Dec 14 2017
Canadian Orebodies Inc. is pleased to announce results from the Company's prospecting program at Wire Lake and the discovery of a new gold zone that potentially extends the Wire Lake Gold Zone between 500 and 700 metres to the south.
"This was a brand new zone discovered late in the field season, which only allowed for limited follow up. However, that work provided some very exciting gold values - including the highest grade sample we have collected to date on the Wire Lake Property. We will be eager to get back to work in the spring to follow up and hopefully expand this new priority area," said Gordon McKinnon, President and Chief Executive Officer of Canadian Orebodies. "Our team is also in the process of finalizing the compilation of data from our extensive prospecting programs on the adjoining Black Raven property, and we will be providing a further update early in the New Year."
Within the Company's Wire Lake Property a new zone of gold mineralization was discovered lying between 500 to 700 metres south of the Wire Lake Gold Zone. Initial first pass prospecting from this area during the summer returned several strongly anomalous grab samples ranging from 400 ppb to 600 ppb Au in lithologies similar to those observed at the Wire Lake Gold Zone. As these assay results were received late in the season, only a limited amount of follow-up prospecting could be carried out before closing the exploration camp for the winter. During that time, the Company's geological teams were successful in outlining an 800 square metre area hosting gold and pyrite-pyrrhotite mineralization in altered mafic volcanics (biotite, silicification). Assays from fifteen grab samples taken from this area averaged 1.92 gpt Au*. Of significance is that the four samples taken the furthest east returned 10.4 gpt Au, 6.6 gpt Au, 3.6 gpt Au and 1.1 gpt Au over a 180 metre strike length. The zone remains open to the east and along strike.
The Company plans to extend the Wire Lake grid to cover over this new area and carry out an induced polarization geophysical survey. Additional prospecting and geological mapping will be conducted as soon as conditions permit next spring, with stripping and diamond drilling to follow if results continue to be favourable.