Mexico’s proposed higher mining royalties could block nearly $7bn in investments
The Mexican government proposed raising mining royalties under the argument that metal prices have risen in recent years.
Airborne survey results from Red Lake Gold’s 212 sq. km Whirlwind Jack project in Ontario suggest that the LP fault zone extends for at least 12 km westward onto the property.
In the fall, Red Lake Gold completed a 2,045 line-km airborne survey on a 50 metre spacing which was flown on a low-level grid pattern and covered the eastern portion of the Whirlwind Jack project which adjoins Great Bear Resources’ Dixie project.
“The results provide demonstration of the continuity of the LP fault structure extending on to Red Lake’s Whirlwind Jack gold project. The magnetic survey has also been successful in defining an exploration corridor within which the Red Lake Gold can focus exploration efforts during the upcoming year,” Ryan Kalt, the company’s CEO said in the release.
Red Lake Gold added 88 sq. km of ground to Whirlwind Jack in August, and started field exploration at the project in September
Based on the survey results, the company has traced a one-km wide prospective zone within this interpreted western extension of the LP fault.
The LP fault structure traced at Whirlwind Jack is an east-west trending deformation zone hosted by a mafic-felsic volcanic sequence. Additional splays and offsets identified off of this fault suggest potential for fluid flow environments which could lead to future exploration targets.
The results of this survey supplement previously available but more widely spaced data from the government; no additional airborne surveys have been completed on the central and western portions of the project.
The magnetic low adjacent to the interpreted LP fault will be a focus of the company’s exploration efforts this year. Based on the low topography at the eastern portion of Whirlwind Jack, Red Lake Gold expects to be able to complete a soil sampling program on this section of the property.
Red Lake Gold added 88 sq. km of ground to Whirlwind Jack in August, and started field exploration at the project in September. Also in September, the company appointed Toby Hughes, a professional geologist with over 35 years of experience in gold exploration as its vice-president of exploration.
At Great Bear’s 91 sq. km Dixie property, gold mineralization has been traced to date along a 4-km section of the 12-km long LP fault.
(This article first appeared in the Canadian Mining Journal)
