry, the vice-president (VP) of exploration of the company in a statement.
"These results along with the historical drill results suggest that the Gwillim Fault, long thought to be a late, post-mineral event, may actually be contemporaneous with the mineralization suggesting that the whole fault structure itself deserves to be considered as an exploration target. Little attention has been paid to the Gwillim Fault because of poor outcropping and lack of early success in testing this structure," he added.
Beaudry noted that the Saddle zone results drill thus far provided four potential benefits to the project:
- Significant expansion of mineralization above the presumed cut-off grade of 0.25% copper equivalent.
- The potential integration of the Springer and Perry conceptual pits into a single super pit
- The possibility of deepening the overall pit outline and the possible reduction of the waste material in relation to the mineralized tonnage.
He said he believes that an "updated understanding" of the Saddle zone would "undoubtedly" improve the company's baseline numbers about the Opemiska project.
The Opemiska copper complex sits within the prolific Chibougamau region. Opemiska is also within the Abitibi Greenstone belt and within the boundaries of the Province of Quebec's Plan Nord, which promotes and funds infrastructure and development of natural resource projects.
Shares added almost 9% on the day in Toronto to stand at C$0.18 each.
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Contact the author at giles@proactiveinvestors.com