With the acquisition of Ledden, Mistango maintains significant exposure to gold with Ledden and its Kirkland Lake District assets Omega and Kirkland West, but now adds substantial exposure to copper.
Mistango is also pleased to gain exposure to the province of Quebec and, more specifically, the Chibougaumau District. Quebec is a top-tier jurisdiction and management believes that assets in jurisdictions such as Canada and Quebec will be valued at a premium in the coming years. Furthermore, Quebec offers tremendous support through direct provincial investment and infrastructure funds such as Plan Nord. Mistango also notes that copper is within Quebec’s Critical and Strategic Minerals Plan, thus offering additional exploration incentives.
The Ledden Project is in the Chibougamau Mining District and the property is mainly underlain by the border phase of the Chibougamau Pluton, the same unit that hosts the Queylus copper-gold breccias. Previous drilling in the area intersected significant copper-gold mineralization in intermediate to felsic intrusive rocks. Mineralization appears to be structural in nature and related to deformation in the intrusion in interpreted NE-trending transfer faults between east-west boundary faults at both contacts of the peripheral phase of the Chibougamau Pluton. Chalcopyrite mineralization is accompanied by pyrite with magnetite increasing with mineralization. Alteration is comprised of chlorite, sericite and silica.
The magnetic anomaly of interest on Ledden extends for over 2.5 kilometres but has only been tested over a 700m strike length. Drilling in 2017 intersected up to 0.25% copper over 40.1 metres. Several northeast trending magnetic anomalies have been outlined by detailed airborne magnetics and a drill hole in 2017 intersected 0.82 grams per tonne gold over 8.21 metres over a parallel but weaker magnetic anomaly. There is no outcrop and structures are currently interpreted to be vertical and as such the true widths of mineralized intersections are assumed to be about 70 to 80% of core lengths. However, more work is required to properly establish the dips of the mineralized zones.
Mistango is planning and permitting its Phase One drill campaign on Ledden, and the Company expects to complete this program on the project in the coming months.
Drill targeting will focus on the northeast trending magnetic anomalies and if the physical rock property measurements are conclusive, induced polarization surveying will be used to provide the initial list of drill hole targets. Further details on Ledden’s Phase One drill program are to be released shortly.