Metals Australia Ltd’s (ASX: MLS) confidence has grown in the precious metals potential of its Eade Gold Project in northern-Quebec, Canada, following the completion of an extensive field mapping and prospecting exploration programme.
The company said the Eade Gold Project is located in an area with good potential for the discovery of economic deposits of precious and base metals, with indications of high-grade gold and silver mineralisation within all project areas.
Director, Gino D’Anna, said the Eade Gold Project is split into two domains:
o West Eade contains an 8.3 km strike length with at least two gold prospects (rock chip samples of 7.41 g/t Au and 11.45g/t Au) which have not been followed up with modern exploration techniques 1
o East Eade contains a 6.7 km strike length with at least two gold prospects (rock chip samples up to 12.0g/t Au and a 1m channel sample at Eade-Till returned a value of 5.3g/t Ag) which have not been followed up with modern exploration techniques and borders the Azimut Exploration Inc. and SOQUEM owned Masta 2- Corvette Project.
The Eade project is located approximately 120km northeast of the Eleonore Gold Mine which is owned and operated by Goldcorp and is located in close proximity to the Trans-Taiga Highway which provides excellent all-year road access to the projects.
As part of the next phase of exploration at the Eade Gold Project, the company plans on completing a geophysical review, including a review of historical geophysical data across the project and across the region generally.
The xompany is also planning an Aster LWIR and synthetic aperture radar imagery study at the Eade Gold Project to identify additional targets for follow-up field exploration.
Mr D’Anna said that given the location of the Eade Gold Project and its proximity to other major deposits on distinct geological structures, it is expected that this method of exploration will outline additional targets for follow-up field exploration.