News that caught my eye this week No.1
Radioactive soils and head scratching over a TSX-listed gold intersect. Canada themed post.
This is the first in a weekly series where I highlight announcements that caught my attention during the preceding week. Looking to make these short and snappy alongside my longer articles. I also make mention of a intersect that came out 3 weeks ago given it is too interesting not to get caught up on.
Infini Resources- I88-Stunning High Grade Uranium Soil Results at Portland Creek
This one was very positively received as the chart indicates. I must admit that I was blissfully unaware of this company and of Uranium in Newfoundland. But it is documented as a number of mineralization styles including hematite breccias with very high-grade uranium akin to a IOCG? Very interesting.
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Mineral Commodities of Newfoundland and Labrador Uranium
and
Of interest is the companies soil sampling that has come back with very high readings, some that will need re-assay by grade level methods reserved for the Athabasca basin high-grade U deposits. Stuff that’s in-excess of 1 % U3O8.
Location of soil samples with very high U3O8.
It turns out that this radioactive soil was known about and discovered in the 70’s as per this historical report. The company that tested it speculated that given the low radioactivity and the absence of daughter products then it must be young and the product of leaching from nearby “hot” granites.
Uraniferous “loam” as defined in the historical report.
Historical explorer discounting the significance of the very high U soils.
The company that discovered it drilled a hole somewhere in the vicinity and got nothing.
So, its either a small loam deposit formed from normal weathering of hot granites or the leaching of U from a high grade deposit. Given the U concentrations here I struggle to believe that this can happen through business as usual weathering. If this was the case this type of deposit would be much more widespread. That could make it a target in and of itself across a larger area. The hope is that it is related to a high grade near surface deposit that the company will discover.
I watch with great interest.
Ramp Metals-RAMP.V-Ramp Metals Announces New High-Grade Gold Discovery of 73.55 g/t Au over 7.5m at its Rottenstone SW Project
You may ask how I manage to keep track of the TSX as well and the answer is quite easy. When something pops on a chart like this it stands out on any screener….. also periodic insomnia.
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The company drilled a number of holes in Saskatchewan targeting EM anomalies in mafic rocks and even got superstar Mark Bennet involved. Why? because they were looking for nickel. They hit their EM anomalies and came up with barren pyrrhotite (as most of them do). But deeper in the hole that tested their ranger anomaly they assayed some unimpressive looking veins that came back with what are supposedly the highest gold grades seen in this state (province). Multiple parts of the hole are mineralized and there are further assays expected.
Location of high grade gold intersection.
The core itself is puzzling and I am surprised that they assayed it to begin with. Certainly, they did catch some rock chips on the surface. That is interesting as there is nothing around them as far as shows and historical mines are concerned and the rock looks to be high-grade metamorphic orthogenesis that almost melted. Not the kind of place one finds high-grade gold. Although this is the case at the now exhausted Challenger Au-deposit.
Core containing the high-grade Au intersection.
So what to do with this, the rock looks like it has no gold, but yet it does. The company was targeting a a EM anomaly but clipped this.
Thinking about it from a statistical point of view and leaving the cynic aside we can conclude that the probability of a company randomly hitting this sort of intersect is near 0, yet it happened. If we then assume that they have made a extremely serendipitous discovery then we can also assume that the probability of the company hitting the best part of this deposit is even more unlikely. There may be better on the way.
So this could be a really significant Greenfields discovery. They are due to drill in September and collecting further targeting data in the mean time.
Once again I watch with great interest.
Cheers,
CC