Chase Mining Corporation Ltd (ASX:CML) is encouraged by drilling of an off-hole downhole electro-magnetic (EM) anomaly at the Lorraine project in Quebec, Canada, that returned gold, silver, lead and zinc mineralisation.
In the southern sector of the Lorraine project area, around 4 kilometres SSW of the Lorraine Mine, diamond drill hole CM-19-08 returned 1.34 metres at 3.51 g/t gold, 10 g/t silver, 0.31% zinc and 0.5% lead in the hanging wall.
The company said this encouraging assay was worthy of additional follow-up.
This hole, CM-19-08, was designed to test an EM anomaly associated with the target-4 priority-1 VTEM anomaly.
Results from an airborne VTEM survey flown in April, follow-up drilling and downhole EM surveys highlighted potential gold-silver-zinc-copper prospectivity associated with a series of sulphidic Banded Iron Formation units within the project area.
These results together with an initial database review indicated that the western extension of the Lorraine project claims had an increased potential to host gold, silver and base metal mineralisation as evidenced by historical diamond drilling and various airborne and ground EM survey data.
Chase Mining subsequently applied for 37 claims contiguous to the west of the Target 4 VTEM anomaly and the Lac des Bois Sud zinc prospect of which 35 claims have been granted to date covering the banded iron host formation along strike to the west.