Mink Ventures identifies new anomalies at Timmins-area Montcalm Project

Mink Ventures Corporation has completed the 80% earn in, on its 40 km2 Montcalm Nickel Copper Cobalt Project. The final assessment credit transfers occurred in late March and Mink's 80% interest in the 196 claims is now recorded on title through MLAS. The project surrounds Glencore's former Montcalm Mine located approximately 65 km northwest of Timmins, Ontario. The Company also reports the successful completion of a second phase of surface geophysical surveys in the SW Target Area which detected multiple, new induced polarization (IP) anomalies. Some of the higher priority IP anomalies are associated with strong magnetic "bullseye" anomalies and/or historical untested electromagnetic anomalies. (See Figures 1-3.) Numerous surface and 3D borehole IP targets remain to be drill tested across the fully permitted nickel copper cobalt project.

Natasha Dixon, President and CEO, commented, "I commend our exploration team, and our technical suppliers and contractors, who have worked very hard within tight timelines, to safely, complete the exploration work programs required by Mink to earn its 80% interest, now registered on title, and ensure the claims remain in good standing with significant banked assessment. Within 14 months, the Company completed two drill programs along with significant downhole 3D IP and surface IP geophysical surveys which generated numerous new targets over a sizeable property; they interpreted the data, wrote and filed the reports to meet the assessment timelines; and secured non-dilutive OJEP funding which covered about 14% of the expenditures."

Mink is well positioned next to the Montcalm Mine with historical production of approximately 3.93 million tonnes of ore grading 1.25% Ni, 0.67% Cu and 0.051% Co (Ontario Geological Survey, Atkinson, 2010). The mine ceased production in June 2009 and the last estimated reserve as of January of 2009 was 2,800,000 tonnes grading 1.26% Ni, 0.59% Cu, and 0.05% Co. (Ontario Mineral Inventory Record MD142B09NE00007). Mink's proximity to the former mine with extensions of the mine lithology on Mink's exploration lands and numerous untested targets demonstrates the potential for new discoveries.

CURRENT RATIONALE FOR MONTCALM PROGRAM AND RECENT PROGRAM DISCUSSION

Target development on Mink's Montcalm project is reliant on geophysical methods due to extensive overburden coverage in the area. Historical work at the Glencore mine site demonstrated that in addition to the higher-grade Ni Cu Co lenses at the mine, there is potential for disseminated mineralization. In some instances, this type of mineralization is associated with a magnetic high and no coincident electromagnetic (EM) response as demonstrated in exploration Hole MAC9731 (see Figure 2) on the mine property. 

Numerous magnetic targets of this nature are present on Mink's claims both within the Hook Zone and across the South Target Area of the property representing valid exploration targets. The recent surface IP survey in the South Target Area outlined a series of new IP targets with high priority targets associated with strong magnetic "bullseye" targets. Utilization of IP surveying proximal to magnetic anomalies demonstrates a reliable technique for outlining new targets possibly representing potential new zones of mineralization. Both disseminated and/or stringer mineralization as well as massive mineralization responds well to IP surveying and Mink's new approach in this area utilizing both borehole IP and surface IP surveys rather than EM has proven successful in generating significant new targets.

Mink's claims cover very prospective geology including approximately 10 km2 of the gabbro phase of the Montcalm gabbro complex which hosted the former Montcalm mine. The Hook Zone magnetic anomaly shown in Figure 2 is located within the gabbro phase and represents a highly prospective area of interest. Mink's project has excellent access and infrastructure including an all-weather road to the property, a series of logging roads throughout, as well as a power line, and proximity to the Timmins Mining Camp, enabling cost-effective mobilization and exploration. 

 

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