- Metals Australia (MLS) recently commenced field exploration activities at its Eade Gold Project in Quebec, Canada
- The project lies within the southern part of the Lac Guyer Greenstone Belt which hosts numerous high-grade gold, copper and base metal discoveries.
- Significant exploration targets have been identified at Eade however they were never followed up by modern exploration techniques
- Metals Australia is testing the significant gold targets across a 15-kilometre strike length along the Lac Guyer Greenstone Belt
- Company shares are down 20 per cent and are trading for 0.2 cents
Metals Australia (MLS) has provided an update on exploration activities at its Eade Gold Project in Quebec, Canada.
The Eade Gold Project lies within the southern branch of the Lac Guyer Greenstone Belt which hosts numerous high-grade gold-copper and base metal discoveries.
The smaller East and West Eade project areas also indicate the presence of high-grade gold and silver mineralisation.
Specifically, the West Eade area spans an 8.3-kilometre strike length and cover the Eade-5 and Eade-6 gold occurrences. Eade-5 has returned values of up to 7.41g/t gold and Eade-6 has returned rock chip samples of up to 11.45g/t gold.
The East Eade area contains a 6.7-kilometre strike and covers three gold occurrences which have returned up to 12g/t gold and 5.3g/t silver.
Importantly, the Eade Gold Project hasn't seen modern exploration and only limited follow-up exploration has been undertaken which presents a significant opportunity for potential discoveries.
A field exploration program has been underway for over one week to test significant gold targets across a 15-kilometre strike length along the Lac Guyer Greenstone Belt.
These targets were identified following a remote sensing study, Satellite Aperture Radar (SAR) survey and historical geological data review.
"We continue to map and prospect the many gold exploration targets that were identified, and whilst in the field, we have also successfully been able to identify, map and sample additional areas representing highly prospective mineralised zones," Director Gino D'Anna said.
"The Eade Gold Project represents a significant high-grade under-explored gold project, located in the Lac Guyer Greenstone Belt, a prolific greenstone belt located in Northern Quebec," Gino added.
Company shares are down 20 per cent and are trading for 0.2 cents each at 3:15 pm AEST.