Buchans Resources Limited holds an extensive mineral land package in the historic Buchans mine district of central Newfoundland, considered prospective for volcanogenic massive sulphide (“VMS”) Zn-Pb-Cu-Ag-Au base metal deposits.
Buchans properties host four undeveloped, including the Lundberg deposit near the town of Buchans, as well three smaller, higher grade, massive sulphide VMS “satellite” deposits, located less than 20 km south of Buchans, on the opposite side of Red Indian Lake, namely the Daniels, Bobbys and Tulks Hill deposits, each with excellent exploration potential.
Buchans’ properties hold potential for discovery of new VMS deposits comparable to historically mined orebodies in the Buchans camp, where Asarco mined more than 16.2 million tonnes from five separate deposits, with a combined average grade of 14.51% Zn, 7.65% Pb, 1.33% Cu, 126 g/t Ag, and 1.37g/t Au, before mine closure in 1984.
The large, lower grade, Lundberg zinc, lead copper stockwork sulphide deposit is the largest and most advanced deposit with respect to metal inventory, resource definition, mine planning, metallurgical testing and economic studies, and was evaluated by a Preliminary Economic Assessment in 2011 as a stand-alone open pit mine and processing project. A new March 2019 mineral resource estimate reported that Lundberg’s in-pit mineral resources contain more than 1.25 billion pounds zinc equivalent in the Indicated category and demonstrates a significantly more robust project which provides compelling rationale to undertake a new updated Preliminary Economic Assessment, or a Preliminary Feasibility Study, to assess Lundberg as a stand-alone open-pit mineral resource development with a low strip ratio, optimally situated on a brownfields site with excellent infrastructure.
Buchans also owns 100% interest in the 2,075-hectare Lake Douglas gold project in central Newfoundland, located 15 km northeast along strike of Marathon Gold Corporation’s Valentine Lake project that covers a 20-kilometre long system of gold bearing veins.
In Labrador, Buchans holds a 100% interest in the Tasiuyak gold property, located 10 km south of Vale’s Voisey’s Bay nickel-copper-cobalt mine. The Tasiuyak property includes mineral rights to 11.5 km2 covering a historic gold prospect discovered by previous explorers during the Voisey’s Bay exploration rush in the mid-1990s.
Buchans also holds several properties in Labrador considered prospective for Voisey’s Bay-style nickel-copper-cobalt deposits, including 38 claims (9.5 km2) covering prospective troctolitic gabbros of the Pants Lake Intrusive Suite at South Voisey’s Bay, and 5 claims (1.25 km2) covering mineralized troctolite at Voisey’s Bay itself.
Additional information about Buchans is available on the Company’s website at www.BuchansResources.com.