After announcing “promising” results from a mineral property near Flin Flon, a junior exploration company says it has resumed prospecting on a site outside Snow Lake.
Earlier this summer, Copper Reef Mining Corp unveiled results from winter drilling at its Albert’s Lake property, located 20 km east of Flin Flon.
An intersection from one drill hole assayed 2.2 grams of silver per tonne – a level Copper Reef called high, adding that values above two grams of silver “are indicative in the Flin Flon belt that you may be on a productive horizon.”
In a news release, the company said it is “encouraged” that the target encountered in the hole turned out to be a mineralized sulphide horizon “with elevated zinc and silver values.”
“Copper Reef believes this is a promising horizon,” the company said, adding that it plans to conduct a ground geophysical survey to trace the anomaly to the south, closer to a more intense alteration in the Leo Lake area, this winter.
A second drill hole targeted another anomaly and overshot the “key horizon” intersected in the first hole, the company said. The sulphide horizon uncovered by this hole “is of no further economic interest.”
Meanwhile, the Flin Flon-based Copper Reef announced earlier this month that it has closed a private placement offering to generate $50,000.
The funds will be used in part for corporate purposes and for exploration at the North Star-Gold Rock property, located 50 road km west of Snow Lake.
A grid is currently being cut on the property, the company said. Along the grid, geological mapping, prospecting and sampling was set to begin in August.
Copper Reef is planning a raise at the site that will be used to complete a new guideline-compliant estimate of resources at North Star-Gold Rock.
