Property Location and Claims
The Lizard Pond Property, located approximately 50 km south along the Bay d'Espoir Highway (Route 360) and 70 km by paved road from Grand Falls-Windsor is accessible via abandoned logging roads and muskeg trails. The Property contains 279 claims over 6975 hectares and is host to numerous gold and magnesite showings including the Lizard Pond, Lizard Pond South, Lizard Pond Extension, Breccia Pond and Swan Lake gold showings and the Great Bend magnesite showings.
The Company is in the process of compiling all available information towards designing an exploration program. The company anticipates a 2017 program of geophysics and mapping towards identifying drill targets.
The project area is underlain by three main components: 1) the sedimentary rocks of the Spruce Brook Formation, the Davidsville, Botwood and Indian Island groups and North Steady Pond Formation, 2) the Great Bend ultramafic complex and 3) the Mt. Peyton Intrusive Suite, as well as minor sedimentary and intrusive units.
All sedimentary sequences comprise a polydeformed (at least two generations of folding have been noted) mixture of lower-greenschist facies, sandstone, siltstone, slate and locally prominent quartz veins. The eastern sequences are contact metamorphosed by the Mt. Peyton Intrusive Suite.
The Great Bend ultramafic complex comprises peridotite and locally definable dunite and harzburgite that dominate the northwestern portion of the complex, and magnesite that dominates the southeastern portion. The contact between these is intensely sheared. The northern contact of the complex with the Spruce Brook Formation is a nearly 1 km wide band of strongly foliated, amphibolitic gabbro and mylonitic serpentinite that contains imbricated slivers of pelites probably derived from the Spruce Brook Formation. Mafic tuffs and flows to the north of the amphibolitic gabbro may also be part of the complex.
The Mt. Peyton Intrusive Suite, in the study area, is a composite intrusion comprising massive, layered to uniform hornblende gabbro and hornblende-biotite gabbro. Leucocratic granite has intruded the gabbros along the northwestern and northeastern parts of the complex
The gold prospects are hosted in ophiolitic ultramafic rocks and sediments of Lower Paleozoic age. They have been hydrothermally altered over several kilometers along a major fault zone. The gold occurs in vuggy chalcedonic and breccia and quartz veining within a larger silica-magnesite altered sequence in fault contact with gold enriched sediments.
The property also contains a potentially significant deposit of magnesite, which is a prime source of magnesium. The company will evaluate the historical information regarding the nature of the deposit and its commercial potential. The information pertaining to the property is taken from historic assessment reports filed by past explorers with the Government of Newfoundland and Labrador Department of Natural Resources.
The property has not been surveyed with modern geophysical techniques. Given the wide distribution of gold occurrences, the scarcity of outcrop, the high grade nature of the showings where exposed at surface, and the apparent structural control of the hydrothermal alteration system, it is felt the property warrants appropriate geophysical investigations towards identifying potential traps for gold enrichment.
Historical Exploration Highlights
The Lizard Pond South showing has received the most attention, having initially yielded channel samples of 12.6 grams per tonne (g/t) gold over 0.4 metres and 6.6 g/t gold over 1.2 metres. Follow-up drilling included hole LP 87-01 which assayed 0.8 g/t gold over 15 metres (66.6-81.6 metres depth) including 1.0 g/t gold over 8 metres (72.6-80.6 metres depth). Approximately 500 metres east, the Lizard Pond Extension assayed 1.6 g/t gold over 5.4 metres (41.3-46.7 metres) in drill hole MO-90-10. The Breccia Pond showing is located approximately 1500 metres east of the Lizard Pond showing and yielded a channel sample of 3.2 g/t gold over 1.0 metre. Two rounds of drilling were conducted on the property in 1989 (totaling 510 m) and 1990 (totaling 1371 m) by different operators, most of which focused on delineating the Lizard Pond South showing. Prospecting by another operator in 2006 resampled (grab) the Lizard Pond South showing with up to 22 g/t gold and up to 8.2 g/t gold at the Lizard Pond Extension.
The information regarding the property is taken from historic assessment reports and government mapping reports filed by past explorers with the Government of Newfoundland and Labrador Department of Natural Resources.