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Gossan Acquires Sturgeon Lake Property with Zinc-rich Polymetallic Potential
WINNIPEG, MANITOBA / ACCESSWIRE / July 28, 2016 / G ossan Resources Limited (GSS-TSX.V) (...
About this update from Gossan Resources Limited
[{"type":"text","content":"Gossan Acquires Sturgeon Lake Property with Zinc-rich Polymetallic PotentialWINNIPEG, MANITOBA / ACCESSWIRE / July 28, 2016 / Gossan Resources Limited (GSS-TSX.V) (GSR-Frankfurt/Freiverkehr & Xetra) has acquired a new property in the zinc-rich polymetallic Sturgeon Lake Greenstone Belt in northwestern Ontario comprised of 15 claims totaling 3,344 hectares. The property is directly along strike and to the east of 6 Volcanogenic Massive Sulfide (VMS) deposits that were mined between 1970 and 1991. Approximately 18.7 million tonnes of ore was mined from these VMS deposits with typical grades of 8.0% zinc, 1.1% copper, 0.8% lead, 120 gpt silver and 0.5 gpt gold.\nIn November 2015, the Company staked three claims and recently acquired an additional 12 claims from Excalibur Resources Ltd. along with a significant amount of exploration data. Recent work now in the possession of Gossan includes: a VTEM electromagnetic geophysical survey by Geotech Ltd.; an Enzyme Leach geochem survey and a Soil Gas Hydrocarbon geochem survey, both processed by Actlabs; and results from a limited drill program on the eastern portion of the acquired claims. Gossan believes the best geophysical targets have yet to be drill tested. They are located on the west end of the new property and are along strike and closest to the historic Sturgeon Lake ore deposits. \nDouglas Reeson, President of Gossan Resources stated: \"Gossan acquired the property to explore what it believes are the most prospective untested targets along the historic Sturgeon Lake Camp. Management believes this property has the potential to host significant Zinc-rich VMS polymetallic deposits. Gossan is well positioned to take advantage of the current rise in zinc prices, supported by the abundance of copper and silver in the Sturgeon Lake Camp\".\nThe most notable former mines in the camp produced from high-grade zinc-copper-silver ores with associated lead and gold. These properties are currently held by Glencore and First Quantum Minerals. The well-known Mattabi, Lyon Lake and Sturgeon Lake mines operated in proximity and along strike just to the west of Gossan's new property. The grades and tonnages of these former producers are provided in the table below.\nHistorical Production from Mineral Deposits of the Sturgeon Lake Mining Camp*\n\n \n \n \n Grade\n \n \n DEPOSIT\n Zn\n (wt.%)\n...