ONTARIO – TomaGold Corp
. of Montreal has bought up a 39.5% interest in the Sidace Lake project from Planet Exploration. Goldcorp
holds the remaining 60.5% of the project 25 km northeast of Balmertown in the Red Lake mining camp.
In 2009 a resource estimate was made for Sidace Lake using a gold price of US$800 per oz. Resources in two zones – Main Discovery and Upper Duck – were given as 1.37 million indicated tonnes grading 3.21 g/t Au and containing 141,300 oz of gold. The inferred resource was 2.10 million tonnes grading 3.24 g/t and containing 218,800 oz of gold. A 1.5 g/t cut-off grade and a 35 g/t Au high grade cap were used. The mineralization remains open along strike and at depth.
TomaGold said in a release that the Main Discovery zone has characteristics reminiscent of the Hemlo gold deposit near Marathon. The similarities include the following:
- A deformed porphyry system expressed as a quartz-sericite schist with disrupted quartz veinlets and associated molybdenite, arsenides and iron sulphides;
- Rocks on the structural footwall ("FW") displaying intense microcline alteration;
- A main gold-bearing horizon that lies between the potassic alteration (microcline) zone on the FW and a massive quartz unit, interpreted as a meta-chert on the hanging wall; and
- Evidence of high temperature and high pressure metamorphic environments (amphibolite facies).
TomaGold has interests in several other gold properties in Quebec. Learn about them at www.TomaGoldCorp.com