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Buchans Resources Ltd.
Summary
| Project: | Buchans | |
|---|---|---|
| Deposit: | Lundberg | |
| Location: | Canada | |
| Commodities: | Copper-Lead-Zinc-Silver-Gold | |
| Date: | 7/31/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 31-7-2018: Buchans Resources Ltd. announces an Exploration/Drilling Update report for its Lundberg deposit at the Buchans project. Drilling results incl. 152m @ 0.27% Cu, 0.71% Pb, 1.50% Zn, 4.20g/t Ag, 0.05g/t Au from 68m. Toronto, July 31, 2018 – Buchan | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Paul moore (Internal) | |
| ABSTRACT: | Toronto, July 31, 2018 – Buchans Resources Limited (“Buchans” or the “Company”) is pleased to announce interim results from its ongoing 5,000 metre drilling programs at its base metal exploration projects in central Newfoundland. In central Newfoundland Buchans is currently undertaking a 2,200-metre drilling program to further delineate and upgrade the Company’s Lundberg deposit, as well as explore several other target areas located less than three kilometres from Lundberg (Buchans news release dated May 25, 2018). The other target areas include the Two-Level, West Orebodies, Oriental East and Sandfill target areas where the Company is exploring for additional resources that could be exploited with Lundberg as possible additional open pits and/or underground development sites. Results from the Lundberg drilling will be compiled with previous drilling results obtained in 2014 and 2015 that extended mineralization beyond the limits of the currently defined resource estimate compiled in 2013. Buchans has engaged Mercator Geological Services of Dartmouth, Nova Scotia to prepare a new resource estimate expected to be available in Q3 of 2018. In addition, Buchans has engaged AGP Mining Consultants Inc. of Toronto, to conduct an internal scoping study to evaluate and assess possible mining and processing scenarios for development of Lundberg as an open pit mine, including further application of Dense Media Separation (“DMS”) technology. It is expected that the updated resource estimate and scoping study will provide a path forward for completion of a Preliminary Feasibility Study (PEA) on Lundberg as an open-pit, zinc, lead and copper mine. To date, Buchans has completed 14 holes (total 1,200 m), including drilling at the Oriental East area, immediately east of the high-grade, former Oriental mine where the Company is exploring for moderategrade, near surface extensions to the Oriental deposit. | |
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