Sidace Lake (Red Lake Mining District), Ontario |
|
Subject only to a 1% Net Smelter Royalty (“NSR”), Planet/Goldcorp joint venture owns 100% of the Sidace Lake Property, which comprises 63 unpatented contiguous mining claims (covering approximately 12,439 hectares) in the Red Lake Mining Division, Ontario. The property is covered by the Coli Lake (G-1759), Sobeski Lake (G-1885) and the Black Bear Lake (G-1739) claim map sheets (N.T.S 52N/5) located 25 km north east of Balmertown. On May 10, 2006 Goldcorp, the operator of the property, exercised its option to increase its ownership in the Sidace Lake property from 50% to 60%.
All current and future costs are to be borne 60% to Goldcorp and 40% to Planet. Planet is well funded and is well able to meet its commitments as it goes forward in exploring this property.
From 1998, when Planet first took an interest in the property, to the end of January 2007, the Company and its joint venture partner had drilled 56,597 metres in 161 holes, the majority of which focused on the Main Discovery Zone (MDZ). This includes a further 1978m in 2 wedges from the same mother hole (RL-06-137) completed during the period November 2006 to January 2007.
|
|
Main Discovery Zone (MDZ)
The MDZ is a tight, gold-bearing arsenopyritic ‘Z’ fold within a quartz-sericite schist. The fold and gold values are confined to a north striking limb of 200m strike near surface, which increases as tightness of the fold eases in depth to closer to 350m at about 400m vertically below surface datum. The fold plunges almost vertically towards the north.
The following are the more important values returned on the MDZ during the 2006-2007 drill program:
Hole # |
From m |
To m |
Au Grade g/t |
Thickness m |
| RL-06-131 |
390.00 |
397.00 |
14.57 |
7.00 |
| |
401.00 |
404.00 |
4.31 |
3.00 |
| RL-06-132 |
342.00 |
345.00 |
4.80 |
3.00 |
| |
436.00 |
439.00 |
8.16 |
3.00 |
| RL-06-133 |
278.00 |
282.00 |
7.08 |
4.00 |
| |
332.00 |
336.00 |
6.87 |
4.00 |
| RL-06-134A |
78.00 |
78.50 |
31.00 |
0.50 |
| |
379.00 |
380.00 |
10.30 |
1.00 |
| |
451.00 |
453.00 |
9.02 |
2.00 |
| RL-06-136 |
553.00 |
576.00 |
24.90 |
23.00 |
| |
608.00 |
644.00 |
2.63 |
36.00 |
| |
629.00 |
630.00 |
8.54 |
1.00 |
| |
630.00 |
631.00 |
6.76 |
1.00 |
| |
640.00 |
641.00 |
7.23 |
1.00 |
| |
691.00 |
692.00 |
83.15 |
1.00 |
| |
728.00 |
745.00 |
1.65 |
18.00 |
| |
731.00 |
732.00 |
16.40 |
1.00 |
| RL-06-136A |
541.00 |
560.00 |
2.19 |
19.00 |
| |
543.00 |
544.00 |
7.34 |
1.00 |
| |
575.00 |
586.00 |
3.19 |
11.00 |
| |
582.00 |
583.00 |
17.19 |
1.00 |
| RL-06-137 |
1,067.00 |
1,077.00 |
2.89 |
10.00 |
| |
1,068.00 |
1,069.00 |
8.31 |
1.00 |
| |
1,069.00 |
1,070.00 |
11.46 |
1.00 |
| |
1,151.00 |
1,152.00 |
4.44 |
1.00 |
| RL-06-137B |
1,171.00 |
1,172.00 |
4.92 |
1.00 |
| |
1,009.00 |
1,010.00 |
3.54 |
1.00 |
| |
1,017.00 |
1,021.00 |
2.31 |
4.00 |
| |
1,109.00 |
1,112.00 |
2.17 |
3.00 |
| |
1,121.00 |
1,123.00 |
2.25 |
2.00 |
| |
1,129.00 |
1,134.00 |
2.04 |
5.00 |
Of particular note are the 8.31 g/t and 11.46g/t values in RL06-137, from almost 1000m vertical depth from surface, and some 300m beneath the next deepest hole. Although the two successfully completed branches of the hole passed to the south of the heart of the zone, they still demonstrate that the zone persists at depth, with significant gold values. This gives us continuing encouragement, and a further 6,000m drill program on the MDZ is planned for late spring to early summer 2007, the focus of which will be infill pattern drilling aimed towards the eventual definition of an exploitable resource.
The following are the more important values returned in addition to the above in the last 24 months of drilling on the MDZ:
Hole # |
From m |
To m |
Au Grade g/t |
Thickness m |
| RL-06-107 |
329.00 |
343.00 |
9.65 |
14.00 |
| |
391.50 |
412.00 |
4.24 |
20.50 |
| RL-06-109 |
322.00 |
333.00 |
10.63 |
11.00 |
| |
368.00 |
371.00 |
22.68 |
3.00 |
| RL-06-112 |
418.00 |
426.00 |
2.62 |
8.00 |
| |
523.00 |
541.00 |
11.66 |
18.00 |
| RL-06-118 |
72.00 |
74.00 |
4.65 |
2.00 |
| |
107.00 |
123.70 |
3.00 |
16.70 |
| RL-06-119 |
91.00 |
102.1 |
2.71 |
11.10 |
| RL-06-121 |
39.00 |
52.00 |
1.32 |
13.00 |
| |
75.00 |
84.00 |
1.31 |
9.00 |
| |
88.00 |
95.00 |
1.44 |
7.00 |
| RL-06-122 |
96.00 |
111.00 |
1.13 |
15.00 |
| |
122.00 |
132.00 |
1.76 |
10.00 |
| |
138.00 |
146.00 |
4.89 |
8.00 |
| |
151.00 |
154.00 |
3.73 |
3.00 |
| RL-06-124 |
34.00 |
53.1 |
1.87 |
19.10 |
| |
64.00 |
67.70 |
3.22 |
3.70 |
| RL-06-125 |
200.00 |
205.00 |
1.44 |
5.00 |
| |
238.00 |
265.00 |
3.00 |
27.00 |
| RL-06-128 |
298.60 |
307.00 |
2.68 |
8.40 |
| |
468.00 |
500.00 |
5.76 |
32.00 |
Additional exploratory drilling has also yielded five other targets: the Far West; Deep Footwall; Skarn; Upper Duck (UDZ); and Anderson Zones. Results received on these targets have been encouraging and will be subject to further drilling in the future.
