Faraday Copper Corp. press release
Entourage Metals - Gold Exploration in the Canadian Shield
TSX - Toronto Stock Exchange · Copper · Molybdenum · Silver · Gold · Canada
The Hemlo Gold deposit contained 25 million ounces of gold. Discovered in 1981, amidst a flurry of staking, digging and high hoping, the newly found deposit created something of a gold rush in north-western Ontario. However, despite 15 years of exploration, no additional deposits were found. This is an archaen greenstone deposit; basic geology dictates that satellite claims are surely nearby. But it wasn’t to be.
As a result of depressed gold prices in the mid 90s and the lack of any additional discoveries, exploration was halted, bags were packed and the area was largely ignored. Decades since its discovery, the Hemlo deposit has produced over 20 million ounces of gold and is home to Barrick Gold’s (TSX-V: ABX) actively-mined David Bell Mine, Golden Giant Mine, and Williams properties.
Geologist John Florek P. Geo. worked with Barrick on the Hemlo deposit as Senior Geologist. Now VP Exploration with Entourage Metals (TSX-V: EMT), Florek, together with a formidable team of industry experts, is guiding Entourage to where he believes the gold lies, the discovery of which should breathe life back into the forgotten district.
Entourage Metal’s Hemlo Belt Properties cover approximately 3,800 hectares of land and are located in the historic Thunder Bay Mining District in Northern Ontario, 8 kilometres west of Barrick’s Hemlo gold deposit. Sitting on the main deformation zone that is along trend of the actively mined gold deposits, the potential for, and the probability of additional satellite deposits within this trend is high.
Entourage is now armed with crucial new understanding of the regional mineralization, and years worth of academic research carried out on the district together with Florek’s own personal experience of Hemlo. With 20 years experience in exploration and development under his belt, as Senior Geologist with Barrick at Hemlo Mines, Florek was also a key part of the team that won the 2008 Developer of the Year Award by extending the Hemlo mine life, awarded by the Northwestern Ontario Prospectors Association. Prior to Barrick, Florek had served as Senior District Exploration Geologist in Red Lake with Placer Dome and BHP Minerals, and brings a wealth of exploration knowledge and management to the already stellar Entourage team.
The Entourage
Entourage CEO and Director Adrian Fleming P. Geo. was President and a Director of Underworld Resources Inc (TSX-V: UW) which was acquired by Kinross Gold Corp. (TSX-V: K) in July 2010 for $138 million. With 30 years industry experience behind him, Fleming has worked with, amongst others, Placer Dome, Golden Star Resources and Miramar Mining. He has been directly involved with teams that discovered, advanced and developed gold mines such as Porgera in Papua New Guinea, Big Bell in Australia, Gross Rosebel in Suriname and the Hope Bay Gold project in northern Canada.
Entourage Chairman Robert McLeod P. Geo. was also VP Exploration and instrumental in the Underworld gold discovery. He is currently VP Exploration and CEO for Full Metal Minerals. His expertise is typically early-stage exploration and discovery, with extensive experience in epigenetic gold systems including Archaen lode deposits. He is also a member of Doug Casey's NexTen generation of mineral explorers.
Senior Geologist John Labrecque P. Geo is another ex-Barrick man. His role prior to Entourage Metals was Senior Open Pit Geologist with Barrick at the Williams Mines. He was instrumental in extending the mine life at the Williams Mines and was also part of the team that received the 2008 Developer of the Year Award.
Living up to its name, the Company has indeed accumulated a veritable entourage of industry experts as it moves forward with an aggressive exploration plan on the prolific Canadian Shield.
Something Special
Entourage has found itself in a uniquely advantageous situation. The Hemlo properties experienced an initial burst of exploration throught the 80s and into the mid 90s, but since then, the area has been relatively untouched. To put this into perspective; 2 of Canada’s other greenstone belts, Red Lake and Timmins, have been explored intermittently for 65 and 100 years, respectively. In comparison, the Hemlo greenstone belt, has had one single deposit but no satelite deposit and experienced a mere 15 years of exploration maturity.
Add to this equation John Florek’s experience in the region and his knowledge that the majority of the deposit is actually below 500 metres depth, far below much of the shallow drilling that had previously been undertaken in the area, and it doesn’t take the shiniest pot in the kitchen to realise that Entourage is onto something special here.
Toothpick West, Rous Lake and Barrick
Entourage has launched an aggressive 7,000 metre exploration plan on the Hemlo Belt Properties, with 2 big mining names thrown into the mix.
The company entered into an option agreement with Barrick Gold to acquire 100% interest in the exploration of the Toothpick West and Rous Lake properties located along the mineralized trend of the Hemlo Gold Deposits.
Enter Kinross
On May 16th 2011 Entourage closed a $1 million private placement (1,550,000 common shares at a price of $0.65 per share for proceeds of $1,007,500) with Kinross Gold. Kinross subscribed for all 1,550,000 shares, which represents approximately 6.9% of the company’s issued and outstanding shares. The Kinross investment is considered strategic and is certainly a validation of the geological team.
Building The Play
Entourage Metals has focused its activities on one of the great gold locales of the Canadian Shield. A management team steeped in historical success together with a technical team as well versed as any on the geology and mineralization of the Hemlo region, provides a perfect and credible approach to the exploration of a trend that undoubtedly hosts significant gold resources at depths that, until now, have prevented them from becoming prime exploration targets.
In most recent Entourage news, the company has acquired an option to acquire a 100% interest in the highly prospective Benton Gold Property located in the Southern Swayze Greenstone Belt, Benton Township. Locally, this deformation zone hosts Trelawney Mining’s Cote Lake Gold Deposit (Inferred Resource of 4.2 million oz. Au) and Jerome Mine (Inferred Resource of 1.03 million oz. Au). Entourage’s claims cover over 15 km of this gold endowed trend. The claims are approximately 35 km northwest of Trelawney Mining’s Cote Lake Gold Deposit and 10 km northwest of the Jerome Mine.
This greenstone belt is in the underexplored southwest portion of the Abitibi Subprovince. This 203 square kilometer property is situated in the Ridout Deformation Zone which is considered to be the western extension of the prolific Larder Lake-Cadillac Deformation Zone. The Giant Kirkland Lake Deposits and Kerr Addison-Chesterville gold deposits are located in this deformation zone;a trend that has produced over 49 Moz.
Entourage management believes these new properties represent an excellent discovery-stage opportunity. The symmetry in the geology to the Kirkland Lake area and the fact that it is underexplored is what attracted Entourage to the area.
Together with the promise of the Hemlo Belt prospects, it should come as no surprise that Entourage Metals is brimming with fully-merited confidence. http://www.resourcexinvestor.com