Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
ArcPacific Resources (TSXV: ACP) has located an early 1900s era gold-copper mine previously incorrectly plotted in the British Columbia government database during initial work its 100% owned LMSL project. The lost mine represents one of many historic workings on the LMSL property, located in BC’s primary copper and gold producing belt.
The historic mine adit was located while infilling an area with limited data surrounded by anomalous copper geochemistry, identified by the company’s extensive compilation program as a high-priority area. Mining in this area was thought to have taken place during the early 1910s, though neither records of development nor evidence of drilling were found.
Extensive compilation by ArcPacific’s team has identified three samples from the vicinity of the newly located mine workings, two of which assayed as follows: 50.83 g/t gold and 125.4 g/t silver, and 0.92 g/t gold and 130 g/t silver.
The historic gold-copper mine follows a mineralized fault structure located along the west side of the valley cutting Swakum Mountain. The fault orientation suggests it is likely a sub-parallel splay or branching structure related to a larger and more significant magnetic-low (fault) structure that is at least 2.5 km long within the untested valley floor.
The 2022 drilling program includes drill holes targeting the prominent magnetic-low structure in the vicinity of the historic mine. The planned drilling also aims to test other areas including newly developed geological vector models where increased potassic alteration is indicated proximal to historic drilling with porphyry-style mineralization.
The ongoing fieldwork leading up to the 2022 drilling is infilling untested areas and testing new prioritized target areas recently developed by GoldSpot Discoveries, spread across the 120 sqkm project area.
The LMSL property is located in the Quesnel Trough of south-central BC, which is host to several operating copper and gold mines. The project is immediately adjacent to Teck Resources’ Highland Valley mine. Also in the vicinity are Kodiak Copper’s MPD porphyry discovery and the New Afton mine held by New Gold.
Mineralization at the LMSL property has been identified as a copper-gold-molybdenum porphyry system with potential to host a cluster of deposits. As many as 24 target areas have been generated by GoldSpot, whose geochemical analysis suggested the presence of multiple porphyry centres. These will be tested during this summer’s drilling program, the company said.
