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If a mining company wished
to take advantage of recent strong price moves in
several different metals, it would be difficult to find
a more attractive combination than copper and silver on
one hand and Tungsten and Rare Earth Elements (REE) on
the other.
One company active in both combinations is
Vancouver-based Playfair Mining Ltd (TSX-V; PLY) with a
roster of such projects in Labrador and Newfoundland;
Yukon Territories and Northwest Territories.
Playfair's primary focus for early 2011 is its Seal Lake
copper-silver Project, located in central Labrador,
about 150 Km NW of Happy Valley Goose Bay. The project
covers an area of 16,285 hectares in which Playfair
acquired a 100% interest via staking. Company geologists
have identified sediment hosted Kuperschiefer-type
mineralization which is known to host many world-class
copper deposits and they believe the potential exists
for sizeable bulk tonnage deposits suitable for either
underground or open pit operations. The Seal Lake
project has been academically compared (1975) to the 688
million tonne White Pine deposit in the State of
Michigan.
Prior exploration work at Seal Lake costing over C$5
million which was conducted by various major mining
companies during the period from the 1950's to the
1990's has provided Playfair's geologists with a
substantial data base and has also allowed the company
to identify numerous drill-ready targets. An initial
Phase 1 drill program consisting of 4,000 meters to test
basin-wide continuity of copper-silver occurrences is
scheduled to commence in early 2011. Other portions of
the Winter 2011 exploration plan include further data
compilation as well as analysis of geochemistry and
geophysics information.
Given the recent price moves to approximately US$29.00
per ounce silver and US$4.30 per pound copper (as of
early January, 2011), Playfair believes the timing is
right to move forward to develop Seal Lake as rapidly as
possible.
Playfair's Tungsten properties include Grey River and
Granite Lake (also involving molybdenum) in Newfoundland
plus Risby and Clea in the Yukon as well as Lened in the
Northwest Territories. Their REE project is the Red Wine
- Letitia Complex in Labrador, which the company has
optioned on a 50% work-in agreement to Rare Earth
Metals. Playfair also has interests in the Gregory River
copper-gold prospect in Newfoundland.
The 100% owned Risby tungsten project was worked on from
1968 to 1982 by the Caltor Syndicate and Hudson Bay
Exploration and Development Co. Ltd. Together their
exploration efforts included 48 diamond drill holes
(7,057 meters), geological mapping, trenching, stream
sediment sampling and ground geophysics (magnetometer
and EM surveys). Recent work by Playfair includes
drilling and a NI 43-101 compliant inferred calculation
of 8,537,000 tonnes of 0.475% WO3 at a 0.2% cut-off
(89,400,000 pounds).
The company recently announced the completion of
flow-through private placements in the gross amount of
C$2,539,000 which will be used to drill test the Seal
Lake Property.
A full report will be completed following a property
visit to the company's properties, presently scheduled
to take place as soon as possible. |
