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Home > News > LaFleur Minerals Completes...

LaFleur Minerals Completes Mineral Resource Estimate for the Swanson Property

Sep 18, 2024


LaFleur Minerals Inc. is pleased to announce a Mineral Resource Estimate for its 100%-owned Swanson Property in the southern portion of the Abitibi Gold Belt in Québec. The current MRE is an update to the historical estimate completed by previous operator Monarch Mining Corp. ("Monarch") in 2021. The Company has filed a Technical Report completed to National Instrument 43-101 ("NI 43-101") standards with an effective date of September 17, 2024 on its SEDAR+ profile that includes the current MRE results for the Swanson Property and detailed technical information on the entire Swanson Gold Project.

Highlights

  • Total Indicated Mineral Resource Estimate of 2,113,000 t with an average grade of 1.8 g/t gold for 123,400 oz of contained gold.

  • Total Inferred Mineral Resource Estimate of 872,000 t with an average grade of 2.3 g/t gold for 64,500 oz of contained gold.

  • Results of the most recent drilling completed at Swanson in 2021-2022 indicates an 8% increase in the number of gold ounces in the Indicated Resource category and a 626% increase in the number of gold ounces in the Inferred Resource category compared to the 2021 historical estimate.

  • LaFleur Minerals moving forward with recommended Phase 1 exploration program at Swanson including a very high-resolution magnetic-VLF-EM geophysical survey, oriented soil sampling program, and prospecting and geological mapping with plans to commence drilling in late 2024 and early 2025.

The MRE was completed by InnovExplo, based in Val-d'Or Québec and is derived from drill hole database which contains 242 surface drill holes totalling 36,271.7 m and 17,109 sampled intervals. The MRE includes an additional 31 drill holes totaling 11,194 m that were not included in the previous historical estimate dated January 2021. The recent drilling was carried out by Monarch in 2021-2022, prior to the Property being purchased by LaFleur Minerals in 2024. No new drilling has been conducted by LaFleur Minerals to date.

By incorporating these 31 additional exploration drill holes, the Swanson mineral resource has increased to 123,400 contained gold ounces in the Indicated Resource category (an increase of 8%) and to 64,500 contained gold ounces in the Inferred Resource category (a significant increase of 626%). 

"LaFleur Minerals is very excited to announce an updated mineral resource estimate for the Swanson Property and a Technical Report on the entire Swanson Gold Project," stated Paul Ténière, CEO of LaFleur Minerals. "Swanson benefits from being an advanced exploration and resource stage project with a large property position hosting numerous significant gold showings. The substantial increase in the total number of gold ounces from the limited recent drilling demonstrates the significant growth potential of the deposit and of the Swanson Gold Project in general." 

Swanson Mineral Resource Estimate

The current MRE is summarized in Table 1 and incorporates a total of 242 surface drill holes (36,271.7 m) that includes 17,109 sampled intervals. The deposit database also includes lithological, alteration, mineralization and structural descriptions and measurements taken from drill core logs. An additional 31 drill holes (11,194 m) were incorporated into the existing drill hole database, representing the drilling completed by Monarch since the initial MRE completed in 2021. No new drilling has been conducted by LaFleur Minerals to date. The mineral resource area for the Swanson deposit covers an area 475 m long, 425 m wide and 500 m deep and is constrained by a combined open-pit and underground mining scenario to meet reasonable prospects for eventual economic extraction (RPEEE) (Figure 1, 2).

The current MRE was optimized with a price of gold at $1,850 resulting in a cut-off grade of 0.80 g/t gold cut-off grade for the open-pit constrained resource and a cut-off grade of 2.30 g/t Au for the underground constrained resource with a minimum width of 2.0 m, which is appropriate for this style of deposit and typical of similar gold mines in the Abitibi Gold Belt.

 



Tags: Quebec / Exploration / Gold / All Articles