by Greg Klein | February 28, 2017
Following a 12-fold expansion of the property last month, King’s Bay Gold TSXV:KBG announced a VTEM survey now airborne on the Lynx Lake copper-cobalt project in southeastern Labrador. Survey operator Geotech Ltd says its proprietary system reaches more than 800 metres in depth, featuring high spatial resolution as well as a low base frequency to pass through conductive overburden. “This system is advertised to be able to delineate potential drill hole targets from the airborne results,” King’s Bay stated. The survey’s expected to wrap up by mid-April.
Lynx Lake’s potential came to light after the Trans-Labrador Highway opened up the region in 2008. Grab samples from the 24,000-hectare property’s east side showed non-43-101 results up to 1.39% copper, 0.94% cobalt, 0.21% nickel and 6.5 g/t silver. On the west side, non-43-101 grab samples assayed up to 1.03% copper, 0.566% cobalt, 0.1% nickel, 5 g/t silver, 0.36% chromium, 0.39% molybdenum and 0.23% vanadium.
A regional low-res magnetic survey conducted by the province and a hand-held EM device brought preliminary indications of strong conductors in the area. A 90-minute drive from the town of Happy Valley-Goose Bay, Lynx Lake has powerlines and a highway adjacent to the property.
Two weeks earlier King’s Bay announced a 100% option on the Trump Island property in Newfoundland, where a shipment of high-grade copper-cobalt material was reportedly mined in 1863. In early February the company picked up three Quebec properties, all of which had historic, non-43-101 sampling results showing cobalt.
King’s Bay closed a $938,752 private placement in January.