Rapier Gold Inc. (the "Company") is pleased to provide an exploration program update for its Pen Gold Project, approximately 75 km southwest of Timmins, Ontario. The summer prospecting program commenced with four teams, in early July, after completion of logging and assaying from the initial thirteen hole drill program and will continue until mid-November.
Roger Walsh, President and CEO, said "The majority of the field work has focused on the northern portion of the Pen Gold Project to expand on previous prospecting by Rio Tinto and to meet the investment obligations under our purchase agreement. We are very pleased with our progress on the summer program, particularly with the new trend emerging west of the Westgate Area, and the Nib Yellowknife area south of the Talc Mine Area; we anticipate both areas will result in winter drill targets being identified."
Highlights of the program to date include:
- Grab samples from prospecting have identified a prominent east-west anomalous gold trend extending in excess of 1.5 km west of the original Westgate drilling.
- New target has been identified at the Nib Yellowknife showing, 2 km southwest of the Talc Mine Area.
- The massive sulphide layer intersected in drill hole PG13-110 has been identified as a high priority area for testing for possible Volcanogenic Massive Sulphide (VMS) mineralization.
- Over 800 hectares, or approximately 5%, of the Pen Gold Project's 16,000 hectare property has now been covered by mapping crews. Over 2,500 hectares have now been prospected with 296 of 397 grab rock sample assays being returned.
- 13 samples reported grades greater than 50 ppb gold. Highest values are 4.89 g/t from a sub-outcrop and 0.54 g/t from an outcrop, west of the Westgate Area.
- These samples, combined with previous sampling by Rio Tinto, have identified a high priority area extending west from the Westgate Area where holes PG13-112 and PG-113 were drilled in May. Three anomalous gold values were returned on this trend west of the Westgate Area, where a grab sample assayed 4.83 g/t gold in 2010, extending the zone another 500 m to the west. Anomalous gold values from grab sampling in this program have now been returned over a distance of 1.5 km along this ridge of altered mafic volcanics containing quartz veining and sulphides. Another grab sample from sub-outcrop, taken this summer, returned a value of 4.89 g/t gold from a similar style of mineralization another 1 km west along this trend possibly extending it for a total length of 2.5 km.
- Other anomalous gold values returned from sheared and/or quartz veined rocks include samples from the Porphyry Hill Area, from diorite in the Reeves Ultramafic Complex, from quartz veining in sheared mafic volcanics north and east of the Westgate Area trend, and finally, from quartz veining in mafic volcanics near the eastern boundary of the property.
- The Nib Yellowknife showing, 2 km southwest of the Talc Mine Area, was identified initially in our data compilation work. The showing has now been prospected and grab samples taken with results pending. The area was explored in the 1940s and 1980s, with numerous historical anomalous gold values in grab samples, channel samples, and drill core. A prospecting team observed and sampled extensive gossanous areas with quartz veining. Assays are pending for the end of September.
- Refer to Appendix 1 for tabulated sample results and Appendix 2 for sample location map.
Complete LIDAR coverage was flown over the Pen Gold South area and results were received in mid-July. The LIDAR basemaps are used in prospecting and mapping as guides to locate areas of rock outcrop, avoidance of swamps and general access.
Option of adjoining claim
Rapier has entered into an option agreement with the owner of a five claim unit in Reeves Township, which is contiguous to the Pen Gold Project south east of the Talc Mine Area. A number of known conductors exist on the five claims, lining up with the conductors on the Pen Gold Project. Since Rapier's existing LIDAR data set covers these claims, prospecting and sampling can commence immediately.
Rapier has the option to acquire an adjoining claim by paying $37,500 and issuing 400,000 shares to the vendor, over three years. Shares will be issued as to 25% upon TSXV Exchange approval and 25% each subsequent 12 months. A 2% net smelter return payable, one-half (1%) of which may be purchased for $1,000,000, is also payable.
Planned Work Programs for Remainder of 2013
- Mapping/prospecting will continue to mid-November, weather permitting.
- Overburden stripping and channel sampling of selective areas will start in late October to early November.
- A VMS/geochemical consultant will be evaluating the VMS potential of the zone discovered in drill hole PG13-110 (discussed in July 13, 2013 press release)
- Comprehensive data compilation for drill program planning for late 2013 to early 2014.
Roger Walsh elaborates, "Follow-up work in progress on the Westgate Area trend and the Nib Yellowknife showing, along with the initial drill results achieved in drill holes PG13-108 and PG13-110, will result in the preparation of a drill program proposal by the end of October to test these new targets. Drilling can take place late 2013 and early 2014"