Business
Goldseek Resources Acquires Source of Southern Arm VTEM Target in Fenelon
May 26, 2020 - TheNewswire - London, Ontario - Goldseek Resources Inc. (CSE:GSK) (CNSX:GSK.CN) ("Goldseek" or the "Company") is pleased to announce the addition
About this update from Abitibi Metals Corp
[{"type":"text","content":"May 26, 2020 - TheNewswire - London, Ontario - Goldseek Resources Inc. (CSE:GSK) (CNSX:GSK.CN) (\"Goldseek\" or the \"Company\") is pleased to announce the addition of 8 cells (443.95 hectares) to the Southern Arm Property (the \"Property\") acquired from Midland Exploration. These claims cover the source of a VTEM anomaly defined in February 2017 by Midland Exploration, which performed a VTEM survey with Geotech on the Bapst Fault and provides Goldseek will a near-term drill-ready target in the Fenelon Camp. The VTEM conductor is 2.9 km long and more than 2.85km is now located on the Property, as shown in Figure 1 below. Figure 1. New Addition on the Property and Location of the VTEM Anomaly The EM anomaly was previously drilled by 4 holes between 1976 and 1995, and the results indicate that the conductor is formational and hosted in an assemblage of volcanic rocks. The conductor is explained by graphitic sediments that also host sulfide mineralization, which is one of the Goldseek exploration targets on the Property. The modeled conductor indicates that the top of the conductor is located between 50m and 500m depth. Preliminary investigation indicates that the historical gold anomalies (up to 478 ppb Au over 0.5m) in the drill holes are proportional to the pyritic content of the graphitic exhalite horizon. The most anomalous result was drilled on an IP conductor located close to the formational conductor. In the same area, a shift in the magnetic signal can be found, which would relate to a different host rock or mineralization along that formation. Additionally, a reduction of the TAU anomaly is also found, which could indicate that minerals other than graphite explain the conductor anomaly. This area is considered a prime target for the Company due to the possible change of rock and mineral composition and the close-by gold anomaly. The Company will be working on doing a comparison of the location of the anomalies and the local conductivity of its host rocks. This will provide additional targets for the Company to choose from to develop the Property to find additional and new mineralization. The agreement for the Property acquisition goes as follows: The 8 claims in Fenelon were acquired through an Exchange of Properties Agreement with Midland Exploration Inc. whereby Goldseek exchanged its Quevillon North Property (in excha...