Prime Meridian Resources (TSXV: PMR) this morning provided an overview of the firms projects within the Red Lake district of Ontario. The firm currently has two primary properties in the region, the Bruce Lake and Camping Lake projects.
Following a recent expansion of 282 minerals claims in the region, the company now has claims on a total of 10,180 hectares within the region. The company has elected to primarily focus on the Pakwash Lake Fault Zone and the Sydney Lake Fault Zone, along which its projects cover 8.5 kilometres and 18.0 kilometres of strike, respectively.
In terms of the Pakwash Lake Fault Zone, the zone is believed to have the same structure associated with it that is associated with Great Bear Resources’ LP Fault at its Dixie Project. Mineralization is believed to be related to a deep crustal source.
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Further, the Pakwash Fault is a major trending fault in the region with numerous firms focusing on the fault nearby. For instance, BTU Metals currently is in the process of identifying priority targets just north of the firms claims, while Golden Goliath Resources is slowing moving towards the firms claims with a drill program as it proves out the larger zone.
The Sydney Lake Fault Zone meanwhile is believed to be a result of similar structures as well, with the zone underlying a large portion of Prime Meridian’s claims. Other notable names along the fault include Trillium Gold, who’s recently acquired Leo and Karas projects lie along the fault.
Lastly, the company is reportedly in the process of finalizing both a geological and a work program for the claims it owns within the Red lake region.
Prime Meridian last traded at $0.13 on the TSX Venture.
FULL DISCLOSURE: Prime Meridian Resources is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Prime Meridian Resources on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
