Is Eagle River a Repeat of Windfall Lake for Secova Management?

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Monday, June 5, 2017

Having one precious metal property in the famous Abitibi Greenstone Belt in Canada is a reason for optimism for a developing miner.  Having two is even better, especially when one is within a stone’s throw of three other properties with known gold resources.

That’s the case for Secova Metals Corp. (TSX-Venture:SEK) (OTC:SEKZF).  The Vancouver-based company has the exclusive right and option to acquire from Tres-OR Resources an undivided 65% right, title and interest in the contiguous Duvay and Chenier Gold Projects adjacent to Amos, Quebec.   A near-surface, high-grade gold exploration project, the Duvay/Chenier Gold Project next to Amos Quebec consists of 174 claims covering over 7,766 hectares. 

Resource estimates will need to be brought to National Instrument standards, but historic data estimates 500,000 ounces of gold from surface to a depth of 55 metres in 250 square metres at an average grade of 2.0 grams/tonne gold.  Highlights from historical results range as high as 402 g/t gold over 0.36 metres and 83.19 g/t gold over 1.0 metre.  Early survey work and modeling by Secova discovered six “cigar-shaped” mineralized drill targets across a 750-meter strike length and all to depths of 400 metres, giving investors something to look forward to when drilling gets underway at the project.

Late in 2016, Secova added the Eagle River project in the Urban Barry district of Quebec to its portfolio through the acquisition of 1084409 B.C. Ltd.

All the holdings of Secova are promising considering Quebec is a province where CEO Brad Kitchen has a particular expertise and nose for gold.  Before Secova, Kitchen was President and CEO at Eagle Hill Exploration until it was taken over in August 2013.  Eagle Hills crown jewel was Windfall Lake, a project considered to have great potential, but brought with it serious challenges as a difficult deposit to model.  Kitchen and his team solved that enigma.

Today, Windfall Lake is owned by Osisko Mining (TSX:OSK) of Montreal.  Kitchen definitely was in the right spot.  The current mineral resource for Windfall comprises 2.76 million tonnes at 8.42 grams per tonne (g/t) gold indicated and 3.51 million tonnes at 7.62 g/t gold inferred for a total of 1.61 million ounces of gold. 

The Eagle River project of Secova’s consists of nearly 20,000 contiguous hectares in the Windfall Lake gold district south of Osisko’s property.  Also in the area is the Gladiator Gold deposit and its 273,000 ounces of gold, the Urban Barry deposit (309,500 ounces gold indicated, 471,950 ounces gold inferred), and the Nubar deposit, which historic data shows 654,000 tonnes grading 6.2 g/t gold.

Secova is moving forward with exploring its land, last month engaging the international exploration services provider Longford Exploration Services to initiate work at Eagle River.  Longford knows the Abitibi region of Val d’Or well, having explored the area for mining companies over the last decade.  Of note, one of the Longford team members has worked the area for over 25 years, including overseeing all the exploration in the Urban Barry area and contract managing drilling and trenching for about five years at Windfall Lake.

Longford has been immediately tasked to start compiling data and preparing a phase 1 exploration plan.  Kitchen thinks Eagle River is on trend with the neighboring Windfall, Urban Barry and Gladiator gold deposits.  The old adage of past performance isn’t a guarantee of the future success is always applicable, but it’s hard to bet against the man who was on the trail of the $1.9 billion in gold at Windfall.

Question now is:  Has he done it again at Eagle River?

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