Timmins & Beardmore - Northern Ontario

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posted on Jun 21, 2008 04:17PM

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Sage Gold Inc. (http://sagegoldinc.com) Sage contracted a minimum of 22 000 m of diamond drilling in 2008 on its properties in the Beardmore-Geraldton area (News Release, Sage Gold Inc., December 14, 2007). This is in addition to the 8000 m program currently underway (which is expected to be completed by the first quarter of 2008) at the Jacobus and Onaman base metal properties. Thirteen holes, totaling about 4000 m, have been drilled to date.

On both the Jacobus and Onaman properties, Sage has completed helicopter-borne magnetometer and electromagnetic (EM) surveys. Preliminary results from the Jacobus copper-nickel property indicates a magnetic “high” on the southeastern corner of the property that is contiguous with the northern extension of that on Kodiak’s continguous Hercules property. Within this “high” is a northwest-trending magnetic “low”, which is interpreted by Sage to have a similar geophysical signature to Kodiak’s Golden Mile quartz vein system. Jacobus Mining Corporation intersected a ten foot-wide quartz vein within this “low” in a 1957 diamond drilling program; the vein was not assayed for gold. Sage is currently moving equipment into this area to begin trenching both the quartz vein and the northwest-trending magnetic “low”. Grid will also be cut for detailed ground geophysics and geological mapping. The Jacobus property is underlain mainly by intermediate pyroclastic rocks that are intruded by the Elmhirst gabbroic intrusion.

Highlights of assay results received from the fall 2007 drilling program include 0.70% Ni and 0.74% Cu over 22.6 m, 0.65% Ni and 0.78% Cu over 15 m, and 0.55% Ni and 0.77% Cu over 18.7 m (ibid, January 18, 2008). Within the sulphide zone of the Elmhirst gabbro, platinum and palladium assays for SJ07-34 showed a 21 m interval (424 to 445 m) grading 0.08 g/t Pt and 0.04 g/t Pd. The 22.6 m wide mineralized zone in SJ07-38 also returned 0.031 g/t Pt, 0.008 g/t Pd and 0.091 g/t Au. Within this interval are three zones with elevated gold content. The highest grade within the interval returned 0.222 g/t Au over 0.3 m.

On the Onaman copper-silver-zinc-gold property, Sage has completed a ground induced polarization (IP) survey along the strike extension of the Lynx 1, 2 and 3 copper-silver-gold-mineralized zones. In addition, Sage has discovered a new zone of volcanogenic massive sulphide (VMS) mineralization west of the Lynx zones. This new zone (Lynx #4) has now been tested by IP and will be drill-tested in 2008. The host rocks consist of mafic pillow basalts, interbedded, sulphide- mineralized exhalite units and overlying felsic pyroclastic rocks. The base of the steeply dipping, northeast-trending sequence is the Onaman batholith.

Sage has also been trenching and sampling a 1.5 km long VMS-related alteration system which is expressed as an EM conductor on the western side of the Onaman property. This conductor, the Big M, was drill-tested in 1995 by Goldbrook Ventures Inc. who intersected up to 30 m of massive pyrite and pyrrhotite. Sage will drill-test this system to about 500 m in vertical depth.

The company has also initiated a 7000 m diamond drilling program on the Onaman property in the area of the Lynx showings, with the objective to extend along strike and at depth the Lynx #1, # 2, and # 3 zones (ibid, January 18, 2008) . Magnetometer and horizontal loop electromagnetic (HLEM) surveys were carried out in the spring of 2007 (ibid, March 2, 2007) and an IP survey was recently completed over the same grid. It appears that the Lynx horizon trends northward and that Lynx #1, #2, and #3 zones may be contiguous over a strike length of 600 m. The current drilling program will target all three zones.

The Lynx high-grade copper- and silver-bearing exhalite horizons are folded, but generally trend north, parallel to the regional stratigraphy. This new insight is guiding the company exploration strategy and is helping to select and prioritize drill targets and the many geophysical conductors in the area.

Sage has discovered previously unknown gold-rich quartz veins in a chlorite-carbonate tuff on the southern end of the Big M anomaly on its Onaman property. Coarse, native gold was observed in several channel samples. Additional gold-bearing veins have been identified over a 15 m width, and stripping and channel sampling is ongoing. The sampling program will concentrate on collecting representative samples for pulp metallic screening in order to reduce the nugget effect of visible gold.

The Big M anomaly is related to a 1700 m long pyrite-pyrrhotite-bearing unit that varies in thickness from 3.7 to 33 m thick, and is a strong EM conductor. It is located 1 km west and parallel to the Lynx mineralized exhalite horizons. Underlying this unit, chloritoid and kyanite alteration of the host volcanic rocks is prevalent within a 600 m thick felsic volcanic sequence which is interpreted as a volcanic centre. These characteristics are often associated with Noranda-type volcanogenic massive sulphide (VMS) deposits.

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