This success on the MDZ, and our successes on the Upper Duck Zone (UDZ) mean that we now have two promising bodies on which we are focusing our evaluation efforts. The heart zone of the UDZ is over a kilometre southwest of the MDZ.
The Upper Duck Zone (UDZ)
The Upper Duck Zone (UDZ), a 2-4m thick ironstone feature, which is over a kilometre south west of the MDZ, has
been followed for several hundred metres along strike. In the heart of this, 8 holes drilled in 2004 and 2005
returned good values over some 300m of open-ended strike.
The following are the more important values returned from the UDZ:
Hole |
From m |
To m |
Au g/t |
Interval m |
| RL-04-61 |
42.00 |
46.00 |
8.28 |
4.00 |
| RL-05-66 |
102.00 |
110.90 |
4.03 |
8.90 |
| |
121.00 |
128.80 |
9.71 |
7.80 |
| RL-05-67 |
100.50 |
104.50 |
15.18 |
4.00 |
| RL-05-68 |
30.00 |
45.00 |
4.08 |
15.00 |
| Including |
36.00 |
37.00 |
59.15 |
1.00 |
| RL-05-70 |
137.00 |
140.50 |
5.23 |
3.50 |
| RL-05-78 |
157.00 |
158.00 |
16.75 |
1.00 |
| |
169.00 |
170.00 |
3.01 |
1.00 |
| |
177.00 |
178.00 |
5.20 |
1.00 |
| RL-05-79 |
180.00 |
183.58 |
6.62 |
3.58 |
| Including |
182.68 |
183.58 |
22.36 |
0.90 |
| RL-05-80 |
47.00 |
48.00 |
2.33 |
1.00 |
| |
49.00 |
50.00 |
5.65 |
1.00 |
| |
58.00 |
59.00 |
3.34 |
1.00 |
| |
63.00 |
63.85 |
4.73
|
0.85 |
A drill program of 2,421m commenced on this zone in mid March 2007, aiming initially at probing this core area at rather deeper levels. To date the drilling consisted of holes to shallow depths of up to approximately 350m.
Preliminary results from the six hole drill program have been received and are set below.
Diamond drill hole RL07-139 returned gold assays of 135.58g/t over 0.60m and 61.63g/t over 0.80m; an
average value of 93.32g/t over 1.4m from the Upper Duck Iron Formation. The full thickness of 3.60m of iron
formation averaged 36.46g/t gold.
Hole |
From m |
To m |
Au g/t |
Interval m |
| RL-07-138 |
335.00 |
336.00 |
10.38 |
1.00 |
| RL-07-139 |
335.20 |
338.80 |
36.46 |
3.6 |
| |
335.20 |
336.00 |
61.63 |
0.80 |
| |
336.00 |
336.60 |
135.58 |
0.60 |
| |
346.00 |
351.00 |
1.95 |
5.00 |
| RL-07-140 |
306.00 |
307.00 |
2.47 |
1.00 |
| RL-07-141 |
Assays awaited |
| RL-07-142 |
Assays awaited |
| RL-07-143 |
Assays awaited |
Further results should return within the next few weeks, and will be announced as soon as they are available.
All six holes drilled this season have targeted the heart of the UDZ, an open-ended 300m strike in which
previous drilling returned values such as RL05-66: 22.15g/t over 1.00m at 103.5m depth; RL05-67: 17.16g/t
over 3.5m at 100.5m; RL05-68: 59.15g/t over 1.00m at 36.0m; RL5-70: 6.93g/t over 2.5m at 138.5m and
RL05-79: 24.85g/t over 0.90m at 182.0m.
As a result of this previous drilling, similar good values were expected in this targeted zone; but the values in
RL07-139 are exceptional. A follow-up drill program will commence shortly.
The UDZ feature has been traced for more than 1,400m total strike. RL05-77 300m southwest of the present
program returned 12.00g/t over 4.00m at 249m depth and RL05-84 another 700m further west: intersected
4.51g/t over 2.00m at 156.5m depth.
Gold values in the UDZ are associated with intense arsenopyrite mineralization, which is not always confined
to the 2-4m thick ironstone feature. The multi-ounce intersection in RL07-139 is in typical iron formation.
There are further promising intersections of the iron formation in RL07-141 and RL07-142, for which assays
are awaited. RL07-143 showed dyke interference of the iron formation.
A further program of evaluation drilling for 4,000m on the UDZ is planned to commence as soon as all results from the
spring program are received.
This success on the UDZ, and our continued successes on the Main Discovery Zone (MDZ) mean that we now have two promising bodies on which we are focusing our evaluation efforts. The heart zone of the UDZ is over a kilometre southwest of the MDZ.
Plans are also well in hand to commence drilling again within the next month on the MDZ. The program calls
for an additional 6,000m to be drilled concurrently with the 4,000m UDZ program in this next phase. |
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_2.gif)
