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The
Lemoine project is located 25 km
south of Chibougamau and is
easily accessible via
public and forestry roads. Cogitore now owns 77% of the project while
Inmet’s
23% residual interest decreases as Cogitore carries out work in which
Inmet
declines to participate. The project encloses the former Lemoine Mine
which
produced 0.76Mt of high grade massive sulphide ore (> $400/t at
today's
prices).
In terms of grade,
Lemoine ranks number 2
in
Canada
(second only to Eskay Creek) and is within the top 1% of all VMS
worldwide. The
property encloses a 17
km
segment of the regional Waconichi Formation which is the favourable
horizon
hosting the deposit. On the Lemoine property, the Waconichi Formation
consists
of porphyritic rhyolites which have locally undergone strong
hydrothermal
alteration in chlorite-sericite over large areas. Considering that VMS
deposits
(like Lemoine) typically occur as clusters to form mining camps, the
exploration concept guiding exploration at Lemoine is to look for other
deposits
which could have formed at the same time as Lemoine along the
productive
horizon.
A number of
interesting targets have emerged in the course of important drilling
campaigns
by Cogitore since 2004. These include a 2 kilometre
wide
alteration zone atthe west end of the property and two sectors
discovered in
2005 that show clear near term potential respectively in the LEM-47 and
LEM-49
areas. Hole LEM-47 was drilled
approximately three kilometres southwest of the Lemoine Mine and was
targeting
a new potential mineralized horizon located about 250 metres
north of, and
stratigraphically below the horizon that hosted the past producing
Lemoine Mine.
It yielded:
| Hole |
From (m)
|
To (m) |
Length
(m) |
Cu % |
Zn % |
| LEM-47 |
272.0 |
297.3 |
25.3 |
0.25 |
0.81 |
| Incl. |
277.0 |
286.0 |
9.0 |
0.18 |
1.77 |
| and |
296.2 |
297.3 |
1.1 |
2.31 |
0.20 |
Hole
LEM-47 was
drilled about four kilometres to the northeast of the Lemoine mine and
was targeting
the Lemoine horizon:
| Hole |
From (m)
|
To (m) |
Length
(m) |
ppm Cu |
Zn % |
| LEM-49 |
372.0 |
384.0 |
12.0 |
733 |
0.74 |
| Incl. |
372.0 |
379.0 |
7.0 |
926 |
1.18 |
| Incl. |
372.0 |
373.25 |
1.25 |
1490 |
3.19 |
All of the above noted
mineralization in LEM-49 is hosted by volcanic rocks sitting above
the
Lemoine mine horizon and reflects a hydrothermal system vigorous enough
to have
breached through rocks overlying the Lemoine horizon in this area,
hence
justifying focused exploration efforts in the LEM-49 sector.
Future exploration
work will focus on the extension at depth of the Lemoine deposit itself
and on
several areas where there is strong evidence of hydrothermal alteration
elsewhere on the property.
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