North Lake Property

NORTH LAKE PROSPECT WINTER DRILL PROGRAM COMPLETED

Drilling on the North Lake property, located 4.2 kilometres north-northwest of the Point Prospect.

Ten core holes totalling 1,505 metres completed the North Lake property.

Asseys pending

MINERALIZATION

  • Predominantly disseminated, free coarse-grained gold associated with sheeted chloritic quartz micro-veining and silicification hosted in hematite altered quartz arenite, or felsite.
  • Mineralization hosted in 4 or 5 higher grade, NNE trending, steep dipping panels within a larger low grade envelope roughly 800m x (90m to 150m) x 200m.

NORTH LAKE DEPOSIT - EXPLORATION OVERVIEW

  • Discovered in 1984 following 1979 release of regional lake sediment geochemical results.
  • 1986-88 Prospecting and a total of 400 m channel sampling work. 43 core drill holes completed (5,723 m total).
  • 2003 ACA Howe completed a technical review of the property for Madison Energy Limited.
  • 2011 Golden Band Resoureces undertook a initial evaluation of the property, that included geology, prospecting, geochemical and channel sampling.
  • 1988 historic resource (Reedman & Assoc. Ltd of Winnipeg) established the North Lake deposit on behalf of Radcliffe Resources, which published a “geological reserve” estimate, using a cut-off of 0.04 ounce per ton gold (1.3 grams per tonne) over three metres, of 2.6 million tons at 0.069 ounce per ton gold (2.36 million tonnes at 2.4 g/t) for a total of 180,000 contained ounces of gold (Radcliffe news release, March 6, 1989).
      • The above North Lake resource estimation precedes 43-101 and is repeated for historical reference only and is not to be relied upon. The summary review on this project however is 43-101 compliant.
      • A Qualified Person has not completed sufficient work to verify these resource estimates or to classify the resource estimates as current mineral resources and the issuer is not treating the historic resource estimates as current mineral resources. These estimates are unclassified and do not use the categories ("inferred", "indicated" or "measured" mineral resource, or "probable" or "proven" mineral reserve) set out in Sections 1.2 and 1.3 of NI 43-101 as defined by the Canadian Institute of Mining, Metallurgy and Petroleum. These resource estimates are only relevant to obtain a reference to gold mineralization potential present on the property. Additional drilling would need to be completed in order to upgrade and verify mineral resource estimates.


North Lake - typical hematitic sheeted auriferious gold veins.
Siting drill locations at North Lake - view to south
North Lake core facility.
Hole RS88-17; note sheeted quartz veins.