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Matamec plans 8,000 metres for
Matheson J-V
The Gobal Mining Newspaper - Vol.94/No.7 - Apr
11-17, 2008
Daily News Friday, April 11, 2008
Matamec plans 8,000 metres for Matheson J-V
It's no coincidence that Matamec Explorations'
(MAT-V) new Matheson joint venture in the Timmins gold camp is next to Goldcorp's
(G-T, GG-N) Hoyle Pond gold mine property, says the company's vice president
exploration, Bill MacCrae.
The company has plans for a 3,000-metre drill
program to start later this spring to be followed up by another 5,000 metres,
costing about $1.2 million.
Located 1.7 km northeast of the Hoyle Pond head
frame, MacCrae says the idea of strategically consolidating several
properties into the Matheson joint venture caught Goldcorp's attention.
'As Hoyle Pond goes deeper, it looks to be heading
off to the northeast and getting closer to our property,' he says.
The Matheson joint venture property is a 3.7-km
property that is made up of 155 units from Goldcorp (2.3 sq. km), 73 units
from a private company, Explorers Alliance, and two units from
Explorers and Matamec together.
Explorers Alliance and Matamec each have the option
to earn a 25% interest in the property by spending $2 million in exploration
over three years, leaving Goldcorp with the remaining 50%. Goldcorp can
increase its share to 70% (with Matamec and Explorers at 15% each) by paying
$6.3 million and completing a feasibility study.
The joint venture deal is Matamec's prize for
putting together the consortium of properties that included the extension of
the Holyle Pond geological structure.
Key claims had been the subject of a legal battle
for nearly two decades.
'The legal issues arose when (Timmins-based) Colbert
Drilling and Exploration did the drilling for a company (and) didn't get
paid,' MacCrae explains. 'And long story short they ended up with the property
in compensation for their efforts.'
Matamec acquired a 100% interest in those claims by
paying $645,000 to Colbert, which in turn paid Matamec $675,000 for 2.25
million flow through shares at 30¢ each and 2.25 million warrants
exercisable at 45¢ over an 18-month period. Colbert also holds a net smelter
returns royalty for 1.5%.
The company's first target is the Mill Creek/Colbert
zone which was first tested by Falconbridge (taken over by Xstrata (XSRAF-O,
XTA-L)) in 1986 after the company heard that visible gold had been seen when
the foundations for the Xstrata metallurgical site were excavated.
Falconbridge drilled about 42 holes totaling 8,800
metres on 30-metre section lines over a distance of 400 metres between 1986
and 1990. MacCrae says drilling returned economic mineralization in every
hole.
'They didn't continue because at 250 metres it
dipped off the property and they had no control of it,' MacCrae says. 'And
the other thing was, they weren't looking for something near surface because
it's right adjacent to the Xstrata metallurgical site.'
Around the same time, Anglo Canadian reportedly
drilled 13 holes for 3,900 metres on the down dip extension of the Mill Creek
zone, showing a potentially continuous zone for 350 metres.
On the Colbert property, historical highlights
include 30 cm grading 52.8 grams gold per tonne, 1.74 metres grading 29.42
grams gold per tonne and 8.5 metres grading 4.87 grams gold per tonne.
Historical results from the Mill Creek zone include
50 cm grading 24.14 grams gold per tonne and 6 metres grading 3.28 grams gold
per tonne.
The company also plans to do an IP survey over other
targets on to mafic/ultramafic belts to the north within the property.
Matamec has submitted its first exploration plan to
Goldcorp and is now awaiting approval.
The Holye Pond mine has produced 2.2 million oz. of
gold at an average grade of 13.5 grams gold per tonne since 1985.
MATAMEC EXPLORATIONS INC
1010 Sherbrooke Ouest
Bureau 200,
Montr�al (Qu�bec)
H3A 2R7
T�l. : 514-844-5252
T�l�c. : 514-844-0550
info@matamec.com
http://www.matamec.com/
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