Here's the reason for BWR strength- Agnico Eagle drilling BWR's Lapa property
LAPA: EXTENSION OF HIGH-GRADE GOLD ZONE
As previously disclosed, an option agreement was signed in 2002 between
Agnico-Eagle and Breakwater Resources Ltd. for the Lapa Property.
Agnico-Eagle can earn a 60% interest over a five-year period and can
increase this to 70% by delivering a bankable feasibility study. The Lapa
Property is located in Cadillac Township, Quebec, seven miles east of the
LaRonde Mine, and it has the potential to be developed into a gold mine
similar to others located along the Cadillac-Larder Lake Break.
In 1999 while Breakwater was drilling Zone A, a new gold bearing
horizon was discovered and named the Contact Zone for its proximity to the
Cadillac Group sediment and Piche Group volcanic contact. Three of the four
holes completed returned the following results:
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True Gold(oz/ton) Gold(oz/ton)
Drill Hole From (ft) To (ft) Thickness(ft) Cut(1.0 oz) (uncut)
LA99-02 2049.5 2139.4 26.2 0.29 0.39
LA99-03 2415.4 2432.7 9.8 0.34 0.42
LA99-04 1726.4 1735.6 6.5 0.25 0.25
//et
In 2002, upon the signing of the option agreement, Agnico-Eagle
initiated a drill program to follow up on 1999's encouraging results. As
previously announced, initial drilling extended the Contact Zone and
encountered high grade gold mineralization as follows:
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True Gold(oz/ton) Gold(oz/ton)
Drill Hole From (ft) To (ft) Thickness(ft) Cut(1.0 oz) (uncut)
118-02-01A 2546.3 2562.7 9.5 0.23 0.29
118-02-02B 2549.9 2573.2 14.9 0.32 0.32
118-02-03 2505.9 2514.1 5.9 0.13 0.13
//et
Based on the success of Agnico-Eagle's first drill program, a follow-up
program was initiated in November 2002. Four follow-up drill holes have
successfully extended the high grade Contact Zone. Visible gold was evident
in all of the drill holes. The drill results are:
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True Gold(oz/ton) Gold(oz/ton)
Drill Hole From (ft) To (ft) Thickness(ft) Cut 1.0 oz Uncut
118-02-04 3086.9 3110.9 16.4 0.36 0.60
118-02-05 1341.2 1375.7 16.4 0.17 0.17
118-02-06(*) 2681.4 2706.7 13.1 0.18 0.29
118-02-07(*) 3219.8 3236.2 10.5 0.28 0.28
(*) check assay pending
//et
A third drill has been added to the program. Drilling is focused on
extending the Contact Zone to the east and at depth where the zone remains
open. To date, the zone has been traced over a length of 1,100 feet and
1,600 feet vertically. The Company intends to provide an inferred resource
calculation for Lapa in the year-end results.
The Company will continue its aggressive drill program upon the
completion of the resource calculation.
Due to its high grade potential and proximity to LaRonde, the Lapa
property has the potential to be an important part of the Company's
regional development and production plan.
All Lapa drill core is BQ caliber and is logged at the LaRonde Mine by
a senior project geologist for the Company's Exploration Division, who is
fully qualified per the standards outlined in National Instrument 43-101.
The drill core is sawed in half with one half sent to a commercial
laboratory and the other half retained for future reference. Upon reception
of the assay results, the pulps and rejects are recovered and submitted to
a second laboratory for check-assay purposes. The gold assaying method uses
a 30-gram sample with either an Atomic Absorption finish or a Fire Assay
finish as requested by the project geologist. The laboratories used are ALS
Chemex Chimitec, Val d'Or, Quebec, and XRAL Division SGS Canada Inc. of
Rouyn-Noranda, Quebec. |
