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Solitaire Minerals Corp. to Drill Sidace Lake Extension on the Red Lake North Property, Red Lake, Ontario
VANCOUVER, Nov. 15 /CNW/ - Solitaire Minerals Corp. (TSX-V symbol: SLT) and Rubicon Minerals Corp...
About this update from Pegasus Resources Inc
[{"type":"text","content":"\n\n\n\nVANCOUVER, Nov. 15 /CNW/ - Solitaire Minerals Corp. (TSX-V symbol: SLT)\nand Rubicon Minerals Corp. (TSX-V symbol: RMX) have returned to drilling the\nRed Lake North Property in Red Lake, Ontario. Rubicon Minerals Corp. is\ncurrently operating a drill rig in the Sidace Lake area funded by Solitaire\nMinerals Corp. A deep drill hole is being resumed to test for the down dip\nextension of the Main Discovery Zone ('MDZ'), a gold zone controlled by\nGoldcorp and Planet Exploration Inc. Solitaire will earn a 55% interest in the\nRed Lake North project, which includes the Sidace area claims, by spending\n$2.5 million.\n\n\nThe Red Lake North property is located approximately 22 km northeast of\nRed Lake, Ontario, in the prolific Red Lake Mining District. The property\nconsists of forty seven staked mining claims totaling 329 units (approximately\n5264 Ha). The property is 30 minutes by logging road from the Town of Red\nLake, which is the business and government centre for the region. The area has\na rich mining history, with two active producing mines (the Campbell Complex\nand Red Lake Complex), and has all the facilities and infrastructure required\nto develop a new mining operation.\n\n\nThe Red Lake North property is separated into two distinct packages of\nground. The larger of the two blocks is located on the northwest margin of the\nBlack Bear Intrusive. Geologically, the property is dominated by a package of\nBalmer assemblage mafic and ultramafic volcanic rocks which are overlain by\naltered intermediate sediments. The stratigraphic units are interpreted to be\nupright and dipping at 60 to 70 degrees to the northwest. A series of\nnorthwest trending, vertical to subvertical faults crosscut and offset\nstratigraphy. This property is directly along strike from the recent 'Planet\nZone' gold discovery, currently being explored by Goldcorp/Planet (TSX-V\nsymbol: PXI). Based on historical drilling and geophysical interpretation on\nthis land package, the extension of gold bearing sericite schist stratigraphy\nthat is observed on the Planet Zone continues southwest onto the newly\nacquired property. The prospective stratigraphy hosting the sericite schist\ntarget horizon is interpreted to occur along the 12km strike length of the\nproperty. All Seven holes drilled by Rubicon intersected the prospective\naltered stratigraph...