Rapier Gold Inc. Completes First Stage Drilling Program on the Pen Gold Project
May 23 2013 - 7:32PM
Marketwired Canada
Rapier Gold Inc. (TSX VENTURE:RPR) (the "Company") is pleased to announce the
completion of the initial drill program on the Pen Gold Project. The Pen Gold
Project comprises 16,448 hectares (approximately 160 sq km), 75 km south west of
Timmins, in close proximity to the western extension of the Porcupine-Destor
Deformation (Fault) Zone, one of the most productive gold structures in the
world. Refer to Appendix 1.
Roger Walsh President and CEO said "We are delighted to have completed the first
phase of our drilling on the Pen Gold Project. Logging of the core is proceeding
well and we anticipate releasing initial results in mid-June. We will be flying
a LIDAR survey on the south portion of Pen Gold Project and commencing a large
scale mapping and prospecting program on the project now that snow has melted."
The drill program of thirteen holes, 4,350 m, focused on four key areas of the
Pen Gold North Project (refer to Appendix 2 and Appendix 3 for maps of new
holes):
-- Porphyry Hill Area. A new target area located approximately 4 km west of
the Talc Mine.
-- Midway Area. 300 m northeast of the historical drilling at the Talc
Mine.
-- Talc Mine Area. Rio Tinto Minerals completed fourteen diamond drill
holes in this area, in 2008 and 2010, after gold was discovered in the
vicinity of the talc mine. Refer to table below for details of Rio Tinto
Minerals' previous drilling.
-- Westgate Area. An area approximately 2 km north of the Talc Mine, where
historical grab samples ran up to 4.8 g/t.
Summary of Rapier's drill holes:
PG13-101
This hole on the Porphyry Hill Area was planned to test underneath the 4.4 g/t
grab sample assay from a quartz stringer taken during the summer of 2010 by Rio
Tinto Minerals, and a 1.2 g/t channel sample from Rapier's fall 2012 program in
the same vicinity. The drill hole was designed to test both the NE and WNW
trending shear structures and veining and was ended at 213 m.
PG13-102
This hole was drilled at the Midway Area, 300 m north of the Talc Mine Area, to
test the NE structure parallel to the mine access road and to reveal geological
information inaccessible by surface methods under the swamp. It ended at 402 m
near the property boundary.
PG13-103 to PG13-106
These four holes in the Talc Mine Area were designed to test two limbs of a fold
structure interpreted from Rio Tinto Minerals' two previous exploration programs
and ended at 357 m, 384 m, 288 m and 405 m respectively.
PG13-107
This hole, in the Talc Mine Area, was designed to test a possible fold nose of
the carb rock zone and was ended at 363 m.
PG13-108 to PG13-110
These three holes in the Talc Mine Area tested areas without current surface
information. They were ended at 405 m, 300 m and 318 m respectively.
PG13-111
This shorter hole, in the Talc Mine Area, was drilled to test mineralization
further west of favourable geology encountered in hole PC13-105, and was ended
at 201 m.
PG13-112 and PG13-113
These two holes were drilled in the Westgate area to test anomalous grab rock
samples. They ended at 309 m and 411 m respectively.
We have completed logging up to PG13-108 and anticipate issuing initial assay
results of holes PG13-101 to PG13-109 by mid-June, and the remaining holes
before the end of June.
Rio Tinto Minerals' previous drilling:
Rio Tinto Minerals, operating the Penhorwood Talc Mine, discovered gold by
accident, in 2003, when a geologist was re-logging core drilled to test for talc
and noticed a speck of visible gold. This "discovery" hole, PC98-36, similar to
other gold-bearing systems in the Timmins Gold District, led to two small follow
up drill programs, of 7 holes each in 2008 and 2010 respectively, targeting gold
mineralization.
Significant assays from the Rio Tinto Minerals holes are as follows:
----------------------------------------------------------------------------
DRILLHOLE FROM TO Au (g/t) DRILLHOLE FROM TO Au (g/t)
----------------------------------------------------------------------------
PC98-36 64.80 66.00 2.24 PC08-005 130.50 131.00 4.25
----------------------------------------------------------------------------
PC98-36 67.25 68.20 9.54 PC08-006 82.30 82.60 22.10
----------------------------------------------------------------------------
PC08-002 92.15 93.00 1.36 PC10-001 81.84 82.15 1.38
----------------------------------------------------------------------------
PC08-003 80.55 81.00 2.37 PC10-001 85.46 86.00 1.05
----------------------------------------------------------------------------
PC08-003 81.00 81.50 1.39 PC10-002 94.25 94.35 10.70
----------------------------------------------------------------------------
PC08-003 88.20 89.00 1.47 PC10-002 248.00 248.31 12.90
----------------------------------------------------------------------------
PC08-003 89.00 90.00 4.16 PC10-002 248.31 248.60 4.68
----------------------------------------------------------------------------
PC08-003 90.50 91.00 1.05 PC10-004 77.50 78.00 1.19
----------------------------------------------------------------------------
PC08-004 84.40 84.70 13.30 PC10-004 78.00 78.29 1.24
----------------------------------------------------------------------------
PC08-004 117.00 118.00 1.06 PC10-004 106.59 106.79 1.69
----------------------------------------------------------------------------
PC08-004 121.00 122.00 1.99 PC10-005 49.10 49.50 1.66
----------------------------------------------------------------------------
PC08-005 84.40 84.60 6.35 PC10-006 93.00 93.50 1.01
----------------------------------------------------------------------------
PC08-005 96.45 97.00 2.14 PC10-006 98.48 98.75 1.00
----------------------------------------------------------------------------
PC08-005 104.00 105.00 3.12 PC10-007 64.08 64.48 2.60
----------------------------------------------------------------------------
PC08-005 105.00 106.00 16.80 PC10-007 93.10 93.54 1.74
----------------------------------------------------------------------------
PC08-005 125.80 127.00 1.52
----------------------------------------------------------------------------
The results from the Rio Tinto Minerals drilling have been included in Rapier's
database and served as the basis for planning our first phase drilling to gain
an understanding of the nature of the mineralization controls.
