A mineral anomaly east of Flin Flon is being touted for its outstanding potential, but only upcoming drilling can determine whether the enthusiasm is warranted.
The Albert’s Lake anomaly appears to be composed of at least two separate but adjacent geological lenses, according to Copper Reef Mining Corp, which owns the property.
“I am very excited about the target on Albert’s Lake,” says Kelly Gilmore, an award-winning geologist, former chief exploration geologist for Hudbay and current Copper Reef board member. “It is very rare these days, after years of exploration in a mature mining camp, that you find a target like this one. It shares all the geophysical characteristics that known copper-zinc mines and mineral deposits typically have, and it is located in exceptionally good geology.”
Stephen Masson, president and CEO of the Flin Flon-based Copper Reef, refers to the find as “a huge anomaly.”
“This is the kind of target that is exciting,” he adds. “This is the kind of target we live for, to drill something like this, because it has such a high chance of success. Does it have a perfect chance of success? Absolutely it doesn’t. Everything is risky.”
While Copper Reef lacks core samples from the anomaly, company officials are buoyed by results from a sophisticated helicopter-borne electromagnetic survey flown over the site in 2010.
Known technically as a “mega” versatile time domain electromagnetic survey, the initiative yielded a high-definition image of the anomaly’s shape and location, says Masson.
“We have a very good definition of our target,” he says, adding that the target is a sizable 600 to 700 metres long.
Masson says it’s unknown what type of metal or metals may make up the Albert’s Lake anomaly.
He says previous drilling about 600 metres south of the anomaly uncovered a copper deposit.
Masson is also encouraged by the location of the anomaly, 14 km east of Flin Flon as the crow flies. It’s in the same region as two long-defunct Hudbay mines, North Star and Don Juan, which produced mainly copper.
He points out that the anomaly is also near Callinex Mines’ promising Pine Bay Project, whose main body consists of copper but which also has zinc deposits.
Albert’s Lake may or may not prove to be a viable mineral deposit. The Flin Flon-Snow Lake region seems replete with promising mineral discoveries that never pan out, the War Baby deposit near 777 mine being the latest example.
Gilmore says the anomaly “needs drilling ASAP,” and that’s just what Copper Reef plans to do.
Like many other junior mineral companies, Copper Reef has faced difficulty raising dollars in the current mining climate.
Nonetheless, Masson is optimistic he can secure the funds needed to drill the anomaly by early February.
Drilling would proceed in February. Masson expects results showing whether the anomaly is worth further exploration would be known by the end of the month.
Copper Reef hopes to raise $400,000 to drill at least five holes in and around the Albert’s Lake anomaly. The first two holes would be at the anomaly, and Masson says if results prove promising, the other holes would likely be redirected there.
If fundraising falls short, Masson is hopeful Copper Reef can generate at least $100,000 for two holes on the anomaly. If the results show potential, he says the market would be more receptive to funding further drilling.
In discussing Albert’s Lake, Masson is mindful of the need for a company to find a viable mine in the region with Hudbay’s 777 mine due to close around 2020.
He says the best scenario would see a minable deposit discovered within the next two years.
“If [Albert’s Lake] turns out to be a new mine or a new deposit, it would be a game-changer,” Masson says. “It would be a game-changer for Copper Reef, of course, because it could certainly meet the needs of [Hudbay’s] mill in Flin Flon.”
Copper Reef acquired Albert’s Lake as part of a 2010 settlement that saw the company transfer
25 per cent ownership of the McIlvenna Bay deposit, also outside Flin Flon, to Foran Mining Corp.
