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Buchans Resources Ltd.
Summary
| Project: | Buchans | |
|---|---|---|
| Deposit: | Lundberg | |
| Location: | Canada | |
| Commodities: | Copper-Lead-Zinc-Silver-Gold | |
| Date: | 11/19/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 19-11-2018: Buchans Resources Ltd. announces an Exploration/Drilling Update report for its Lundberg deposit at the Buchans project. Drilling results incl. 1.8m @ 0.76% Cu, 3.15% Pb, 5.57% Zn, 90.53g/t Ag, 0.367g/t Au from 244.50m. Toronto, November 19, 20 | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Paul Moore (Internal) | |
| ABSTRACT: | Toronto, November 19, 2018 – Buchans Resources Limited (“Buchans” or the “Company”) is pleased to announce additional positive results from its ongoing 8,000 metre drilling program at its base metal exploration projects in the Buchans area of central Newfoundland. Results reported today include three additional holes drilled in the Buchans camp area to explore for highgrade massive sulphide mineralization in the vicinity of the former Lucky Strike massive sulphide orebody. At Lucky Strike Asarco is reported to have mined several zones of mineralization that collectively produced 5.6 million tonnes of ore with an average grade of 1.6% Cu, 8.6% Pb, 18.4% Zn, 112 g/t Ag & 1.7 g/t Au, before closing the mine in 1984. The additional holes tested two target areas, one down-dip of the former Lucky Strike massive sulphide orebody, and the other at the Middle Branch transported breccia sulphide prospect, located approximately 3.5 km northeast of Lucky Strike. The new drilling results indicate the Lucky Strike deposit appears to continue northwards beyond the limits of historic mining where potential remains to identify additional unmined higher-grade mineralization. Within this northern area, the Lucky Strike deposit occurs within a lobe of historically mined mineralization known as the Two-Level orebody from which Asarco mined 0.30 million tonnes averaging 0.50% Cu, 4.56% Pb, 8.02% Zn, 125 g/t Ag and 1.6 g/t Au. Buchans Hole H-18-3424 intersected baritic sulphide breccia mineralization that now extends mineralization approximately 70 metres north of historic underground workings. Based on these results, further drilling is warranted and will be proposed for a future drilling program, after a review of historic drill holes from the area is completed. Assay results are pending for an additional hole drilled at the Sandfill prospect, located approximately 2 km east of Lucky Strike, where recent drilling returned encouraging results, including an intercept of 7.0 m averaging 0.69% Cu, 1.58% Pb, 5.15% Zn, 33.5 g/t Ag and 0.21 g/t Au (7.4% combined Cu+Pb+Zn %) or (“%CBM”). (See Buchans News Release September 17, 2018). | |
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