Contact Lake

MAS Gold has entered into an agreement with the Government of Saskatchewan to acquire a 100% interest in approximately 463 hectares, including the former producing Contact Lake Gold Mine operated from 1994 to 1997 by Cameco Corporation in the highly prospective La Ronge Greenstone Belt of Saskatchewan.

Located approximately 60 km north-east of Laronge with access from HWY 102 and historic mine road is currently being reopened to deposit
Located on disposition S-113342 (472.507 Ha)
Powerlines built on property for pre-existing mine
Community of Missinipi is located approximately 30 km North of the deposit
Past producing historic mine from 1994 to 1997 by Cameco Corporation with final site closure in March 2008

Property Scale Geology

The Contact Lake gold deposit (or Bakus Gold Zone) was first identified by Saskatchewan Mining Development Corporation (SMDC; later Cameco Corporation) exploration field crews in 1984 as part of its Preview Lake Exploration Program that also resulted in the discovery of the nearby Point and Preview SW gold deposits. Operations were conducted from December 1994 to May 1998; decommissioning was completed by December 1998 when the mine was put on care a maintenance. Final site closure was declared in March 2008.

Located in the southern end of the Proterozoic La Ronge Domain
Consists of sequences of felsic to mafic volcanics and argillaceous sedimentary rocks. Granodiorite is the dominate rock type with associated compositionally varying rocks like gabbro to granite (Cameco Corporation, 1999)
Deposit is hosted by the little Deer Lake pluton
Multiple shear zones run through the area with the major shear zone being the Curry Zone, a 150m shear zone at the contact of a granodiorite unit and quartz diorite unit (Cameco Corporation, 1999)

Contact Lake Mine, a Former Producer with a New Life Ahead

In January 1999, after the termination operations, Cameco Corporation undertook a full internal review (or audit) of the “…start up, operation, overall finances and decommissioning of the Contact Lake mine” (1999; Leniuk, G., B. Bharadwaj, G. Alderman & R. Wyka: Cameco Corporation Contact Lake Operation, Final Report, January, 1999). The Final Report provides complete historical production and recovery values for the entire operation, plus results from the processing of “waste materials” from the final clean-up of both the mill and mine operations (the latter sent to G.D. Resources in Sparks, Nevada; see Table 1).

Significant underground development remains at the site of the Contact Lake Mine that could be reconditioned, including a 6.0 metre (m) x 4.0 m ramp to a depth of roughly 340 m and 6 main levels and various sub-levels. Level 5244 was driven 230 m to the east-northeast along the structure of the zone to access historically defined resource blocks that were not mined. Gold recovery over the life of the mine was reported to be 95%, utilizing gravity and cyanide leach plus carbon-in-pulp processes run at a throughput rate of 715 to 925 tonnes per 24-hour day.

*The reader is cautioned that the referenced “historical production” estimates are considered historical in nature and as such are based on prior data and reports prepared by the previous property owner. There can be no assurance that any of the historical data, in whole or in part, is accurate. A qualified person has not done sufficient work to verify these historical data and no resources estimates, historical or otherwise are implied or provided. Significant data compilation, re-drilling, re-sampling and data verification are required by a qualified person on the Contact Lake Property to define a current resource.

Exploration Plans for the Contact Lake Property

MAS Gold has a significant non-digital data base for the Contact Lake gold deposit and upon the closing of the acquisition it will immediately begin digitizing the data to enable preliminary modelling that will help guide new exploration and confirmation drilling along the trend of the Bakus gold zone. Surface drilling may be designed to both twin historical holes and provide confirmation of historically defined potential resources as well as test the extensions of the zone to the east and to depth.

Numerous historical resource estimates were undertaken on the deposit, both leading up to the production decision being made and during mining. Although estimates of grade were continually refined through the production, reducing from a historical 1993 estimate (Cominco Engineering Services Limited, 1993) of 8.01 g Au/t to the final calculated 6.16 g Au/t, potential exists for the identification of unmined, historically defined resources.

The CESL historical resource estimate outlined seven potential historical resource blocks that were reported in the Cameco Corporation 1999 Final Report as “Not Mined”. Upon closing of the transaction, these are immediate targets for MAS Gold to investigate with winter 2022 surface drilling program. In addition, geological reports identified wider zones of lower grade material in the deposit hangingwall that MAS Gold intends to investigate and model, if the acquisition is consummated.

Deposit Information

Discovered by Saskatchewan Mining Development Corporation (SMDC; later Cameco Corporation) in 1984 as part of the Preview Lake Exploration Program.
All weather road was constructed and the portal to the mine was collared in October 1993
1994: Flooding of Turtle Lake for tailings holding area completed, construction of camp completed, and Phase II of mine development was conducted. Milling of ore collected from deposit began
Mining development continued until completed in May of 1998. Decommissioning and shut down was continued until December 1988 when the mine was put on Care & Maintenance

1999: Cameco undertook an internal review (or audit) which provides complete historical production and recovery values for the entire operation, plus results from the processing of “waste materials” from the final clean-up of both the mill and mine operations “…start up, operation, overall finances and decommissioning of the Contact Lake mine” (1999; Leniuk, G., B. Bharadwaj, G. Alderman & R. Wyka: Cameco Corporation Contact Lake Operation, Final Report, January, 1999). (The latter sent to G.D. Resources in Sparks, Nevada; see Table 1).

Deposit Highlights

The deposit occurs in the Bakos zone (a 15-40m wide shear zone trending 060°-070° and dips 55°-70° SE) where it cuts the granite/granodiorite phases of the pluton
The main orebody is split into two shoots (3-15m, plunging parallel to stretch lineation and develop near the structural hanging wall), MZ1 (Main Zone 1) and MZ2.
Mineralization consists of pyrite and quartz stringers in the sericitized and sheared sections of granite and granodiorite

Completed Work (MAS)

Compilation and digitization of Physical data from Cameco’s operations have been completed.
Review of compiled data is currently underway to determine appropriate drill targets for future programs
Reopening of the all-season road to deposit has commenced and will allow access to the deposit in the coming months

Future Work / Plans

Currently having a 3-D Model of historic mine plans created to allow us to accurately plan drill holes without intersecting existing mine workings.
Drill program will commence later in 2022 or winter 2023 to update existing prehistoric resource
Test below mine to confirm if grade continues at depth through and explore BK3 zone, as decline was constructed to zone but never mined.

Ownership Overview

MAS Gold Corp. 100% Owned Properties occupy key positions at the transition between the La Ronge Domain and Kisseynew Domain. MAS Gold Corp has been active in La Ronge Gold Belt since 1990’s. Total MAS Gold Corp holdings: 33, 843 hectares (83, 628 acres). All properties are 100% owned.