Mining report: Gold levels found at Alberts Lake

Copper Reef has reported more results from its summer prospecting and mapping campaign at the Alberts Gold property near Snow Lake.

Out of 16 samples, 12 samples showed levels of gold, with one measuring up to 54.73 grams per tonne. Nine of the samples were above eight grams per tonne, with five over 14 grams per tonne.

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The samples were taken at areas between 300 and 400 metres north of the existing deposit.

Another 55 samples from a location further north and west of the testing site are still awaiting testing at a laboratory in Saskatoon.

Mapping and prospecting in the area has led to the discovery of several intriguing geological anomalies around the Alberts Lake site, including outcrops of quartz-veined ankeritic sericite schist – the same type of rock found within the Alberts Lake deposit itself. One schist outcrop could extend the existing zone by as much as 650 meters, while another may extend the deposit by about 100 meters.

Geological surveys of the site will continue later this month, including a ground survey after the ground freezes.

In addition, Copper Reef announced they will be providing resource definition and infill drilling for Foran Mining, the owners and operators of the McIlvenna Bay project. Four drills and more than 30 employees are currently at the site, which Copper Reef maintains a royalty on.

Foran Mining has opened a total of 350,000 incentive stock options to employees and consultants working with the company.

Each stock option includes a share of the company, at a price of 41 cents per share. The shares are set to expire in August 2023.

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