Gold Discovery Potential of the Cancet Lithium Property

As a general rule mineral exploration companies do not relay via public announcements the news of discoveries made by other companies on nearby properties.  In my view MetalsTech Limited has followed this form with regards to their Cancet Property and two recently (November 2018) announced discoveries by Midland Exploration and Azimut Exploration.

(When new geological insights are acquired as a result of a neighbouring company’s work it improves the understanding, and typically the discovery potential, of one’s own property, especially if they share similar lithological, structural, mineralization and/or geophysical features.) 

On 16 October 2018 Midland Exploration Inc. (TSX-V: MD) announced the discovery of a roughly 2-km long (now extended to over 7 km) copper-gold-molybdenum-silver mineralized system on its enormous Mythril Property which is located as close as 6 km to the east of MetalsTech’s Cancet lithium property. The Cu-Au-Mo-Ag mineralized system itself is located about 25 km east of the Cancet Property. 

Here is a link to the 16 October news release:   http://www.midlandexploration.com/en/Communique.aspx?ResourceId=ba6921a6-d147-4f7d-b265-ae9681bdff01  Subsequent news releases have provided updated information. 

Here is a link to a 27 November 2018 news release that builds on Midland’s original announcement: http://www.midlandexploration.com/en/Communique.aspx?ResourceId=c23d9c59-33d1-4301-9013-b83badef1373 

Then on 6 November 2018 Azimut Exploration Inc. (TSX-V: AZM), announced the discovery of gold and polymetallic (copper-cobalt-molybdenum) mineralization on its large Pikwa Property (jointly owned with SOQUEM Inc) and much closer to the Cancet Property. The Pikwa Property shares a border about 17 km long with Midland’s Mythril Property to the north and a 5 km border with the Cancet Property to the west. The gold and polymetallic discovery zone itself is only five (5) km east of the Cancet Property and perfectly on strike. 

Here is a link to the 6 November 2018 announcement:  http://www.azimut-exploration.com/en/release/PR_20181106.pdf  

Here is a link to a followup 27 November announcement:  http://www.azimut-exploration.com/en/release/PR_20181127.pdf 

The most recent news releases of both Midland and Azimut describe their accelerating 2019 exploration programs, undeniably a positive development for all claims holders in the region, especially as the Cancet, Mythril and Pikwa properties are all underlain by the same broad east-west trending mineralized greenstone belt. As geological and geophysical maps indicate,Midland’s Au-Mo-Ag mineralized system appearsto be on strike with Azimut’s Pikwa target zone, with the two discoveries located roughly 20 km apart. Both discoveries appear to be associated with strongly magnetic greenstone units highlighted by generally east-west trending magnetic highs of regional scale which also cross almost the entire 35 km east-west length of the Cancet Property to the west. 

Many of the regional magnetic highs are caused by known magnetite-rich metamorphosed volcano-sedimentary horizons. Most of the other magnetic high trends are likely also caused by similar geological units; although there is a lack of geological map detail as the region has historically received very little attention by mineral explorers, especially prior to the construction of the Trans-Taiga road which has only relatively recently opened the region to development. The distance from the west end of MetalsTech’s Cancet Property to the east end of Midland’s Mythril Property (with some of Azimut’s Pikwa Property in between) is just over one hundred kilometers, a great swath of truly underexplored territory.   

Finally, particularly gold and lithium in mind, non-geologists may note that although the region’s greenstones, lithium-bearing pegmatites, other rock types and various types of metallic mineralization formed at different times, over different spans of time, and under non-identical physiochemical regimes (ie., geological circumstances), they can, and do, co-exist.   I have written and posted this item on HotCopper to fill an information vacuum. Along parallel lines I may post information on a recent development that will, in my view, impact positively on one of MetalsTech’s other underappreciated lithium properties. For the moment it will be interesting to see the responses that this Cancet Property post generates.