Subsidiary Makes Strategic Land Acquisition In Quebec
Avidian Gold Corp.’s (TSXV:AVG) majority controlled private subsidiary High Tide Resources Corp., has increased its land position by acquiring 35 additional mineral exploration claims adjacent to its Lac Pegma Copper-Nickel-Cobalt sulphide deposit 50 km southeast of Fermont, Quebec in the southern Labrador Trough.
President and VP of Exploration, Steve Roebuck,said the claims have either been granted or are pending. High Tide now holds a total land package of approximately 2249 hectares.
“The demand for EV battery minerals is skyrocketing as we move toward a low-carbon economy,” Mr Roebuck said.
“High Tide is currently conducting a desk-top study and preliminary modelling based on a review of the historical exploration data from the Lac Pegma area.
“The potential for copper-nickel-cobalt resource expansion is very apparent and remains the priority, but we are also seeing high potential for additional mineral discoveries beyond the immediate core area and claim staking secures that for the company’s investors.”
High Tide’s data review is currently focused on its copper-nickel-cobalt sulphide deposit and the exploration and resource expansion potential. Diadem Resources’ 1996 drilling was focused on near surface mineralization with the average hole depth of approximately 100 metres. Presented below is a table of selected drill holes with copper and nickel percentages.
Prior to Diadem Resources’ 1996 drilling, the first exploration program carried out at Lac Pegma was done by Bellechase Mining circa 1955. A report filed on Quebec’s MERN website (GM03714B) provides details of a program that consisted of mapping, sampling and scout drilling using a man-portable back-pack drills.
Twenty-seven holes were drilled to average depth of 70 feet (33 metres) due to reported poor ground conditions and drill limitations. Results were encouraging with Hole 11 reporting 11 metres of 0.49% Cu and 0.30% Ni from 3 metres downhole.
Despite the geology being logged as favourable gabbroic sills, dipping moderate to steeply east, most of the holes were not sampled. The logs noted consistent sulphide mineralization including pyrrhotite, chalcopyrite and pentlandite with sulphide percentages ranging from 1 % to 20% over multi-metre intervals while several holes were terminated in highly mineralised zones. No assays were completed for cobalt, platinum or palladium.
The focus of the 1955 Bellechase programme was 250m to the southwest of the current copper-nickel-sulphide deposit creating a number of high-priority exploration targets for potential resource expansion drilling in 2021.
Prior to drilling, a drone-magnetic geophysical survey will be conducted to further refine targets.
