Buchans Resources is exploring for base metals in Newfoundland, gold in Newfoundland & Labrador, and nickel-copper-cobalt in Labrador. The Company also has exposure to zinc, lead, silver, and manganese through investments in companies exploring in Mexico, Ireland and elsewhere in Canada.
Through its wholly owned subsidiary Buchans Minerals Corporation, Buchans Resources has a 100% interest in the Lundberg and other properties in the historic Buchans Mining Camp of central Newfoundland, which operated from 1928 to 1984 and was regarded as one of Canada’s richest base metal mines. The former Buchans zinc-lead mine is reported to have produced about 16 million tonnes of high grade zinc, lead and copper over that period.
The Buchans base metal project includes the Lundberg deposit, a stockwork-type VMS deposit surrounding and extending from the Lucky Strike orebody of the former Buchans mine as well as numerous exploration targets surrounding the Lundberg deposit. Lundberg hosts an Indicated resource of 16.79 million tonnes averaging 1.53% Zn, 0.64% Pb, 0.42% Cu, 5.69 g/t Ag, 0.07 g/t Au and an inferred resource 0.38 million tonnes averaging 2.03% Zn, 1.01% Pb, 0.36% Cu, 22.35 g/t Ag & 0.31 g/t Au there. In addition there are several nearby properties with established resources. These satellite projects include the 100% owned Tulks North property (which contains the Daniels Pond deposit), the 100% owned Bobbys Pond property (which contains the Bobbys Pond deposit), and a 49% joint venture interest in the Tulks Hill property (which contains the Tulks Hill deposit).
Buchans’ also holds a portfolio of gold and nickel-copper-cobalt exploration projects that include the Lake Douglas, Long Range and Exploits gold projects in central Newfoundland and the Tasiuyak gold project in southern Labrador as well as the South Voisey’s Bay and Luk nickel-copper-cobalt projects in Labrador.
As the market emerges from the COVID pandemic and metal prices begin to reflect economic growth, Buchans will seek to raise funds for exploration to further develop targets, advance these projects and create shareholder value.