Overview
Canada Resources has been awarded in September 2015 its application for four (4) prospecting licenses near Donegal, Ireland. At this time, the company is developing a prospecting plan for grassroots exploration based on the regional geology and historical exploration work in the license areas. The primary search is for precious metals (Gold, Silver).
The four prospecting licenses (PL-2803, PL-3971, PL-3979 and PL-3978) cover an approximate area of 166 square kilometers, or 16,500 hectares. The northwest and central area of the licenses are dominated by mountainous terrain of the relatively uninhabited Bluestack Mountains. Lowlands to the south and southeast near Lough Eske represent more inhabited, forested areas with flatter relief. The main Donegal N15, Strabane road, and local access roads give limited access throughout the license areas.
Regional Geology
The property lies within Proterozoic-aged Dalradian Supergroup of metasediments intrusded by the Devonian-aged Barnesmore Granite Complex. The Dalradian Supergroup forms a continous belt though Mayo, Donegal, Tyrone, and northeast Antrim, and continues into the Gampian HIghlands in Scotland. Several deformation events have led to the metamorphism of the Dalradian Rocks, as well as the granitic intrusions evidenced from deformation events pre and post intrusive events attributed to the Gampian and Acadian orogenies.
Property Geology
Majority of the property is underlain by the Barnesmore Granite Complex, composed of several differentiated phases of granites. This formation is responsible for the pronounced relief of the Bluestack Mountains. Regional faulting occurs in a NE orientation, and the property is spanned by the Belshade Fault. More minor faults occur more North-south oriented and east-west oriented, including the regional scale Boundary Fault in the southwest area of the property. The Barnesmore Complex is surrounded by metasediments of the Dalradian Supergroup, including more specifically the Lough Mourne Formation (basal sandstone and conglomerate metasediments) and the Lough Eske Psammite Formation. Current exploration models will focus on the identification auriferous fault-fill vein structures (quartz with possible sulphides).
Exploration History
Sporadic exploration on the licenses has occured several times from records dating to 1969. Preliminary exploration programs focused on base metal, molybdenum, and urasnium mineralization potential. Uranium values were observed to be anomlous near regional scale faults, which is supported b y observation of autinite mineralization associated with weathered uranium minerals. Soil sampling surveys have identified anomalous molybdenum and copper values in the southern margin of the Barnesmore Granite complex in both grantic and surrounding Dalradian rocks (metasediments).
Soil concentrate assays have identified highly anomalous, relatively continuous gold values ranging from 0.1 g/t up to 3.2 g/t in the southern most area of the property to the northeast of Lough Eske. Follow-up work with recent lab analytical technique has shown anomalous stream sediments up to 15 ppb. Grab samples from bedrock in the area have assayed up to 0.2 g/t. However, float samples from the area appear encouraging with gold values up to 5 g/t.
Current Exploration
Review of the available dataset reveals that only a small subset of the property has been evaluated for gold mineralization. A preliminary geophysical survey (magnetic field and VLF-EM) is planned to better assess geological structures favourable for gold mineralization. This survey will be the basis for a field mapping, soil, and bedrock sampling program dependent on interpretation of the geophysical results.