Opinion on
Red Lake Exploration Inc. (RLKX)
Red Lake Exploration, Inc. (RLKX.OB) Begins Exploration Program at the Camila Copper-Gold Property in Chile
Red Lake Exploration announced that it has begun exploring its copper-gold rich project in the Candelaria iron-oxide-copper-gold (IOCG) belt of Chile’s coastal cordillera. The exploration program includes the drilling of six holes, totaling about 1,000 metres (or 3,280 feet) of diamond drilling on two previously discovered mineralized structures.
The drilling will focus on depth extents of surface copper mineralization and coincident IP anomalies related with the Camila Breccia project. Grab samples from the region have returned 1.15% Cu. Also planned is a second target along the El Zorro Vein which is anticipated to intercept depth and strike extents of the known mineralized structure. Grab samples on the El Zorro have returned gold results up to 7.5 g/t Au.
The Camila Breccia is considered an early-stage exploration project. It was last explored by Trilogy Metals, Inc. in the late 1990s. Other site activities include a property-wide geological mapping and sampling program, and a geophysics IP (induced polarization) survey. Two mineralized structures were discovered from the exploration activities, the El Zorro Vein and the Camila Breccia. The El Zorro vein is a gold-bearing specular hematite-pyrite-quartz vein exposed on surface for approximately 1.2 kilometres with an interpreted total strike length of approximately 2.4 kilometres, while the Camila Breccia is a large specular hematite-quartz hydrothermal breccia outcrop with a diameter of approximately 250 metres.
The Company has focused its exploration in the under-explored Candelaria IOCG belt of Chile, host to Freeport-McMoRan’s Candelaria Mine, with reported mineable reserves of 470 Mt @ 0.95% Cu, 0.22 g/t Au and 3.1 g/t Ag; and Anglo American’s Manto Verde Mine, with reported proven and probable reserves of 67.2 Mt @ 0.63% Cu in 2006. The Camila property is one of a number of properties Red Lake has acquired in the area.
John Di Cicco, President of the Company, stated, “This is a very exciting point for Red Lake. It is the first step in our plan to find resources in the under-explored Candelaria IOCG belt.”
$0.34 (03/17/08)
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