Lounor starts drill program on the Matagami Gold Property
Tuesday, Mar 05, 2013
ROUYN-NORANDA, QC, March 4, 2013 /CNW Telbec/ - LOUNOR EXPLORATION INC. is pleased to announce the start of a drill program on the Matagami Gold Property. The property is located in the Matagami mining camp and is comprised of 106 mining claims located in the Isle-Dieu Township, Province of Quebec, covering a total area of 1,632 hectares. The Matagami mining camp has a long history of producing base and precious metals with at least 15 mines to date (former and
The Matagami Gold Property is hosted by a gold bearing quartz-carbonate vein system. A VSM-type polymetallic occurrence is also present on the northern part of the property.
Lounor's consultant geologist has discovered the existence and the location of five (5) historic shallow holes (less than 80 meters) that have returned Cu, Au, Ag, Zn values over width ranging from 5 meters to 9 meters. The values of these historic holes drilled in the 1960 ranged from 1.5% copper to 3.5% copper; gold values ranged from 1g/t to 3 g/t; silver values ranges from 1 g/t to 5 g/t and zinc values ranged from 1.5 % to 3%. Due to the significance of these results in relation to the current price of commodities, Lounor has decided to complete a
follow-up exploration program.
Lounor completed a gravity survey, a ground electromagnetic survey (infiniTEM). Strong conductors were identified and coincide with gravity anomalies. The priority target will be drilled tested in the coming weeks.
About Lounor Exploration
Lounor Exploration Inc. is a Canadian-based natural resources company with mineral holdings in Ontario and Quebec and is currently focused on exploration in the Abitibi Greenstone Belt. The belt is found in both provinces of Ontario and Quebec with approximately 33% in Ontario and 67% in Quebec. The Belt has produced in excess of 180,000,000 ounces of gold, 450,000,000 tonnes of base metal ore over the last 100 years. The Company is headquartered in Quebec.
Source: LOUNOR EXPLORATION INC.