In September 2016 the Company contacted several First Nation and Métis Nation communities in preparation for obtaining an exploration permit that would allow for a sizeable ($1 million) exploration program on its 100% owned Cedartree Lake gold property near Sioux Narrows, Ontario. Although oil and gas exploration is currently in focus, the Company continues to believe in its mineral properties and would like to grow the resource base over the next three years.
Metalore maintains a 21-26% Joint Venture interest with Greenstone Gold Mines in a group of over 600 gold mining claims of the Trans-Canada Property in the prolific Beardmore-Geraldton Area, Ontario.
Property (high grade, near surface main zone)
The Cedartree Lake gold property is located approximately 80 km southeast of the town of Kenora, Northwestern Ontario, about 15 km east of Sioux Narrows, a small village along paved highway #71, between the towns of Kenora and Fort Frances. From Sioux Narrows the claims are easily accessible by heading east, 12 kilometres, on the Cameron Lake Road.
At first glance the most striking aspect of this property might be its high grade gold zone that occurs within 15m of surface and less than 200m from the main Cameron Lake Road. But the property is much larger. It is comprised of 198 claim units which cover approximately 8,000 acres and is host to numerous gold showings, shear zones, sulfide-rich areas that have never been drilled. . With only a shoe-string budget n 2013, exploration resulted in both the discovery of a zinc and copper zone associated with the Stephen Lake intrusion, and the extension of the main gold zone to the south. A sizeable trenching and drilling program is necessary to systematically develop this severely under-explored property, which overall has only experienced limited activity. With a proper budget, significant growth to the main gold resource is expected since several structural extensions have been identified through examination of cross-sections in 2016.
Earlier exploration work by the Company confirmed the presence of gold mineralization along fracture and shear zones which transect an intermediate composition (granodiorite-quartz diorite) dyke/sill possibly related to the Stephen Lake intrusion. Alteration associated with these fracture and shear zones is comprised of ankerite, sericite, silica, chlorite and pyrite.
Gold occurs within all three rock types found on the property (gabbro, intermediate intrusive, and volcanic tuffs). Silica flooding and the presence of gray quartz veins and veinlets is typically evident of higher grade gold mineralization; at least two generations of quartz veining are found in drill core: gray quartz which usually carries fine to course grained (remobilized?) gold and white fracture-fill veining. Multi-metre wide zones of <1cm-5cm of banded pyrite occur throughout the felsic-intermediate intrusive and typically contain higher gold values particularly when hydrothermally altered.
Several east-west trending steeply dipping shear zones which truncate the granodiorite intrusive contain impressive gold values. The main shear zone has been given an Initial Resource Estimate (see March 12 2012 NI 43-101 Technical Report) as summarized in the table below:
The Company retains a 21-26% Joint Venture interest in over 600 gold mining claims in the prolific Beardmore-Geraldton gold belt held by operator
Greenstone Gold Mines. Metalore initially discovered the Brookbank main gold zone (within a 18 leased claim block) in the mid-1980's and subsequently acquired the majority of the present day claim position. Currently the Company retains a 1% NSR on the main gold bearing property of 18 leased claims. Combined, the Brookbank Properties have a NI 43-101 compliant resource estimated by Scott Wilson Roscoe Postle Associates Inc. (March 2009) containing 376,200 ounces of Indicated and 236,300 ounces of Inferred resources as seen in the Table below:
In their Dec 14 2012 technical report Micon International Limited gave the following In-pit and Underground classification tables for the Brookbank Resource