Confederation Minerals Ltd. has a substantial land position within the Archean Confederation Lake greenstone belt in the highly prospective Red Lake Mining Division of Ontario. The Company completed the requirements to the original Optionors Perry English and Rubicon Minerals Corporation and now owns a 100% interest, subject to a 2% NSR, which can be reduced to a 1% NSR for a payment of $1,000,000.
The property consists of 19 claims comprising 132 units (2,137 hectares; 5,280 acres) and is favorably situated with the past-producing South Bay Mine to the northeast. The South Bay Mine – a copper-zinc-silver (“Cu-Zn-Ag”) volcanic-hosted massive sulfide (“VMS”) deposit – was operated by Selco from 1971 to 1981 and produced 1.45 million tonnes of ore grading 2.3% copper, 14.7% zinc and 120.0 g/t silver.
Results of an MMI soil survey by Confederation Minerals confirmed the presence of a significant geochemical anomaly at the northeastern end of the property adjacent to the South Bay Mine. This high-magnitude Zn anomaly occurs over widths up to 150 m and a 1.8 km strike length and displays classic Zn-Cd-Cu-Ag associations.
In winter 2008, the Company completed a drill program of five diamond drill holes totaling 2,050 m on the property. The drilling was a follow-up of anomalous values obtained from the MMI soil surveys which were detected in overburden-covered terrain southwards, along strike, of the South Bay-hosting strata. Although the drilling did not intersect VMS-style massive sulfide mineralization, one hole–CL08-04–intersected mineralization associated with chloritic breccias, which may be indicative of a possible feeder zone similar to the South Bay Mine footwall dacitic breccias and may warrant further follow up.
Work on this project is currently on hold while the company focuses on the Newman Todd Project.