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Canada
Black Bear, Ontario
Black Bear: Gold
Status
- 100% owned Tier 3 Project.
- Available for Option.
Target
- Archean orogenic (“lode”) gold in the famous Red Lake mining camp which has produced over 25 million ounces of gold.
Location and Setting
The Property is located approximately 20 km northeast of the community of Red Lake, northwest Ontario, and is easily accessible via an all-weather road.
Land Status
Black Bear Property consists of 97 unpatented claims 100% owned, totalling 1,988 hectares.
Geology and Mineralization
The Black Bear property covers a portion of the northeast extension of the East Bay Deformation Zone (EBDZ) in the historic Red Lake gold camp. The EBDZ is a major NNE-striking structure which hosts a number of known gold occurrences including 3 past producers, of which the Cochenour-Willams mine with 1.24 million ounces of historical gold production is the most significant.
The Black Bear property was acquired on the basis of its strategic location on the projected extension of the EBDZ between the mineralized zones on the East Bay property (Evolution Mining) which hosts a 2005 43-101 resource estimate of 1.4 million tonnes grading 8.0 g/t gold (inferred) and the Sidace Lake property (Renegade Gold / Evolution Mining JV) which hosts a 2009 43-101 resource estimate of 1.4 million tonnes grading 3.21 g/t gold (indicated) and 2.1 million tonnes grading 3.24 g.t gold (inferred) both of which are being actively explored. There had been little previous work on the Black Bear property and there were no known gold showings, which is likely due to the extensive overburden.
The Property was optioned to Goldcorp in late 2003 and who spent $1.4 million over two years under an option agreement which Goldcorp terminated in 2006. A detailed airborne magnetic geophysical survey was flown over the entire Property in an effort to map bedrock features that might reflect gold-bearing structures and several structures were defined by the survey. A 3,000 meters diamond drilling commenced in April 2004 to obtain basic geological information and provide an initial evaluation of the gold potential of the property.
Goldcorp’s drilling produced two new gold occurrences and several prospective geological environments. The first gold occurrence was discovered on the western part of the property, where one core sample yielded a grade of 14.9 g/t Au over 0.30 meters. The second gold occurrence was discovered in a shear zone on the north-central part of the property, approximately 4.5 kilometers NE of the first gold occurrence. This shear zone, characterized by strongly-foliated and chloritized volcanic rocks, contained quartz stringers with 10-20% pyrite assaying 1.73 g/t Au over 1.22 meters. Three holes were drilled to follow up on this intersection. All three holes intersected anomalous gold values with the best additional assay being a value of 1.8 g/t over 0.40 meters. In 2022 the Company completed six holes in follow up to these previous results, with several narrow zones of anomalous gold mineralization intersected, including 1.7 g/t gold over 2.0 meters in hole BB21-22.
Proposed Exploration Program
A more detailed airborne magnetic survey to facilitate a new structural interpretation. This followed by an overburden RC drilling program to outline gold trends in till beneath overburden followed by diamond drilling.
Agreement and Terms
The Black Bear Property is subject to an NSR, 50% of which can be purchased by the Company.