144 Property (Exploration)
Dec 27, 2013
The 144 property was obtained through the acquisition of West Timmins Mining Inc. in November 2009. The property is located immediately south of Thunder Creek and covers about 4.0 kilometres of the same volcanic/ultramafic intrusive/sedimentary contact (the TC-144 Trend) that hosts Thunder Creek and Timmins Mine. (Photo below: Drill rig working at 144 property, directly beside Highway 144).
Three key areas make up the 144 property, including the 144 Gap, the area immediately adjacent to Thunder Creek, as well as 144 North and 144 South.
Drilling commenced at 144 during the second half of 2010. Initial results were released on February 28, 2011. The results included the discovery of a significant new gold zone in the 144 North area with strong similarities to the Thunder Creek Rusk and Porphyry zones and with multiple occurrences of visible gold. Gold values were intersected within 200 metres of surface that compare favourably to Thunder Creek mineralization at similar shallow depths.
On January 21, 2013, the Company announced results from 24,411 metres of drilling at the 144 property, completed in 2012. The results included: the discovery of a new area of mineralization in the 144 Gap 850 metres south of Thunder Creek, with intercepts including 13.54 grams per tonne over 2.0 metres and 6.07 grams per tonne over 3.0 metres; a doubling of the plunge length in the 144 North area, to 800 metres; and the discovery of new mineralization in the 144 South area, including 14.76 grams per tonne over 3.0 metres and 5.69 grams per tonne over 4.7 metres.
The discovery of mineralization in the 144 Gap 850 metres south of Thunder Creek followed limited drilling at Thunder Creek along strike to test for extensions to the south and south west. In late 2012 this drilling resulted in the extension of the deformation and alteration zone at Thunder Creek by 350 metres from Thunder Creek towards the 144 property. In July 2011, the Company announced that surface drilling at Thunder Creek had discovered a potential new zone 500 metres to the southwest towards 144.
Given success achieved to date from limited drilling in the 144 Gap and in the 144 North and South areas, 144 is considered a high-potential exploration target. Going forward, the property will be explored as part of a long-term strategy to expand the scale and the mine life of the Timmins West Mine operation.
Any future minerals produced at 144 are subject to a 2.25% net smelter returns (“NSR”) royalty in favour of Franco-Nevada Corporation. In addition, certain claims in the 144 land package are subject to additional NSR royalties ranging from 2% to 5%.
Source: http://www.lsgold.com/Mines-Projects-Properties/Review-of-Properties/Timmins-West-complex/144-Property-Exploration/default.aspx
