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DAILY NEWS Jul 26, 2013 3:44 PM - 0 comments

Rapier Gold identifies VMS target at Pen Gold

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2013-07-26

Since listing on the TSX Venture Exchange in March, Rapier Gold (TSXV: RPR) has completed thirteen drill holes on its Pen gold project and believes it has identified a volcanogenic massive sulphide (VMS) exploration target on the property about 75 km southwest of Timmins.

The highlight from the first nine holes released in late June was an intercept of 13 grams gold per tonne over 4.3 metres from a depth of 203 metres in hole PG13-108, including 37.6 grams gold over 0.40 metre, 123 grams gold over 0.30 metre and 7.22 grams gold over 0.45 metre. Other notable intercepts included 2.83 grams gold over 1 metre in drill hole PG13-105; 4.16 grams gold over 1.25 metres in PG13-106; and 2.07 grams gold over 0.30 metre in PG13-109.

“Hole 108 gave us some pretty spectacular numbers,” Rapier’s president and chief executive Roger Walsh says. “The initial drill results support the geological concepts our team used to test the Pen gold project for potential to host a significant sized gold deposit. The results demonstrate high grades, multiple veins and complex structural elements very typical of deposits in the Timmins Camp.”

Today Rapier released results from the remaining four drill holes of the summer drill program, which, while not returning significant gold intercepts, suggest that there is some potential for VMS mineralization. Drill hole PG-110 intersected a section of felsic volcanic pyroclastics and agglomerates. “This hole hit those felsic volcanics and there were sulphide stringers and pyritic fragments consistent with what is described in much literature as the alteration feeder pipe and possibly the distal exhalite horizons near most VMS deposits,” Gary Wong, Rapier’s vice president exploration explains. “We clearly see copper sulphide mineralization (chalcopyrite) and other sulphide minerals that are consistent with classic Noranda-style deposits.  What we need to do now is confirm it with geochemistry and we’re retaining a geochemist/VMS expert to help us with that.”

The 160-sq-km Pen gold project, which is situated near the western extension of the Porcupine Destor Fault, is in one of the most productive gold structures in the world hosting the Kidd Creek mine, one of the largest VMS deposits. Lake Shore Gold’s (TSX: LSG; NYSE: LSG) producing Timmins West mine lies 57 km to the east of the Pen project, Probe Mines’ (TSXV: PRB) Borden Lake property is 150 km to the southwest and Queenston Mining’s Upper Beaver project is 160 km to the southeast.

The Pen gold project also is about 100 km northwest of AuRico Gold’s (TSX: AUQ; NYSE: AUQ) Young-Davidson mine and the company owns 19.9% of Rapier. In addition AuRico has the first right to negotiate a joint-venture agreement on portions of the project if Rapier seeks partners.

At press time in Toronto Rapier shares were trading at 10.5¢ a share within a 52-week trading range of 10¢-33¢ per share.   



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