Homestake Resources (HSR-V) samples 3,321 g/t Ag at Kinskuch
Dec 6, 2012 - News Release
Homestake Resource Corp.'s surface soil and rock sampling on the Kinskuch project has extended silver-lead-zinc (Ag-Pb-Zn) mineralization south of Homestake's 2011 drilling by an additional 750 metres, expanding the overall Illiance River trend to more than 4.5 kilometres of strike length. In addition, a second subparallel trend of elevated copper (Cu) and gold (Au) anomalies has been identified to the west of the main trend, along a prominent geophysical conductivity anomaly. The geologic setting is believed to be similar to the historic Dolly Varden VMS (volcanogenic massive sulphide) mine, the largest historic silver producer in the region. The Illiance River trend is the first of several high-priority areas identified by Homestake on this large 63,200-hectare property located in British Columbia, adjacent to the company's Homestake Ridge project.
Homestake's vice-president of exploration, Rob Macdonald, explained: "Some of the best VMS deposits in the world occur within Jurassic-age Hazelton rocks, and include the past-producing Eskay Creek and nearby Dolly Varden deposits. Our drilling demonstrated that Ag-Pb-Zn mineralization occurs at very attractive grades, similar to grades at the Dolly Varden deposits. Our rock and soil geochemical results, combined with our EM [electromagnetic] geophysical data, demonstrate that we have an extensive VMS horizon at Illiance River that could host several significant mineral deposits. We will initially offset our successful prior drill holes because we feel there is a very good likelihood of developing an attractive resource there, but VMS deposits typically form in clusters so other deposits probably exist in this underexplored region."
High-grade precious and base metal assays were reported in samples from several locations along the mineralized trend and extending south of the 2011 drilling, with noteworthy samples including:
Massive sulphide float assaying 3,321 grams per tonne Ag, 1.9 g/t Au, 0.8 per cent Cu, 40.1 per cent Pb and 22.4 per cent Zn (4,341 g/t silver equivalent (AgEq)) from in the vicinity of previously drill holes HR11-003 and HR11-004;
Strongly elevated silver mineralization in a series of three select chip samples ranging from 14.5 g/t Ag to 61.9 g/t Ag, located 350 metres to the south of the 2011 drilling;
989 g/t Ag, 1.1 per cent Cu, 0.4 per cent Pb and 20.3 per cent Zn (1,621 g/t AgEq) assay from chip sampling of outcrop located an additional 400 metres to the south.
These surface results are similar to those from initial 2011 sampling where subsequent drilling identified a series of subvertical mineralized VMS horizons along a 500-metre strike length of the trend. Results from 2011 included a 2.8-metre interval averaging 318 g/t Ag, 0.4 g/t Au, 2.2 per cent Pb and 6.5 per cent Zn (552 g/t AgEq) from drill hole KN11-02, and a 3.9-metre interval averaging 268 g/t Ag, 0.2 g/t Au, 1.3 per cent Pb and 6.5 per cent Zn (462 g/t AgEq) from drill hole KN11-03.
In addition, anomalous Cu-Au values in rock and soil samples were identified west of the Ag-Pb-Zn VMS horizons within a large 1.5-kilometre-by-0.5-kilometre EM geophysical anomaly, part of the company's 2011 airborne geophysical survey. This mineralization may be more analogous to mineralization discovered by the company at its Homestake Ridge deposits.
Results from the 2012 sampling include:
A select chip sample of heavily disseminated sulphides in outcrop grading 6.4 per cent Cu;
A series of select chip samples along the new trend ranging from 0.1 per cent Cu to 0.5 per cent Cu;
A series of anomalous Au (10 to 115 parts per billion) and Cu (60 to 277 parts per million) values in soil samples along the trend.
Mineralization along the entire 4.5-kilometre Illiance River trend remains open in all directions.
Robert Macdonald, PGeo, is the qualified person as defined by National Instrument 43-101 for the Homestake Ridge project, and has reviewed and approved the technical contents of this release.
We seek Safe Harbor. |
