So where are the assays ?
Flag has recently carried out a review of geophysical and geochemical work previously carried out on the north end of Wolf Lake. Since this part of the lake and the adjacent shoreline has not been drilled, these, together with the drillhole grades in defined zone
s in the south part of the lake, present interesting targets which Flag plans to drill as soon as weather conditions allow.
Two parallel gold-copper geochemical anomalies were found in areas north of the existing mineralized zones of the Wolf Lake deposit. They were discovered by sampling of lake-bottom sediments. The geochemical anomaly, on the east side of Wolf Lake, coinciding with a VLF electromagnetic anomaly, has a strike length of approximately 200 meters (about 600 feet). The larger geochemical anomaly, on the west side of Wolf Lake, and due north of the Wolf Lake gold deposit, shows a more general correspondence with VLF electromagnetic anomalies. Water depths, at the anomaly sites, do not exceed 22 meters (70 feet).
The anomalies have not been explored and are prime exploration targets for finding extensions to the Wolf Lake gold - copper deposit. Some of the better mineral values in the Wolf Lake gold - copper deposit include:
No. 1 Gold Zone 30 feet of 0.24oz gold per ton, including 5.4 feet of 1.02oz gold per ton
No. 3 Gold Zone 73.5 feet of 0.51oz gold per ton 20 feet of 0.49oz gold per ton
Campsite Zone 48 feet of 3.60% copper and 0.043 gold per ton
Lake Structure 1.5 feet of 22.4oz gold per ton 32 feet of .103 oz gold per ton, including 5 feet of 5.4% copper and 0.187oz gold per ton
In addition to the Wolf Lake North area, Flag is continuing to explore elsewhere on the property, particularly at Cobalt Hill and the ELO. These programs are of high priority to Flag and will be pursued at the earliest possible time.
Cobalt Hill - Mackelcan Township
Cobalt Hill is located 250 meters (800 feet) southeast of the Jess Lake gold deposit. Assaying and analysis of mineralization in the area of Cobalt hill revealed the presence of nickel - rich sulfides (pentlandite, bravoite and gersdorffite) predominating in tiny inclusions in pyrite - rich quartz veins, with some copper and gold. With chromium rich fuchsite also occurring in the mineralization, it was suggested the probable source of the mineralization, a mafic or ultramafic igneous intrusion, is not far away, as chromium is an inert element not moving far from its source.
A number of shallow drill holes have confirmed the presence of the unique pyrite - rich quartz veins, over a wide area, 600 feet east - west by 600 feet north - south, appearing to extend a considerable distance to the south. It is the largest mineralized structure found on Flag's holdings.
Drill hole JL04-02 was recently completed, located at the south end of Cobalt Hill, 200 meters (600 feet) south of the small shaft on Cobalt Hill. Drilled at 60 degrees west, to a depth of 92 meters (301 feet), it intersected 250 feet of anomalous gold values. A random five foot sampling of the drill core assayed 907 PPM cobalt and 739 PPM nickel.
Flag proposes to drill a 2000 foot vertical drill hole, into the Cobalt Hill structure, to explore at depth for the projected source of the nickel, gold and copper mineralization, a mafic or ultramafic igneous intrusion.
Exploratory Licence of Occupation
The Exploratory Licence of Occupation consists of 1757 contiguous acres, located to the north of the Sudbury Igneous Complex and 6 miles west of Flag's main holdings in Rathbun and Mackelcan Township.
Flag applied for the Exploratory Licence of Occupation ground because of its extensive surface occurrences of visible gold.
A report by Wilf Meyer, Minister of Northern Development and Mines, noted 'The abundance of free and visible gold has caused assessment problems due to the 'nugget effect'. Assay results in a 1938 examination ranged from no gold to almost 5 ounces of gold per ton. In 1952, a hand picked sample assayed 21.58oz of gold per ton.'
With the recent signing of an agreement with the Wahnapitae First Nation, Flag is preparing to commence recommended exploration, including drilling a mineralized gabbro structure and exploratory work on the surface occurrences of visible gold. |
