Advanced mineral explorer Chase Mining Corporation (ASX: CML) has reported the presence of fine-grained visible gold during a diamond drill program at the Lorraine gold project in south-western Quebec.
Activities have been targeting gold, copper and silver mineralisation reported from historic sampling and limited drilling associated with a six-level development of the associated Lorraine nickel mine.
Visible gold was encountered 462m downhole in a zone of silica-carbonate altered footwall rocks with only minor sulphide content.
A high-grade intercept of 1m at 53.47 grams per tonne gold and 12g/t silver was recorded from the historic hole, first drilled around 1967.
Chase first decided to deepen the hole to evaluate footwall basalts following the intersection of an 8m breccia zone at 360m depth and to test for additional potential mineralisation in the mine footwall.
Due to intermittent zones of alteration and silicification in the footwall rocks – including the zone intense alteration at 462m containing the visible gold – the hole was extended to a final depth of 513m.
The discovery of the footwall alteration zone has opened up significant potential for gold mineralisation to be hosted at Lorraine, and is separate to the original contact target zone at approximately 390m downhole.
Earlier this week, Chase said it had successfully completed the first hole of the program at 368.5m.
The results visually confirmed the interpretations made in the scope of works targeting historic reported gold mineralisation at the Lorraine nickel mine.
The Lorraine project is located within the Lac Des Bois sector of the Belleterre-Angliers greenstone belt in Quebec.
It contains the historic copper-nickel sulphide deposit of the Lorraine mine and several other mineralised nickel-copper, platinum group elements or gold occurrences.
Stope development at Lorraine was put on hold during the 1960s due to a drop in metal prices and poor nickel and rich copper occurrences in levels three and four.
Development work continued on levels five and six to provide drill access to the east-southeast plunging nickel-copper ore zone and gold mineralisation was reported around the same area during this time.
Best results included 28m at 45.24g/t gold, 41g/t silver and 3.19% copper; and 9.4m at 14.12g/t gold, 22g/t silver and 3.16% copper.
Orix Geoscience Canada was contracted to compile the historic Lorraine mine gold data and digitise associated drilling results to provide an accurate location of the high-grade gold mineralisation found during the current program.
At mid-morning trade, shares in Chase were 26.09% higher at $0.029.