Triple Lake Property Sampling Returns 8.81g/T Gold-Gold Bearing Vein Structure Extended 65 Meters

knick-exploration-logo

Knick Exploration Inc. (TSXV:KNX) is pleased to report that a grab sample collected during recent prospecting on its Triple Lake -Gold/VMS Property in the Timmins Mining Camp returned 8.81 grams per tonne gold. The sample was obtained 65 meters south of and on strike from where initial sampling by Knick returned 117g/t gold (previously reported May 1, 2012).The prospecting was also successful in locating 58 old trench/pit workings of unknown history. The work fills current assessment requirements. Knick is considering potential partnerships/ joint ventures on its Triple Lake property.

Of note: Research and data processing is ongoing on both Knick’s East-West and Trecesson properties. Sample results from prospecting along strike of the Trecesson property’s Cossette gold system are pending.

The Triple Lake Property Story

The property consists of 7 claims totaling 60 claim units covering 960 hectares (2,372 acres) in the Timmins Mining Camp of Ontario, Canada.

It is host to Gold, Silver and Base-Metal Mineralization and two isolated clustered MEGATEM- II electromagnetic (EM) anomalies.

Different portions of the property have been held by various owners. The present property includes all known local high grade gold mineralization.

Prior to 1926, John Spence discovered a piece of quartz on the shore of Triple Lake. Mr. Spence dug into the bank uncovering a quartz vein. By 1926 a six foot pit had been sunk on the vein which strikes N50E and dips 60 degrees south.

By 1932 a 55 foot shaft was sunk on one vein. The operator, Triple Lake Porcupine Gold Mines Ltd shipped 155 tons of ore that returned them $2738.00, (1932 gold was $20.67/ounce). “This is equivalent to a grade of 0.85 oz per ton gold and recovery of 132oz of gold.

In 1926 there were two claims just north of the southern boundary of McArthur Township called the Lokner claims. The same area was covered by nine claims held by A. Hubert and O. Thomas in 1959.They reported up to 2.06 oz/ ton gold from spotty mineralization.

Lacana Mining Corporation, in 1981 held 6 claims within the present property and performed geological mapping sampling trenching and geophysics. Sampling of the main quartz vein in 1981 returned values of 0.8 oz/ton gold and 1 oz/ton silver over 3 feet. The old shaft was dewatered, but before sampling could be done the Ministry of Natural Resources filled the shaft with gravel. In 1982, Lacana drilled 5 diamond drill holes totaling 1393 feet. Hole MC-1-82, drilled below the shaft mineralized material, which assayed 0.1oz/ton gold over 3.5 feet. There was significant sub parallel fracturing in the hole indicating that the hole may have been drilled along a fault zone thus obscuring the mineralized zone. Holes MC-2,-3,-4 and-582 were drilled to test the western extension of the shaft zone

United Kingdom Energy Inc. in 1987 performed a reverse circulation drilling covering a portion of the property which returned several highly anomalous results. The highest value was 12,895 ppb gold (12.895g/t) on the Triple Lake property. The gold anomaly was drilled however the company became insolvent. No record of the core log was found in the Ministry files.

In 2006, the Precambrian Geoscience Section (PGS) of the Ontario Geological Survey (OGS) started a multi-year project of geological mapping of the Bartlett Dome as part of an ongoing project to update geological mapping in the Timmins mining camp. During the summer, the 1:20 000 scale bedrock mapping was focused on McArthur Township. The new geological map was released April 17, 2007, map P.3585. The map indicates several previously unrecognized features, including a tonalite plug on the property.

At 10:00 am, April 17, 2007 the government of Ontario released new airborne electromagnetic and magnetic data covering the area immediately south of Timmins, Ontario.

The airborne data indicated two previously unknown EM anomalous areas.

The two anomalous clusters were staked as two separate blocks and then recorded on Friday April 20, 2007. These claims are referred to as CF-1 and CF-2 and are part of the present day Triple Lake Property. The presence of two previously unknown and untested anomalous clusters in the Timmins mining camp is significant.

Examination of records held by Timmins Mining Office indicated these areas had not been drill tested nor subjected to intensive investigation. Early regional geological mapping indicated the area of CF-1 was underlain by granite and therefore its mineral potential was overlooked. During a period of ground geophysical surveying later in 2007, volcanic rocks as well as iron rich outcrops (+20%Fe) were located and sampled.Three Government surveys (OGS) between 1996 and 2001 covered the property area. In particular gahnite grains, a zinc-spinel commonly associated with volcanogenic massive sulphide mineralization occurred over the western half of the surveyed area. In one case the level of zinc was so high it was thought to be contaminated, though it could not be explained why it repeated in a separate sediment survey, nor why copper was anomalously high. Notable clusters of samples containing gahnite occur in north-central Musgrove Township; proximal to the CF-1 EM cluster.

