The Span Lake prospect consists of 27 claims (442 ha) representing the southern-most part of the 6,410 hectare Coldstream Property. These claims are underlain by regionally extensive belt of intermediate and felsic metavolcanic rocks which is host to a number of gold occurrences/deposits both within and adjacent Moss Lake Gold Mines property which contains 1.1 million ounces of gold in the ‘Indicated’ and 520,000 ounces of gold in the ‘Inferred’ categories.
Foundation believes that the Moss Lake Gold Deposit extends onto the southern-most claims of the Span Lake. This interpretation is based on the recently delineated geophysical IP targets by Foundation and historical drilling results (e.g., 1.04 g/t gold over 7.30 m and 1.5 g/t gold over 3.5 m) reported by Inco Ltd. (now “Vale”) in the late 1980s. Together, these results suggesting a potential extension of the Moss Lake Gold Deposit (QES and Main Zones) onto the southern-most Span Lake claims.
Within the northeastern Span Lake claims, nine zones of anomalous mineralization have been reported by Inco Ltd. Of these, three zones (A, B and I) containing the best gold mineralization (e.g., 3.01 g/t Au over 7.45m and 3.67 g/t gold over 4.63m) have been considered by Inco Ltd. Gold mineralization in these zones occurs on strike to recently delineated geophysical IP targets within the central Span Lake claims.
SPAN LAKE IP TARGETS
Gold on the Span Lake claims is mainly associated with pyrite and occurs within sheared/fractured and altered intermediate to felsic metavolcanic rocks, diorite, quartz-feldspar and feldspar porphyry intrusions. Typical alteration mineral assemblage, depending on the host rock composition, consists of silica, albite, sericite, hematite and biotite or k-feldspar as potassic minerals.
The Span Lake prospect is slated for exploration drilling in the 2011-2012 winter program to test high-priority IP anomalies and also confirm the historical drill hole results located adjacent to Moss Lake Gold Deposit.