Highlights:
- Phase II has commenced on the Bonanza project. The 400-meter diamond drill program has now started, drilling two exploration targets highlighted in Phase I.
- Once drilling is completed, prospecting and soil sampling will start to follow up on targets highlighted in Phase I.
- The Bonanza project borders Osisko Mining Inc.'s
Urban Barry project, which lies 30 km southwest of Osisko's flagship Windfall Lake property and is 16 km southwest ofBonterra Resource Inc.'s Barry property.
"We are excited to see what the drill program will identify at Bonanza" said
Bonanza is located in the east central part of the Abitibi sub-province, south of the Urban-Barry greenstone belt, in the
The Company is targeting three different deposit styles on Bonanza: Archean lode-gold systems, Banded-iron formation gold and Polymetallic VMS mineralization.
Bonanza is located at the southern tip of the basalts of the Chanceux Formation (Urban-Barry greenstone belt). Most of Bonanza is underlain by the
The proximity with the Urban-Barry greenstone belt, which hosts several deposits under development and the presence of two historical mineralized boulders discovered in the 1990's, initiated some interest for Bonanza. Except for its northwest part, which overlapped several geophysical surveys and one prospecting campaign, most of the exploration programs were completed by Abitibi from 2018 to 2020. In 2018, a heliborne magnetic (MAG) and time-domain electromagnetic (TDEM) survey covered Bonanza (582 line km). A series of targets aligned along a magnetic and locally conductive trend striking NW-SE, thought to represent the lithological unit of the historical mineralized boulders (iron formation), is considered as prime target for gold mineralization.
In the summer of 2020, Bonanza was covered by a systematic soil survey (525 soil samples), along with some prospecting. In late 2020, an induced polarization (IP) (13.3 line km) survey was performed on the NW end of the prime target. A trenching and drilling program (15 NQ holes, 1800.7 m) tested the 2020 IP targets. Short intercepts of iron formation were found in two drill holes (BZ-2020-009 and BZ-2020-017) and a 1.23m intersection assayed 4.94 g/t Ag, 310 ppm Cu and 1207 ppm Zn in hole BZ-2020-09. As for gold, two anomalous results (0.134 and 0.121 ppm Au) were intercepted over 1 m in two other drillholes. One of these anomalous gold results was close to a sample from a trench that yielded 0.644 ppm Au.
In 2023, an IP survey and a prospecting campaign was performed by Mabel on the east portion of Bonanza. The IP survey outlined high-priority targets superimposed on the southeast end of the previously defined magnetic trend thought to represent an iron formation unit. Ninety-six (96) lithogeochemical samples (15 outcrops and 81 boulders) were analyzed and delimitated an area of interest, where most of the samples with detectable gold values were concentrated.
The Company's planned 2024 Exploration Program will be supervised by CEO
For more information, please visit Mabel's SEDAR+ profile at: www.sedarplus.ca/.
On behalf of the Board,
"Alicia Krywaniuk"
This news release contains certain forward-looking statements within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. The Company has provided the forward-looking statements in reliance on assumptions that it believes are reasonable at this time. All such forward-looking statements involve substantial known and unknown risks and uncertainties (including those risk factors identified in the Company's Listing Statement dated
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SOURCE
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