The Toronto-headquartered company said Thursday 2014 random grab samples taken from the waste dump near the old mine shaft returned gold assays of 28.8 grams per tonne (gpt), 89.3gpt, 140.8gpt and 340.8gpt. Further, random grab samples taken from a trench located 25m from the main vein returned gold assays of 5.05gpt, 9.26gpt and 14.31gpt.
"This property deserves further work in light of the historic reports done by the old-timers (1904, 1905 and 1933) and the more recent Ontario Geological Survey (OGS) report (1989)," CEO Terry MacDonald said.
He pointed out that, according to the OGS, the quartz vein at the mine shaft was 10cm wide and exposed over a 2m length, which suggested the quartz vein was likely wider at depth. The vein at the opencut pinched and swelled, but averaged 45cm wide and was traced for 23m.
"We are very keen to pursue an exploration programme designed to understand the two shear zones and the geological structures better and identify drill targets," MacDonald said.
The 130ha Queen Alexandra property occurs within mafic volcanic rocks of the Blanchard Lake Group. The company plans to select drill targets once the current field work has been completed.
The C$4.18 million junior gained nearly 17% on Thursday, to close at C3.5c a share.