South Cariboo shines for KORE Mining
KORE Mining expects British Columbia's South Cariboo Gold District to re-emerge as a top gold jurisdiction after its drill program at the 35-claims FG Gold project discovered multiple new quartz vein systems and "numerous encounters" of visible gold.
The company, which controls 1,000sqkm of claims in the district, recently completed the 15 hole 5,746 metre drill program at the project, with first assay results to be released in early November. It has extended its 2020 drilling in the area by 2,000 metres with 10 additional holes planned through the remainder of the year.
Project highlights include:
- Discovered quartz veins containing visible gold ~320m down dip from nearest historic drilling and ~215m down dip from Lower Zone discovery hole FG-20-369 (10m of 3.9 g/t Au @ at 239m)
- Quartz veins containing visible gold identified in 8 of 14 logged drill holes (1 hole pending)
- Further defined structural controls of known gold mineralization
- Assay results for all 15 holes are pending with first results expected in early November 2020
- Mineralization remains open at depth and along almost the entire 20km FG Gold trend, representing a district scale opportunity for new discoveries and resource expansion
KORE CEO Scott Trebilcock said: "FG Gold is the flagship project within KORE's district scale South Cariboo Gold District. With 1,000 square kilometres, the South Cariboo Gold District has similar scale and potential to Osisko Gold Royalties Cariboo Gold Project which recently announced a proposed spin-out into a stand-alone listed company.
"The Cariboo region of British Columbia is highly attractive for gold exploration and development with excellent local infrastructure, access to skilled labour and multiple operating mines."
Earlier in 2020, KORE reported eight holes at the FG Gold project which intersected quartz veining with visible gold in the Upper Zone and Lower Zone (new discovery).
Upper Zone highlights include:
- 11m of 10.0 g/t gold at 44m downhole in FG-20-373
- 76.5m of 1.1 g/t gold at 5.5m downhole in FG-20-368
- 98m of 1.0 g/t gold at 24m downhole in FG-20-372
- 51m of 1.6 g/t gold at 19m downhole in FG-20-370
Lower Zone highlights include:
- 52.5m of 1.1 g/t gold at 122.5m in FG-20-375
- 10m of 3.9 g/t gold at 237m in FG-20-369
Trebilcock said KORE will start releasing assay results for the latest FG Gold drilling in early November. "The extended drilling will target new discoveries in the South Cariboo Gold District and extending mineralization at Gold Creek," he said.
Drill Program Details
KORE completed 15 holes drilling for 5,746 metres in the Main Zone of the FG Gold project from June through October 2020. The Program was designed to target large step-outs from known mineralization at depth and to extend more drilling into the Lower Zone, a new mineralized rock unit, discovered earlier in 2020.
The Program continued to use oriented, large diameter (HQ) core and metallic screen assaying to both define structure and get representative assays from the coarse gold in the FG Deposit.
The FG Gold property straddles the boundary between the Omineca and Intermontane tectonics belts of the Canadian Cordillera. The district was host to the Cariboo gold rush in the late 1800s.
Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.