New Exploration Program Developed by Matamec for Matheson JV property
Matamec Explorations Inc. (“Matamec”) (TSX VENTURE:MAT) is pleased to announce that Goldcorp Canada Inc./Goldcorp Inc. (“Goldcorp”) has accepted the new exploration program proposed by Matamec for the Matheson JV property for 2010.
Matamec is continuing to explore Matheson Township because of its potential for the discovery of high grade gold mineralization along the historically prolific Tisdale volcanic assemblage, host to the majority of the gold deposits within the Porcupine mining camp including the Bell Creek, Owl Creek and Hoyle Pond deposits. All these deposits are located along the New Mine trend and within a 10 kilometre distance along strike of the Matheson JV property of which the southern portion of the property covers 4 kilometres of the “New Mine Trend” stratigraphy (see Regional Geology map: figure 1). The Timmins gold camp continues to surprise many in the industry with the recent successes of Lakeshore Gold Corporations’ Timmins West/Thunder Creek and Bell Creek/Schumacher/Vogel properties.
Regionally, the ore in the Timmins camp is derived from vertically extensive systems of quartz-carbonate veins hosted within greenschist-facies volcanic rocks and associated felsic intrusions spatially related to the 200-kilometre long Destor-Porcupine fault canadian drugs without prescription and/or associated splay faults. The gold deposits are associated with ductile-brittle shearing and consist of gold-bearing quartz veins enveloped by proximal alteration zones, locally referred as “grey zones”, within the volcanic package, along or in proximity to the volcano-sedimentary contact.
As stipulated in the agreement signed on March 31st 2008, Matamec is required to spend $2,000,000 over a three (3) year period on exploration work to acquire its interest in the property. Currently, Matamec has already spent more than $850,000 of the required $1,200,000 that must be spent by March 31st 2010. The new exploration program proposed for the second year and accepted by Goldcorp includes compilation work and geophysical surveying that are already underway, and diamond drilling which will focus on the three subparallel, roughly east-west trending volcano-sedimentary gold-bearing corridors. The start up date for the diamond drilling phase will be announced shortly.
The geological data in this press release was prepared by Aline Leclerc, geologist and Matamec’s Vice-President Exploration, a Qualified Person as defined by NI 43-101.
Matamec explores for significant gold deposits in the Timmins mining camp in Ontario of which the Matheson JV property with Goldcorp Canada Ltd. and Goldcorp Inc. is the main target. In Quebec, the Company explores for precious and base metals on its Sakami, Valmont and Vulcain properties. As well, Matamec is exploring for gold together with Northern Superior Resources Inc. on its Lespérance/Wachigabau property. Concurrently with the above mentioned exploration programs, Matamec’s Quebec Tansim Property is also being explored for rare metals such as lithium, tantalum and niobium.
