Savant Explorations Ltd TSXV:SVT in joint venture with Globex Mining Enterprises Inc TSX:GMX announced results from their Parbec Gold Property in Quebec. Highlights include 1.03 g/t gold over 24 metres (including 4.91 g/t over 1.5 metres), 1.02 g/t over 24 metres (including 4.76 g/t over 1.5 metres), 1.07 g/t over 22.5 metres, 2.45 g/t over 7.5 metres, 1.11 g/t over 18 metres and 1.05 g/t over 15 metres.
Savant President/CEO Jack McClintock tells ResourceClips.com, “The Parbec property is located adjacent to Osisko‘s Malartic deposit. We’re about five kilometres away. And there was an historic resource on the property that was developed in the 1980s. We initially optioned the property looking for a Lapa-type deposit—Lapa is a high grade underground deposit currently being mined by Agnico-Eagle. When we went in last year, we drilled 10 holes. One thing we noticed is that the eastern boundary of the property—up against the Osisko property, an area of lower grade gold mineralization—seemed to be close to surface. What we’ve done now is go in and do some infill drilling around the two intercepts we had last year that were about 200 metres apart. We drilled about 50 metres—one line of holes along the strike-projection of that. What that drilling has shown is that the low-grade intercepts that were drilled last year are continuous and extend a bit further. The next step is further infill drilling on this low-grade resource to try to move it into some sort of resource category.
What we would’ve considered success is to have three of the five holes come back with significant intervals of 1 g/t material, and that’s what we’ve come up with. In fact we’ve done better than that—Jack McClintock
“Osisko’s mining 1 gram per tonne, and our property’s four kilometres from their mill. So the sort of grades we saw in today’s assays are potentially within the range of what could be mined in an open pit.
“Right now the geologists are doing a plan,” McClintock continues, “and the next step on the property would be to do another round of drilling of 10 or 15 holes. What we’d have to do is get the spacing down to about 25 metres in order to be able to do a resource estimate. Off the top of my head I couldn’t say exactly the number of holes. They would be relatively shallow—between 150 and 200 metres each. We’d probably need at least 15 or 20 more holes into that zone.
“We’re an exploration company; our people are geologists. We’re good at identifying opportunities, and after each round of work on a property we make a decision; should we continue spending money on the project ourselves, or should we look for a partner? That’s the stage we’re at now. We’ve drilled it; we’ll finish compiling the results; then we’ll make a decision whether we look for a partner now or add more value to it by doing more drilling on it ourselves. So, we wouldn’t be developing a mine there ourselves. Our game plan eventually would be to joint-venture it with a major or have the property bought out completely.
“With Globex we’ve got a right to earn a 100% interest, and there’s a gross metals royalty on it, payable to Globex.”
McClintock concludes, “We’re quite positive on the project. What we would’ve considered success is to have three of the five holes come back with significant intervals of 1 g/t material, and that’s what we’ve come up with. In fact we’ve done better than that, as all of our holes cut mineralization. So we’re quite positive on it at this stage.”
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Savant Explorations Ltd
Globex Mining Enterprises Inc
by Greg Klein and Ted Niles