The presence of two previously unknown and untested anomalous clusters in the Timmins mining camp is significant. Three weeks after staking CF-1 and CF-2, Golden Chalice Resources Inc. made a new discovery in Langmuir Township 30km to the east. The first hole drilled to test a cluster of 4 airborne VTEM EM anomalies on their property intersected 1.14% Nickel over 72.50 meters (Press May 16, 2007).

Claim Block CF-1 is situated in Musgrove and Bartlett Townships. The Hollinger deposit lies 3.3 km on strike NNW of the property. The Hollinger deposit is a historical drill proven mineral resource of 114,200 tons of 1.66% copper. It includes a drill intersection of 4% copper over 10 feet. The deposit was acquired by Amador Gold Corp. Feb 2008.

Claim Block CF-2 is situated in Bartlett Township and McArthur townships and includes the Triple Lake high grade gold occurrences. The past producing Texmont Mine lies 6.5 km east of the CF-2 property. In 1971 it had a reported resource of 3.19 MT of 0.92% nickel.

In the fall of 2007, Richmond Minerals optioned the properties. Grids were established on the original CF-1 and CF-2 claims and ground geophysics were performed.

On CF-1 eight outcrops sampled during the period of the geophysical surveys returned anomalous copper, the highest being 1,484ppm copper.

One outcrop sample was taken on CF-2 during the fall 2007 geophysical surveys. It assayed 191ppb gold and 0.6% copper.

In the early winter of 2007 a personal two hour meeting with the chief geophysicist Jean Lemieux of Fugro Geophysics, G. N. Henriksen and P. Adomaitis was conducted to explain the finer points of the new MEGATEM II airborne EM technology and its interpretation.

“It is also important to remember that the GEOTEM and MEGATEM systems have a very large footprint (in the order of 400 to 500 m) and will tend to homogenize the conductive responses into a single response.” This means an anomaly is accurately located however precision is lost in favour of depth of penetration.

Detailed modeling of the CF-1 airborne anomaly by the senior geophysicist Jean Lemieux of Fugro Geophysics interpreted the source as the upper part of the anomaly to be sphere like and the lower part to be plate like. This interpretation fits the VMS model.

In the winter-spring of 2008 a limited follow up diamond drill program was carried out to test various geophysical targets for gold, silver and base metals. Total drilling completed was 1,135m, 893.18m as 4 holes on CF-1 and 241.84 on CF-2.

The source of the airborne EM anomaly on CF-1 was not located by the limited drilling.

On CF-2 in drill hole RMD-8-02 a definite zone of polymetallic mineralization was intersected at a depth of 14.53m that has a down hole width of 2.42m of 0.78% copper including 1.22m of 1.41% copper, 9.3g silver, 0.11% zinc and 249ppb gold. In the same hole, at 91.34m a sample returned 254.3g silver over 0.31m. The zone appears related to but does not represent the source of the airborne EM anomaly. The surface showing of 191ppb gold and 0.6% copper and drill hole RMD-8-02 are separated by approximately125m.

Casing was left in holes proximal to airborne EM anomalies to enable future down hole geophysical surveys to define potential drill targets.

Knick Exploration Inc. found the United Kingdom Energy Inc. 1987 core, which tested a 12.895g/t gold geochemical anomaly, in the Timmins core library. It contained abundant silicification and quartz veining.

Knick has performed minor prospecting and a localized geochemical survey to date.

A National Institute 43-101technical report has been completed on property, the Triple Lake Property, Eastern Ontario, Timmins Area, Timmins Mining Camp, March 2, 2011 by Donald Theberge, Eng., M.B.A.

References are available on Knick’s website at: www.knick.ca

Grab samples are selective by nature and are unlikely to represent the average grade of the mineralized zone.

Samples were sent to Expert Laboratory in Rouyn-Noranda, Quebec for analysis.

Fire assay and metallic sieve methods were implemented for analysis as deemed warranted.

References:

NI 43-101 Technical Report, Triple Lake Property, Eastern Ontario, Timmins Area, Timmins Mining Camp, March 2, 2011 by Donald Theberge, Eng., M.B.A.

News Release, May 1, 2012, Triple Lake Property Returns 117g/t Gold

Gordon N. Henriksen, P. Geo., Vice President of Knick Exploration, is the Company’s qualified person as defined by National Instrument 43-101. He has reviewed and approved the contents of this press release.

We seek Safe Harbour.

Forward-Looking Statements

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

This Press Release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties.

Click here to connect with Knick Exploration Inc. (TSXV:KNX) for an Investor Presentation

Get the Latest Gold Investing Stock Information

Get the latest information about companies associated with Gold Investing delivered directly to your inbox.

Gold Mine Development
Gold Production/Mining
Gold Project Generators
Gold Prospecting and Exploration
Gold Resource Definition/Pre Feasibility
Gold Resource Expansion/Feasibility Study/PEA

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time.

Gold Outlook Report - Late 2017!

Your free report includes:

  • 10+ Stocks to buy
  • Expert insights
  • Market forecasts
Give me my free report!  
Comments

Leave a Reply