Initial results from the summer resource drilling definition drill program at Foran Mining Corporation’s McIlvenna Bay property have been announced.
Four holes from the summer drilling program at the property, located south of Hanson Lake about 100 kilometres by road from Flin Flon, have showed high-grade mineralization in the heart of the deposit.
The drilling has revealed up to 9.46 per cent zinc in some results, with up to 11.83 per cent zinc over 2.94 metres.
Foran’s summer drill program is slated to continue until late September, including more than 12 kilometres of total drilling in 33 holes and other, short holes to collect geotechnical information in the area where Foran is proposing to install a mine portal if the project advances.
In Foran press materials, the company states that the McIlvenna Bay site is the largest undeveloped volcanogenic massive sulphide (VMS) deposit in the Flin Flon Greenstone Belt.
Vanadium
A Vancouver-based company has announced it will begin searching for a rare metal in northern Manitoba.
Uracan Resources has entered into a definitive agreement to purchase up to 100 per cent of a property near Huzyk Creek. The property, located near Highway 6 about 70 kilometres southeast of Snow Lake and about 70 kilometres west of Cross Lake, is thought to contain vanadium, a mineral that can be used in alloys to make materials resistant to shock, stronger and more resistant to erosion. Vanadium has also been used in certain types of batteries.
The Huzyk Creek area has been explored in the past by companies searching for base metals, but has not been checked for vanadium.
A drill resampling program from the property, which covers around 220 square kilometres, has shown a zone of vanadium mineralization, according to a press release from Uracan. Further vanadium anomalies have been found in historic drilling results throughout the property.
Uracan will acquire the property by making three payments totaling $215,000 and issuing $180,000 of shares in the company to mining property vendors, as well as spending $2.5 million to explore the property.
Hudbay purchase
A purchase by an American investment company has made Hudbay millions.
Jennison Associates, a New York-based investment firm, bought more than 1.6 million shares in Hudbay on Sept. 8. The estimated value of the shares is just under $9 million, buying the firm a slim minority share in Hudbay – about 0.6 per cent of the mining company’s ownership.
Jennison is the most recent investment group to purchase Hudbay shares. Other groups, including Neuberger Berman Group, Quantbot Technologies, LPL Financial, Usca Ria and BlackRock Inc., have purchased portions of Hudbay this year, adding more than a million dollars to Hudbay’s coffers.
