LAKE RESOURCES N.L. - ASX: LKE

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Description

Lake Resources N.L. is an Australian company that was formed in 1997 as a specialist mineral explorer with the objective of discovering world-class mineral deposits. In August 2001 the Company was admitted to the Official List of the Australian Stock Exchange (ASX) and Official Quotation of the Company's securities (ASX Code LKE) commenced on 29th August 2001. As at 24 August 2009, the company had 636 shareholders, with 35.162 million shares on issue. The Company has exploration projects in Pakistan.

Chagai Project

Lake Resources is exploring for epithermal gold and porphyry copper-gold deposits in the Chagai region in western Balochistan. Access is by sealed highway from the provincial capital of Quetta. A wide-gauge railway that was upgraded for mine development at the Saindak Copper-Gold Mine parallels the highway.

The project area is situated in the Tethyan Magmatic Arc which extends from Turkey through Iran into Pakistan. Important mineral deposits in the Arc include the Saindak copper-gold mine, adjacent to Lake’s Amalaf EL, and the Reko Diq porphyry copper-gold project of Antofagasta PLC and Barrick Gold Corporation.

Amalaf

On the Amalaf EL which adjoins the Saindak Mine, targets identified by specialist geological interpretation of multispectral satellite images have been investigated by geological, geochemical, and ground magnetic surveys. In Sulphide Valley, north of Saindak, anomalous gold and base metal values are associated with an extensive leached and partly ferruginous cap that overlies intensely stockworked, altered porphyritic intrusives, metavolcanics and metasediments. In late 2006, two holes, LRJJ-01 & LRJJ-02, were drilled to test part of this target. Drillhole LRJJ-01 intersected only weak copper (0.05%) with elevated arsenic, bismuth and molybdenum beneath a ferruginous gossan to a depth of 69m. Barren altered porphyry persisted to the end of the hole at 142m. Drillhole LRJJ-02, 80m west of JJ-01, intersected significant low-grade copper-molybdenum over the length of the hole with minor gold: 12 -120m, 108 m @ 0.17%Cu & 94 ppm Mo. A 50-hole shallow percussion drilling program to test for porphyry-type copper-molybdenum beneath the extensive Sulphide Valley leached cap is planned, to follow up on the intersection of copper-molybdenum mineralisation in drillhole LRJJ-02.

Dasht-i-Gauran

The Dasht-i-Gauran tenement, situated between Saindak and the Reko Diq Project, covers a number of interpreted alteration zones identified from satellite images. In late 2005, 2 holes were drilled near the eastern margin of the tenement. Drillhole LRS-01, was targeted towards a possible westward extension of “..encouraging copper and gold intersections.” reported by TCC from drilling at its Sor Baroot Prospect. The hole intersected a zone of weak supergene copper (63 – 75m, 12m @ 0.09% Cu) overlying altered dioritic rocks. Two km to the south, drillhole LRS-02, targeting out-cropping quartz vein stockwork, intersected altered felspar porphyry with weak copper (3 – 24m, 21m @ 0.07% Cu and 24 – 126m, 102m @ 0.04% Cu) and anomalous gold ( up to 0.089 ppm Au). Although these two drillholes did not intersect economically significant mineralisation, additional work is required before these areas can be written off.

Koh-i-Sultan

At Koh-i-Sultan, Lake is exploring an extensive system of intensely altered breccia and volcanics covering an area of more than five sq km on the margin of an extinct volcanic caldera in a Quaternary-age compound andesitic stratovolcano. Advanced argillic alteration, intense gypsum/jarosite stockwork and sulphur deposits occur within a 5 km radius to the west, south and east of the Nawah Caldera. Anomalous levels of gold are present in stream sediments (up to 339 ppb Au) and rocks (up to 3.29 g/t Au). Siliceous ‘ribs’ in the alteration zone carry gold values up to 1 g/t and breccia samples from the southwest flank of the caldera have returned gold values up to 1.07 g/t. In the area to the northwest of the caldera, advanced argillic alteration zones with acid-leached and silicified felsic dykes, quartz-barite, breccia, quartz vein systems are present. Rock samples from this area have returned gold values up to 21.0 g/t with anomalous silver, copper, arsenic, bismuth and antimony.

Mine For

gold

Location of operation(s)

Pakistan

Address

3-7 Maud St
NEWSTEAD, QLD, AUSTRALIA

Phone

(07) 3252 0255

Email

Website

http://www.lakeresources.com.au

Last Updated

23/03/2011