Rivard Gold Property
In July 2006, the Company entered into an agreement to obtain an option to earn 100% interest in the Rivard gold property mineral lease at the west end of the Red Lake gold mining camp in northwest Ontario. To exercise such option, the Company is required to make cash payment of CDN$500,000 by July 2010, and to issue 2.5 million common shares. The property is subject to a 3% net smelter return royalty. As of December 31, 2008, the Company had made required payments totaling CDN$175,004 in cash and issued 2.5 million common shares to the vendors.
The 222 acre (90 hectare) Rivard property comprises of 6 leased mining claims, 23 kilometres west of the town of Red Lake, Ontario. Several gold-bearing zones are known on the property from exploration that has gone on at intervals since the 1930s. The main gold-bearing zone extends over a length of at least 250 metres and is hosted by a mixed assemblage of tuffs, intrusive prophyries and serpentinized ultramafic rocks. Gold occurs as spectacular splashes in quartz and quartz-catonate veins and stringers and in association with disseminated pyrite.
The Rivard property shows several geological similarities to the gold mines in the main Red Lake mining camp, as exemplified by the Campbell and Goldcorp Red Lake mines. Stratigraphically, both areas feature an unconformity with neoarchean sediments resting on mesoarchean volcanic rocks; both have extensive carbonate alteration; both are situated in areas of greenschist facies metamorphism close to the amphibolite facies isograd; both feature ultramafic rocks interbedded with volcanics; and both lie in or adjacent to structural corridors referred to as deformation zones.
The Company’s 2006 and 2007 drill program that returned such results as the 125.59 g/T Au across 0.40 metre and 13.80 metres averaging 1.65 g/T Au. The Company conducted a twelve-hole, 1,500-metre program of diamond drilling for the 2008 field season.
The 2008 drilling program was designed to test the main gold zone by drilling in a northwest direction, as previous drill holes were oriented at an acute angle to the trend of the formations. It also included two deep holes, as well as two holes on a possible northern extension of the main zone. Mineralization on the Rivard property consists of broad, irregularly shaped zones of disseminated sulphides in heavily altered volcanic rocks. The sulphide zones typically carry low gold values, but are cut by multiple narrow quartz veins containing free gold, sometimes in spectacular concentrations.
Twenty-five separate veins containing visible gold were intersected in nine of the 2008 diamond drill holes. The 2008 drilling program was completed. A total of 901 samples have been split and sent for chemical assaying and the Company is anticipating the results to be returned shortly. The Company is currently considering a drill program for the coming field season.
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