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Blue Lagoon Resources Provides Update on Pellaire Property
VANCOUVER, BC / ACCESSWIRE / August 22, 2019 / Blue Lagoon Resources Inc. (CSE:BLLG) (the “Company”) is pleased to provide further information on the Pellaire p
About this update from Blue Lagoon Resources Inc
[{"type":"text","content":"VANCOUVER, BC / ACCESSWIRE / August 22, 2019 / Blue Lagoon Resources Inc. (CSE:BLLG) (the “Company”) is pleased to provide further information on the Pellaire project (“the Property”). The Company has an agreement to acquire 100% of the shares of ASIC Mining, an arm’s length company, which holds an option to acquire a 100% interest in the Property (see news releases of August 6 and August 19 for additional information). The Pellaire property is located 160 km southwest of William's Lake in the Chilcotin range of south-central British Columbia (Fig 1). The claims cover an area of 7119.69 hectares (17593.12 acres) in two separate claim blocks (Fig 3) located to the east of Tsylos Provincial Park and to the west of Taseko Lakes. The northwest section of the property is accessible by road from William’s Lake. Road access to the southern claim blocks is pending required repairs to the Tchaikazan River Bridge. Figure 1 Location Property Location Further infrastructure available to the Pellaire property includes a 20-man exploration camp with cabins, a cookhouse, laundry facility and mine dry (Figure 2). Several pieces of a small-scale 200TPD gravity mill are located adjacent to the camp including a cone crusher, trammel, RMS Jigs and Falcon separator, HG water stand and spiral screw classifier. The camp as well as the equipment requires some updating and maintenance. Figure 2 Pellaire Camp A network of small roads carved out of side slopes or talus exist but are in need of some repair before they can be used. The roads were used to access the veins, adits, bulk sample sites, and additional stockpiles. The Pellaire Claims The southern claim block is known as the Pellaire Claims and consist of 13 contiguous claims totaling 4,081.82 hectares (figure 3). These claims represent an advanced stage Gold-Silver-Telluride vein system hosted by a Late Cretaceous equigranular biotite-hornblende granodiorite (Mt. Mcleod Granodiorite) near its contact with the Early Cretaceous Falls River Formation. There are 10 known gold-bearing veins on the property occurring along south verging thrusts. Five of these veins have been partially mined. Figure 3 Pellaire Property Claims The Pellaire veins are fractured and vuggy, limonitic quartz veins, <1-7.5m in width, with up to 3% metallic minerals in the quartz mass, including pyrite, chalcopyrite, galena, ...