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Location Map
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Gravity West Mining Corp. has recently acquired 3 properties with uranium and IOCG potential located in the Great Bear Lake area, approximately 430 kilometres north of Yellowknife, NWT.
The properties are located as near as 10 kilometers north of the Contact Lake property owned by Alberta Star Development Corp. (TSX-V:ASX).
Alberta Star has been an active explorer in the Great Bear Lake area of the Northwest Territories for IOCG targets. In 2006, they carried out a major exploration program, including drilling. It is understood that property holders in the Great Bear Lake area plan aggressive exploration programs for 2007.
The Olympic Dam or IOCG model is proposed as the main exploration target on Gravity West's properties in this part of the Great Bear magmatic zone.
The Olympic Dam deposit at Roxby Downs in the Gawler craton of southwest Australia consists of dike-like, hematite-rich diatreme breccias in granite and felsic volcanics and has a reported resource of 2.32 billion tonnes of 1.6 per cent copper, 0.5 gram per tonne gold, 3.5 grams per tonne silver and 0.4 kilogram per ton uranium oxide (U3O8).
Features of the mineralization and geology in the Great Bear magmatic zone indicate similarities with the Olympic Dam IOCG deposit. Four constants postulated by Skirrow (1999) exist in both areas: tectonothermal evolution; host sequence composition; existence of two contrasting hydrothermal fluid types that allow for co-existence of magnetite and hematite; and a setting within a deep, crustal-scale fault system.
These and other similarities conclude that the Gravity West properties are situated in a geological setting that has the potential to host high-unit-value polymetallic mineralization associated with large-tonnage, IOCG-type deposits, as well the potential to host Echo Bay-type, high-grade U3O8 and silver mineralization.
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