Victor (Vic) French, President & COO of Puddle Pond Resources (PPR), is pleased to announce the acquisition of the Lockport volcanogenic massive sulphide (VMS) deposit from the Newfoundland prospector, Tom McLennon. The acquisition involved a cash payment and transfer of shares and is not subject to any overriding royalty. The Lockport deposit is hosted by the Wild Bight Group, one in a series of well-preserved Lower Ordovician volcano-sedimentary terranes in central Newfoundland that host numerous examples of base- and precious-metal rich VMS deposits including the world-famous Buchans Mine, and Callinex Mines’ Point Leamington deposit (14.1 Mt grading 1.86% zinc, 0.42% copper, 1.07 g/t gold, and 17.12 g/t silver).* Situated near the town of Glovers Harbour in Notre Dame Bay, and approximately 20 km north of the Point Leamington deposit, the Lockport property has good year-round road access and is only 47 km north of the Trans-Canada Highway.
The Lockport deposit comprises a large VMS-style alteration zone, which contains some small cupriferous, pyritic massive sulphide lenses, some of which were mined in the early 1900s. According to the Newfoundland Dept. of Natural Resources Mineral Occurrence Database System “The Lockport deposit is an overturned, northwest facing pyritic massive sulphide deposit with an extensive chalcopyrite-rich stockwork zone. The stockwork consists of abundant veinlets and stringers of pyrite and chalcopyrite hosted by a moderately to strongly foliated basalt and felsic volcanic rocks exhibiting intense silica-chlorite alteration.”**
Assays from 1998 diamond drilling by Altius Resources returned the following values**:
1.44% zinc over 26.00 metres (DDH LP-98-01) and 1.05% copper over 5.8 metres (LP-98-02).
Previous diamond drilling results conducted by Nalco and others included**:
14.00 metres of 0.99% copper and 0.17% zinc (L-5) and 7.7 metres of 1.01% copper (L-6).
With the acquisition of the Lockport deposit, Puddle Pond Resources now owns over 5000 hectares (>50 km2) of highly prospective ground for VMS exploration in the “Point Leamington VMS District”, comprising 5 separate properties: Tea Arm, Lockport, Seal Bay, Point Leamington North, and Point Leamington South (Map 1 below). Each of these properties is known to host extensive zones of VMS-style alteration and mineralization in bimodal (mafic and felsic) submarine volcanic and volcaniclastic rocks of Lower Ordovician age formed in island-arc and back-arc tectonic settings.
Newfoundland has a rich history of massive sulphide exploration and mining dating back to the late 1800s. In addition to the Buchans Mine and the Point Leamington deposit, there are numerous other examples of both past-producing mines (e.g., Duck Pond, Rambler) and advanced-stage exploration plays (e.g., Lemarchant) situated in the Island’s Central Volcanic Belt (Map 2 below).
*Callinex Mines News Release, May 16, 2016.
**Newfoundland Dept. of Natural Resources Mineral Occurrence Database System (MODS).