Hemlo Explorers Inc. (TSXV: HMLO) has received its exploration permit from the provincial Ministry of Mines to continue its exploration efforts at the Idaho project in northwestern Ontario.
After a successful exploration season in 2022, the company announced Monday it will start a drilling program in late June 2023.
The exploration findings from various methods such as aerial geophysics, field surveys, soil sampling, and analysis of rare-earth elements have provided valuable information for identifying potential areas of interest, the company said in a statement.
The geochemical data from soil and rock samples collected in 2022 match the geophysical patterns, including a north-to-south magnetic low, similar to the Marathon PF-Cu deposit. This suggests a favourable environment for the presence of gabbroic Pd-Cu deposits along the Coldwell Complex-Archean boundary.
Gabbroic Pd-Cu refers to a geological formation that contains significant concentrations of palladium (Pd) and copper (Cu) within gabbro rock. Gabbro is a type of coarse-grained intrusive igneous rock that is rich in dark-coloured minerals like pyroxene and amphibole. Pd and Cu are valuable metals used in various industries, including electronics, automotive and jewelry.
Project Idaho is located 3 kilometers east of Generation Mining’s Marathon Pd-Cu. It has many intersecting faults and fractures, similar to the Marathon deposit area. These faults and fractures likely allowed palladium, copper, and sulfide minerals to concentrate, similar to what happened at the Marathon deposit.
“We are very fortunate to be working in between the long-lived Hemlo gold mine and an exciting new mine development at Generation Mining’s Pd-Cu project,” CEO Brian Howlett said.
“We consider our package of about 31,000 hectares of claims to contain some of the most prospective geology in the area, as it is the transition area between the Coldwell Complex and the gold-rich Archean, where many regional faults criss-cross.”
Hemlo has exploration projects in Ontario and Nunavut and last August, it announced it entered into an agreement with a subsidiary of Barrick Gold Corp. (NYSE: GOLD) where Barrick would have the right to earn into 910 claims comprising over 16,000 hectares as part of the Pic Project.