Greenlight Resources Inc. (TSXV:GR,OTCBB:PRZCF) announced that it has completed a National Instrument 43-101 compliant technical report on its 100% owned Porcupine property.
As quoted in the press release:
Highlights of the NI 43-101 compliant report are:
- The Porcupine Property includes the Tozer float occurrence found in 1961which produced assays of 0.24% Cu, 10.15% Pb, 7.6% Zn and 1.9 oz/t Ag. Strong Cu-Pb-Zn soil geochemical anomalies and coincident geophysical anomalies have been reported in ensuing exploration in the vicinity of the sulfide float. However, up to this point in the exploration history of this property no definitive bedrock source has been discovered to account for ore-grade mineralized boulders.
- GreenLight’s interest in the property was triggered by significant rare earth element anomalies in soils (>1000 ppm total rare earth elements -TREE) that were collected on the property. The company conducted extensive exploration in 2011 including prospecting, IP surveys and a 971 sample soil geochemical survey. The main feature to emerge from the soil sampling survey near the Tozer occurrence are strong, coincident east-west trending Cu, Pb, Zn anomalies (>300ppm Pb, >700ppm Zn) and spatially distinct, REE anomalies (>1300 TREE). The REE anomalies are not directly associated with nearby foliated granite, but are found in a north-trending zone, open to the south, between two resistivity highs that could represent a fault.
- Prospecting in 2011 uncovered many base metal enriched mineralized boulders in the vicinity of the Tozer occurrence but not in adjacent areas.
- On the southern part of the property REE values form an east-west trending coherent anomalous area on the till-covered slopes of the southern part of the gird with TREE values up to >800 ppm. This westward trending attenuated anomaly appears to have an aspect of glacial dispersal, parallel to eastward ice flow trends. Two other anomalous areas are found in low ground coincident with historical finds. Several significant element groupings in the soil geochemical data set are apparent. REE are grouped with granophile elements U, Ti, Be, and Mg and base metals form another group with Fe and Cr. These groupings suggest primary bedrock control of element associations and mechanical dispersion rather than chemical redistribution processes in the secondary environment.
- It is clear from the voluminous exploration data collected, the rock types and the style of mineralization that a Bathurst-type massive volcanic hosted sulphide model is a possible scenario. REE soil anomalies appear to have a different genesis and host rock association. Finding REE bedrock sources or mineralogical evidence for REE anomalies in till/soil is essential to move this property forward. The author proposes a two phase exploration program with an initial phase of bedrock mapping, reconnaissance till sampling and prospecting, soil and IP surveys, and trenching followed by diamond drilling.
Greenlight Resources President Chris Anderson, said:
“After expending approximately $140,000 in initial exploration, this comprehensive report confirms the project’s merits. With detailed recommendations to expend a additional $230,000 in phase one for further exploration on this project we are optimistic that GreenLight will attract its first joint venture partner. This is our initial step in leveraging GreenLight’s ability to find and advance properties of merit in Atlantic Canada. GreenLight is taking this approach in order to enhance shareholder value and assist in offsetting the expense of building and expanding an early stage exploration team to continue exploring Atlantic Canada. Challenging times require creative solutions and this is one approach we are taking, while advancing our main assets through the drilling stage in attempts to building a resource.”