Orebodies has the right to acquire a 100% interest in 251 claim units covering approximately 4,047 hectares that are located in the Hemlo greenstone belt (the “Wire Lake Property”), under an option agreement previously announced on October 12, 2016. Through staking, Orebodies added an additional 39 claim units, bringing the entire property to over 4,600 hectares. The Wire Lake Property lies 29 kilometres to the northwest of the Williams Mine and 40 kilometres to the southwest of the past producing base metal mines near Manitouwadge.
Gold was first discovered on the Wire Lake Property in 1986 and the property was explored by junior companies until 1993. Since that time the property had been dormant pending the outcome of litigation which has now been resolved. The Company’s exploration program on the property in the fall was the first in over 20 years. Previous work identified a gold bearing zone (the “Wire Lake Gold Zone”) over a 2,300 metre strike length that remains open in both directions and to depth.
Mineralized zones containing anomalous gold range in thickness from a few metres to in excess of 50 metres in width and with few exceptions the historic drilling has tested the main Wire Lake Gold Zone to a depth of less than 150 metres. To date, only approximately 15% of the property has been systematically explored.
During the fall of 2016, Orebodies completed an airborne detailed Mag/VLF geophysical survey over the Wire Lake Property, flying approximately 620 line kilometres. The data from this survey is still being processed but the Company should have final results in the near future. Results from the survey will be combined with those from the fall reconnaissance prospecting program to generate drill targets within and outside of the areas of known gold mineralization.