Located in the centre of the North Caribou Lake greenstone belt in northwestern Ontario, 18 km from the Musselwhite gold mine (Newmont Corp.).
Exploration by Romios in 1998-99 led to discovery of a Cu-Au enriched schist, ~100 m wide. This schist was drilled again in 2016 and re-interpreted as an alteration zone (pathway) typical of those beneath many VMS (volcanogenic massive sulphide) deposits.
Drilling and geophysics in 2017 and 2019 traced the VMS alteration zone 7 km and led to discovery of 3 VMS zones so far. Best zone grades 1.26% Cu and 2.4g/t Au / 3.25 m.
Major zones tested by only 1 hole to date, all are open at depth and along strike. Numerous untested conductors nearby, some even stronger. Geology indicates the intercepts to date are peripheral to the presumed centre of the system.
Drilling on NW claims discovered the most significant gold intercept in the belt outside of the Musselwhite mine property: 8.64 g/t Au / 4.75 m in a quartz-(pyrrhotite) vein.
Several large, coarse-grained, “epithermal-looking” calcite veins up to 7.5 m wide, +/- gold values up to 2.96 g/t Au/1.0 m, occur near the gold-quartz vein(s). Very similar to the very unique veins found in the Red Lake gold mine, suggesting deep-seated, high-pressure fluids.
The gold-quartz veins and unusual coarse calcite veins line up along apparent breaks in the geophysical patterns, indicating a set of faults that may be the controlling, potentially mineralized structures. To be drilled in 2021.
Claims are also underlain by 8 km of the same banded iron formation as the Musselwhite gold deposit 18 km away owned by Newmont which had past production and reserves of over 6 million ounces Au and has produced nearly a quarter of a million ounces of gold annually for over 20 years.
Iron formation at Lundmark-Akow Lake is still highly underexplored due to past focus on Cu-Au and other gold zones. Further work planned in 2021.
Up to 38 oz/t of high-grade gold discovered in sheeted quartz veins at the Spence showing in 1998. Shallow drilling returned modest values but does not appear to have gone far enough to test exposed deformation zone.
Soil sampling in 2019 detected Au-Cu-As-Co anomaly over linear magnetic low between showing and deformation zone outcrop. Detailed sampling and possible drilling planned for 2021.
MoU with North Caribou Lake First Nation and Ontario government Exploration Permit in place.