Falco Resources (CVE:FPC) has intersected VMS-style mineralization at its Lac Herve property in the eastern portion of the Noranda camp in Quebec, the company said Thursday, opening up some 15km of prospective land for similar potential discoveries.
The company said a single hole targeting a large anomaly intersected 3.8 metres of sulphide stringer zone material, encouraging the view that the target is related to sulphide mineralization.
Volcanogenic massive sulfide, or VMS, deposits are a type of metal sulfide ore deposit, and occur within environments dominated by volcanic or volcanic-derived rocks. The represent a significant source of the world's copper, zinc, lead, gold and silver ores.
"Lac Hervé is now a priority exploration target for Falco due to the size of the anomaly and its potential link to a zinc or copper-zinc mineralized body," said president and chief executive officer, Trent Mell.
"Today's announcement has significant implications for our entire 728 km2 land package, as it demonstrates that opportunities still exist for new VMS discoveries in this historic mining camp."
The drilling was done to test a borehole geophysical anomaly typical of massive sulphide mineralization detected in September.
Lac Herve is located 15 km northeast of the city of Rouyn-Noranda, and spans an area of over 2,500 hectares within the eastern portion of Falco's land package, representing a new corridor for VMS deposits.
Falco is one of the largest claim holders in the province of Quebec, with extensive land holdings in the Abitibi Greenstone Belt. It owns 72,800 hectares of land in the Rouyn-Noranda mining camp, which represents 70 percent of the entire camp and includes 14 former gold and base metal mine sites.
The claims include the former Horne Mine, which was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Falco is hoping to replicate this with its Horne 5 deposit, the largest undeveloped deposit in the region.
The company's strategy has been to compile historic data from previous operators and digitize the results. It recently announced a total of 15 new gold targets and one base metal target near its prized Horne 5 deposit, which were not included in the initial inferred resource estimate. These targets were generated from the digitization of over 460,000 metres of historic drilling conducted by prior operator Noranda when the famous Horne mine was in operation.
An updated NI 43-101 compliant resource estimate on Horne 5 is expected next year, following an extensive drilling program.
While identifying opportunities to increase the size of the resource estimate within its Horne complex, the company is also working on exploration targets within the remainder of its large land package like Lac Herve and its Rimo property.
It said Thursday that it has commissioned a detailed compilation and evaluation of geophysical surveys at Rimo to address recent drill holes, with drilling expected to restart next year once the results of this work has been finalized.