You read my mind Mr Hobbes, I was going to do a post about the newest vein found to date, (that we know of), the N-1, today. This is great and I will expand on it a little more. Here is the excerpt from the factual news release that I will comment on;

Prospectors engaged to follow up geophysical anomalies from the recent Stage 1 Titan 24 geophysical survey have discovered a new gold-bearing vein (the “N-1 Vein”) near the northeastern area of the Property. The N-1 Vein strikes 330 degrees and dips 75 degrees to the east. Although mainly covered by overburden, the N-1 Vein has been traced for a strike length of 220 meters and is open to the north and south. A sample taken from a 3-meter-deep pit returned assay results of 2.51 oz/t gold across 0.3 meters.

Approximately 20% of the gold assay is due to the presence of coarse gold. John Brophy, P.Geo., a qualified person, confirms the width and extent of the vein. Trenching and additional sampling of this area are planned for the future.

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So, here is my take on this.

Quantec had Phase 2 geophysics completed on/before June 15 th/2010, as per a news release. These geophysics started to reveal some very pretty pictures of the property, underground to a depth of 750 meters. These pictures could be thought of x-rays of the property from surface to 1500m down taken every 250m apart. We have only ever seen the images to 750m down, the full 1500m never publicly released, YET. Anyways, the 1500m images are not important at this time, its from the surface down to about 300-400m we are concerned with , because this has to be proven up first.

So, it says in the excerpt above that the N-1 vein was found as a result of following up geophysical anomalies. Very important wording, IMO. This to me says that the company was proof testing the Titan anomalies, and 2.5 ounces was quite a positive response.They were not just testing some small glitch of color on one of the images, they were testing one of the 19 first priority targets, IMO, and as far as I can guess on this, it was most likely T-19. If you look at pg 52 of the actual 2010 tech report, you will see that this target, 19, is one of the less impressive ones of the targets, YET, here it yeilds a vein with a 2.5 ounce sample.

One of the nice things I see when comparing this target, (if its the right coinciding target for the N-1 vein) to line L5750N where we have the factual info from 100m deep, of the C-1 vein, is that the chargeability color/millirads for each vein are comparable. For example, the C-1 target would be expected to giving off such a high reading due to the high sulphide content of > 3%, and this vein has given us gold grades as high as 6 ozs . If you look at the 2nd last page of the tech report, FIG 13-2, you will see 2 impressive samples of ~ 6 ounces per ton plotted on this mine diagram.We have lost the nearer surface grades from this diagram, but I wouldn,t be surprised that before the infomales mined that portion, that the surface vein there may have yeilded a similar grade to the N-1 vein.

Another important point I think I should make, is that it seems for the general area, lets say around the Acari and Chorunga, that the average gold grade in veins at these 2 locations is ~ 15 g/t. When we take a look at the C-1 average grade, ~ 31 g/t, and the A-4 average grade ~ 23 g/t ( now mind you, these are bulk sample /mining grades) We come to realize that these average mining grades are ABOVE the regional average, by as much as double. To throw a bit of food for thought in here at this very moment, it has been said that the average mining gold grade of the Red Lake mine,owned by Goldcorp, and one of the richest gold mines in Canada, has an average gold mining grade of ~ 16 g/t over its life. Something to think about when wondering if we have something economical?