Prime Meridian Resources Corp. announces New Red Lake Project and Exploration Plan
Prime Meridian Resources Corp. has acquired, through staking, an additional 2,920 hectares east of its Camping Lake Project in the Red Lake District of Northwestern Ontario. The newly-named Bluffy Lake Project is directly contiguous with Barrick Gold Corporation's South Ushi Project and Trillium Gold Mines' Karas Lake property.
Interest in this region continues to grow, as demonstrated by the September 20, 2021 news release that Barrick Gold Corporation has entered into a property option agreement under which ABX can earn a 70-per-cent interest in the South Uchi Project from Kenorland Minerals Ltd. by incurring an aggregate of $6-million in mineral exploration expenditures.
PMR further announces that the Company has retained Simcoe Geoscience Limited to complete high-resolution Triaxial Airborne Magnetic and Helicopter Time Domain EM surveys on its Camping Lake and Bruce Lake Projects. The Camping Lake and Bruce Lake Projects were optioned and acquired by the Company based on their coverage and proximity to the Pakwash Lake Fault Zone (PLFZ) and the Sydney Lake Fault Zone (SLFZ) in the Red Lake District of Northwestern Ontario, Canada.
The Camping Lake Project covers 7,850 hectares and straddles 8.5 kilometres of the PLFZ and 18.0 kilometres of the SLFZ along the boundary between the volcanic-dominated Uchi subprovince to the north and the metasedimentary-dominated English River subprovince to the south.
The majority of gold deposits in the Red Lake District (Red Lake, Madsen, Hasaga, and others) are located on the northern margin of the Confederation Assemblage, however, recent discoveries such as the LP Fault Zone on the Dixie Project by Great Bear Resources highlight the prospectivity of the entire Confederation Assemblage along the southern margin of the Uchi subprovince. In addition to gold prospectivity, the area also holds potential for lithium-bearing pegmatite intrusions.
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