Argex Mining Inc. has completed and received the final reports for a recently flown airborne geophysical survey completed on its 100% owned Mouchalagane property. Results from the survey demonstrate a magnetic anomaly of more than 40 km in length that corresponds with iron formations that have previously been mapped and from drilling on the property as well as two outlying magnetic anomalies that also correspond with previous work that demonstrated iron formations running 2 km long and 3 km long.
Argex continues to review the results of the recently completed airborne geophysical survey and will announce its future plans for the property shortly.
The survey was completed by Geophysics GPR International Inc. The survey reported magnetic and EM-VLF results. The survey consisted of one large block covering a minimum coverage of 2447 line kilometers. The survey used the Helimager™ which is a towed bird system configured as a horizontal magnetic gradiometer with two caesium vapour magnetometers installed at each end of the lateral arm, 6 metres apart, and a Totem-2A VLF receiver on the lower arm. The radar altimeter and a DGPS system were mounted on the central body of the HelimagerTM system. The property was survey with 100 metre line spacing and 1000 metre tie-line spacing.
The Mouchalagane property is 145 km North-Northwest of Manic Dam 5, just Northwest of Rene-Levasseur Island. The Mouchalagane property is also 185 km Southwest of Consolidated Thompson’s Bloom Lake property, and 275km north of the City of Baie-Comeau. A map showing the location of Mouchalagane is attached in this release as Figure 1 (also available on the companies website at www.argex.ca and www.sedar.com).
The Mouchalagane Property is located in the North Shore region of Quebec, part of the Grenville Geological Province. The Grenville extends from more than 2,000 kilometres in length and skirts the North Shore of the St-Lawrence River. Its width varies from 300 kilometres to 600 kilometres and forms the south east segment of the Canadian Shield. The Archean rocks of the Superior Province and the Proterozoic rocks of the Otish Basin are separated from the Grenville Province by the Grenville Front.
The Grenville consists of gneiss domes and basins with complex and irregular structural patterns, and intrusive rocks of variable composition, from gabbros to alkaline rocks. The circular shaped Manicouagan Structure is located in proximity to the Mouchalagane.
The first map of the region dates from 1955 which shows several iron formation occurrences (Mount South, Mount Barn, Parr North Lake, Crazy Lake and Everett Lake) These iron formations were discovered by the Oliver Iron Mining Company in 1954 following the publication of an aeromagnetic survey completed by Canadian Aero Service in 1952.
In 1957 Consolidated Morrison Exploration undertook geological and magnetic surveys on the Moore Claims. The then named Lake La Roque Property covered four separate zones of iron formation. The iron mineralization was described as being of two types: mineralized quartzite with hematite and magnetite; and iron formation containing magnetite and iron silicates. Gravity and magnetic surveys were performed in 1960 by Sulmac Exploration Services over the same area.
Geological mapping, a magnetic survey and 11 holes were drilled, as well as metallurgical tests were performed in 1957 and 1958 on the Moore Claims. Additional metallurgical tests were completed in 1960 on more than 12 sites in the same area.
The region was mapped by Berard of the MRNFQ in the early 1960’s. Berard describes all the geological units and the iron mineralization styles of the region.
Hanna Mining Co and Matonipi Mines were also very active on the Moore Claims in 1962 and 1963. They completed geological, magnetic and gravimetric surveys and metallurgical testing.
In 1975 Matonipi Mines completed additional metallurgical testing on six difference type samples: The Mount South quartzite-oxide, Mount South magnetite-silicates, Parr Lake quartzite-oxide, Parr Lake magnetite-silicates, Mount Barn magnetite-silicates and Crazu Lake magnetite-silicates.
The property was inactive until 2006 when Fancamp Exploration and Sheridan Platinum Group resumed mineral exploration in the region. A magnetic and radiometric survey were completed over part of the current Mouchalagane property.