SOURCE: VantageWire.com - The Timmins gold camp doesn't need much of an introduction. It's one of the most productive gold regions of the world, known for hosting high-grade, long-life mines, primarily underground; however, in recent years there have been large open pit operations driven by high gold prices. Until the consolidation of the various deposits, which are now being mined by Lakeshore Gold twenty km west of Timmins, there was a long running belief that no large economic gold deposits were to be found to the west of the Timmins camp.
Rapier Gold Inc. [RPR.V, "Rapier"] was formed last year through a spinoff of Rogue Iron [RRS.V] and the acquisition of the adjoining gold project from Rio Tinto plc, to create the 16,448-hectare Pen Gold Project, 75km SW of Timmins, Ontario. The Pen Gold Project is one of the largest land positions in the Abitibi gold belt and is transected by the interpreted extension of the Destor-Porcupine Fault Zone.
Rio Tinto operated a talc mine on its property, which was sold two years ago, to the French group Imerys who continue to mine and process talc on the site.
Due to a very fortunate observation of visible gold flakes in the lower portion of a talc drill hole, during re-logging by a Rio Tinto geologist, gold officially became an exploration target. It was this VG in Rio Tinto's hole PC98-36 and the subsequent fourteen hole drilling for gold, by Rio Tinto, that piqued the interest by what is now the Rapier Gold management team.
Rapier listed on the TSX.V on March 8, 2013.
AuRico Gold [AUQ.TSX, AUQ.NYSE] invested in the initial financing and owns 19.9%
Rapier's results, on its first thirteen hole drill program at the Pen Gold Project, are significant and now demonstrate two new discoveries;
1. 13.02 g/t gold over 4.3 m drilled in drill hole PG13-108, and
2. VMS style mineralization intersected in drill hole PG13-110.
The results from this first drill program, in general, demonstrated high-grades, multiple veins and complex structural elements that the Timmins Camp is known for.
Rapier's exploration team are significantly advanced in the summer exploration program consisting of primarily prospecting and mapping, while the surface rock exposures are accessible. Over 800 hectares, or approximately 5%, of the Pen Gold Project's 16,000 hectare property has now been covered by mapping crews. Over 2,500 hectares have now been prospected with 296 of 397 grab rock sample assays being returned. 13 samples reported grades greater than 50 ppb gold with the highest values of 4.89 g/t from a sub-outcrop and 0.54 g/t from an outcrop, west of the Westgate Area.
THE MYTH OF NO GOLD TO THE WEST
Until more recently, the area west of Timmins was discounted due to the lack of large gold deposits found and the undetermined location of the extension of the Porcupine-Destor Fault Zone.
If one looks at the Ministry of Mines' Mineral Resource Map, it shows that all over the Abitibi Belt, through Timmins and Val d'Or, there are plenty of polymetallic and base metal deposits. On the northeastern boundary of Rapier's property is an old asbestos mine, along with an active talc mine on the property. In the region are an old nickel mine, an old barite mine, an old silica mine, and past producing gold deposits along with iron formation mineralization. It's a very mineral rich, and diverse area. But the mineral most underexplored over the property is definitely gold.
The Timmins area retains its reputation of being one of the world's best gold regions. The Dome Mine has been running for more 100 years and the area hosts many rich gold mines, as well as numerous base metal deposits. The Kidd Creek mine is one of the largest VMS mines in the world, producing copper, lead, zinc, and silver.
75 km west of the Pen Gold Project, near Chapleau, Ontario, Probe Mines are drilling out the Borden Gold project which was discovered in 2010 and now hosts a resource of over 2 million ozs which is growing significantly with the recent discovery of a high grade zone, within the broader lower-grade envelope that made up the original resource estimate.
THE BOTTOM LINE
Many factors led to Rapier's current land position and game plan. Timing and location led to Rapier being able to acquire the north 1/3rd of its Pen Gold Project's land position from Rio Tinto.
The key driver to this story is the location, the size of the land position, and the fact that very little historical work has been done.
Rapier's President and CEO, Roger Walsh, refers to this project's assembly story as, "Probably the luckiest break I've had in my career. The fortuitous combination of these two underexplored land positions, in a highly prospective area, is a unique opportunity for Rapier. The initial exploration results, support the significant potential of the property."
It also helps that the original author of the project's 43-101 report was so enamored with what he saw in the project's potential that he wanted to join the team. Current VP of Exploration Gary Wong wanted in, immediately after looking the project over, based on his experience as part of Placer Dome's exploration group.
On top of the gold potential, management insists that it is seeing strong signs of potential for the possibility of a VMS deposit. Results from Hole 110 fed this possibility, and it will be looked at in detail by a VMS expert. By no means, however, are they changing direction. The VMS potential means they may have picked up a little bonus, and some additional blue sky for potential investors to weigh in.
The company is set to move forward by tackling more drill targets to follow up the recent program. Out of 13 holes drilled, 5 hit gold.
G. Joel Chury
For the Bottom Line Report
Click link for original article and disclaimer: http://www.vantagewire.ca/articles/timmins-rich-tradition-focused-future-rapier-golds-discoveries-west-timmins-look-positive-g
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