Shares of Deak Resources (TSE) rose to new highs after the company reported an intersection of 32.5 ft. grading 3.3% copper from follow-up drilling on its Magusi base metal property in northern Quebec. Deak is testing an area below the known Magusi orebody, at a vertical depth of about 1,670 ft. below surface. The property is in Range I of Hebecourt Twp., about 25 miles northwest of Rouyn-Noranda, Que.
The latest copper-rich zone was intersected at core depths of 1,938-1,970.5 ft. in hole 5 and about 325 ft. updip from the discovery hole which intersected 10 ft. grading 8.22% copper.
Deak said the best copper section within the 32.5-ft. length averaged 8.18% copper over 6.8 ft. All the base metal intercepts are close to true widths and are about 525 ft. downdip from the deepest previous drilling in the Magusi orebody.
The positive drill results have prompted Deak to accelerate its exploration program, and a sixth hole is currently being drilled about 200 ft. west and 150 ft. north of the discovery hole. A second rig is working about 600 ft. west of the discovery hole, while a third will be set up on a target 400 ft. east of the discovery hole.
Down-hole pulse EM surveys of the two mineralized holes have been completed and interpretation of the results suggest that the massive sulphides have significant lateral and vertical dimensions. Surveys of two previous holes have indicated strong off-hole conductors, also.
The original Magusi orebody hosts a zinc-rich deposit with minable reserves of 1.17 million tons grading 6.7% zinc, 0.3% copper, 0.065 oz. gold and 0.9 oz. silver per ton. Total reserves in the Upper Magusi zone, prior to the new discovery, are estimated at 4.05 million tons grading 1.28% copper, 3.06% zinc, 0.027 oz. gold and 0.89 oz. silver.
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