Sampling of historic Imerys drill core:
Imerys operates the talc mine on the property, which they purchased from Rio
Tinto Minerals in 2011. Rapier acquired the gold rights on the property from Rio
Tinto Minerals in March 2013.
Imerys has granted Rapier access to the historical talc drill holes and from
those the Company initially selected holes PC00-01, PC00-02, PC00-03, and
PC00-26 for review and assaying.
Re-logging historical drill holes provides a very inexpensive method of
establishing the geology around the talc mine open pit area.
Compilation of data:
We have commenced a systematic review and compilation of all historic
exploration work on the property in the Reeves and Penhorwood Townships to
include in Rapier's database. This study will save both time and expense in
narrowing the focus for Rapier's current exploration program.
LIDAR Survey:
LIDAR, which stands for Light Detection and Ranging, is a remote sensing method
that uses light in the form of a pulsed laser to measure ranges (variable
distances) to the earth. These light pulses, combined with other data recorded
by the airborne system, generate precise, three-dimensional information about
the shape of the earth and its surface characteristics. Rio Tinto Minerals flew
this survey to identify areas where outcrops occur and to aid in locating major
structural elements on the property. This significantly reduces exploration time
as the highest priority areas can be identified quickly and evaluated with
precision.
Rapier is planning to fly a LIDAR survey over the southern portion of the Pen
Gold Project at the end of May to assist in target generation for its 2013
fall/winter drill program.
Summer Program Planning:
Utilizing the historical and new LIDAR data we will commence a large scale
summer mapping/prospecting program with several geologists. A GIS database is
being built to assist in the mapping.
Granting of Options:
The Company announces it has granted 50,000 stock options to an Officer of the
Company at an exercise price of $0.35. These options are for a five year term
and, unless exercised, will expire on May 23, 2018.
Further details and photographs of our program are available on our site
www.rapiergold.com.
Gary Wong, P.Eng., Vice-President Exploration of the Company, a Qualified Person
under the definition in National Instrument 43-101, has reviewed and approved
the technical content of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Roger Walsh, President & CEO
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this
release constitutes forward-looking statements. In making the forward-looking
statements in this release, the Company has applied certain factors and
assumptions that are based on the Company's current beliefs as well as
assumptions made by and information currently available to the Company,
including that the Company is able to obtain any government or other regulatory
approvals required to complete the Company's planned exploration activities,
that the Company is able to procure personnel, equipment and supplies required
for its exploration activities in sufficient quantities and on a timely basis
and that actual results of exploration activities are consistent with
management's expectations. Although the Company considers these assumptions to
be reasonable based on information currently available to it, they may prove to
be incorrect, and the forward-looking statements in this release are subject to
numerous risks, uncertainties and other factors that may cause future results to
differ materially from those expressed or implied in such forward-looking
statements. Such risk factors include, among others, that actual results of the
Company's exploration activities will be different than those expected by
management and that the Company will be unable to obtain or will experience
delays in obtaining any required government approvals or be unable to procure
required equipment and supplies in sufficient quantities and on a timely basis.
Readers are cautioned not to place undue reliance on forward-looking statements.
The Company does not intend, and expressly disclaims any intention or obligation
to, update or revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by law.
To view Appendix 1, a map of Rapier's 16,000 hectare land position, please visit
the following link: http://media3.marketwire.com/docs/RPRmap1.pdf.
To view Appendix 2, a map of all drill holes from the first phase drill program,
please visit the following link: http://media3.marketwire.com/docs/RPRmap2.pdf.
To view Appendix 3, a map of drill locations close to and in the talc mine area,
please visit the following link: http://media3.marketwire.com/docs/RPRmap3.pdf.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rapier Gold Inc.
Roger Walsh
President & CEO
(604) 617-1627
roger@rapiergold.com
www.rapiergold.com
Rapier Gold Inc. (TSXV:RPR)
Historical Stock Chart
From Oct 2024 to Nov 2024
Rapier Gold Inc. (TSXV:RPR)
Historical Stock Chart
From Nov 2023 to Nov 2024
