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QualityStocks.net News – Red Lake Exploration, Inc. (RLKX.OB) Commences Exploration Program at Chilean Camila Copper-Gold Property
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Red Lake Exploration, Inc. (OTCBB: RLKX) is one of our highlighted companies this month. The company is engaged in acquiring, exploring and developing natural resource properties in Chile. Its primary project, the Farellon property, is situated in the promising Canadalaria Iron Oxide Copper Gold belt.
In our client’s news today,
Red Lake Exploration announced that it has begun exploring its copper-gold rich project in the Candelaria iron-oxide-copper-gold (IOCG) belt of Chile’s coastal cordillera. The exploration program includes the drilling of six holes, totaling about 1,000 metres (or 3,280 feet) of diamond drilling on two previously discovered mineralized structures.
The drilling will focus on depth extents of surface copper mineralization and coincident IP anomalies related with the Camila Breccia project. Grab samples from the region have returned 1.15% Cu. Also planned is a second target along the El Zorro Vein which is anticipated to intercept depth and strike extents of the known mineralized structure. Grab samples on the El Zorro have returned gold results up to 7.5 g/t Au.
The Camila Breccia is considered an early-stage exploration project. It was last explored by Trilogy Metals, Inc. in the late 1990s. Other site activities include a property-wide geological mapping and sampling program, and a geophysics IP (induced polarization) survey. Two mineralized structures were discovered from the exploration activities, the El Zorro Vein and the Camila Breccia. The El Zorro vein is a gold-bearing specular hematite-pyrite-quartz vein exposed on surface for approximately 1.2 kilometres with an interpreted total strike length of approximately 2.4 kilometres, while the Camila Breccia is a large specular hematite-quartz hydrothermal breccia outcrop with a diameter of approximately 250 metres.
The Company has focused its exploration in the under-explored Candelaria IOCG belt of Chile, host to Freeport-McMoRan’s Candelaria Mine, with reported mineable reserves of 470 Mt @ 0.95% Cu, 0.22 g/t Au and 3.1 g/t Ag; and Anglo American’s Manto Verde Mine, with reported proven and probable reserves of 67.2 Mt @ 0.63% Cu in 2006. The Camila property is one of a number of properties Red Lake has acquired in the area.
John Di Cicco, President of the Company, stated, “This is a very exciting point for Red Lake. It is the first step in our plan to find resources in the under-explored Candelaria IOCG belt.”
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QualityStocks.net, based in Scottsdale, Arizona is a free service that collects data from hundreds Small-Cap and Micro-Cap online Investment Newsletters into one Free Daily Newsletter Report. QualityStocks.net is dedicated to assisting emerging public companies with their advertising efforts and now has over 500,000+ subscribers that receive The Daily Stock Newsletters.
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