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Pandora Wood & Central Cadillac Mines - Gold Property The property consists of 28 claims and one mining concession totalling 710 hectares straddling the Trans-Canada Highway 117 and positioned midway between the mining cities of Rouyn-Noranda, 50km to the west of Val d’Or, 50km to the east (Figure 4). Ownership is shared equally between JV partners Globex (50%) and Osisko Mining Corp (50%) who took control of former JV partner Queenston Mining on December 28, 2012. Eight of the 28 claims located in the west central portion of the property (the Wood Claims) are subject to a 2% NSR to five individuals.
History The property is situated in the heart of Quebec’s premier gold producing district, the Cadillac Gold Camp. The property is situated 3km west and along strike from Agnico Eagle’s deep, Lapa Gold Mine(prov./prob. reserves of 2.4Mt @ 6.5 gpt Au: ref: Agnico’s website “mines & projects-reserves & resources”, February 25, 2013) and both of which occur along the Cadillac Break. It is also located 7km east of Agnico Eagle’s La Ronde Gold Mine (prov./prob. reserves of 33Mt @ 4.4 gpt Au + Ag, Cu, Zn and Pb credits: ref. Agnico’s website “mines & projects-reserves & resources, February 25,2013), Canada’s deepest U/G gold producer, developed along another major east trending mineralized gold structure located 2km north and parallel to the Cadillac Break. The property has been well explored and drilled above a vertical depth of 200 metres along most of its strike length and has seen gold production on small deposits since mining commenced in the region in 1937. Gold was mined at several localities including: · the Amm Shaft Zone (shaft to 140metres: production reported at 14,490 oz from 83,475 t grading 5.4 g/t, M.E.R.N., report MB88-25, 1989); · the No.3 Shaft Zone (shaft to 267 metres: production reported at 13,680 oz. from 83,418 t grading 5.1 gpt Au, M.E.R.N. report, 1981 on behalf of Camflo Mines) and where a non NI 43-101 compliant historic resource of 582,859 tonnes grading 6.5 g/t (Queenston Mining, internal report, 1981), is reported; · The Wood-Cadillac and Central Cadillac Zones. (Wood-Cadillac shaft and internal winze to 305 metres) saw the production of 59,689 oz. from 396,000 t of material grading 4.8 g/t (J. Daigneault & M. Sirois, M.E.R.N. report, 1981). The Central Cadillac shaft (depth of 305 metres) saw the production of 63,160 oz. from 418,870 t of material grading 4.7 g/t (J. Daigneault & M. Sirois, M.E.R.N. report, 1981) and where a non NI 43-101 compliant historic resource of 249,000 oz gold from 1.43M t of material grading 5.3 gpt Au, are reported.
The reader is referred to Globex’s 2011 Annual Information Form (AIF) on Globex’s website for details concerning the descriptions of the various categories and styles, which characterize this orogenic quartz lode gold mineralization found within the Pandora JV Property. Exploration 1997-1998: Globex initiated its exploration efforts during this period, completing 9 drill holes in the Wood Shaft #4 where visible gold was encountered in 8 of the 9 holes generating high grade but narrow intercepts such as 68.23 gpt Au/ 1.71 m and, 28.1 gpt Au/ 2.30 m as well as an additional 8 holes in the Amm and No. 3 Shaft Zones, with limited success. The Globex/Queenston JV Programs (2004 to 2012) During this nine (9) year period, a total of 100 drill holes (with an approximate valued expenditure of $6M) have been completed, the details of which are summarized below. 2004-2005: This initial joint program saw the completion of nineteen (19) holes, testing the 1.5 km segment of the Cadillac Break between the Wood Cadillac Shaft and the No. 3 Shaft where the target was defined as the high-grade Lapa model. Half of the holes intersected significant gold mineralization with grades ranging from 4-6 gpt Au over widths of 3 to 5 metres with several much higher grade or wider width intercepts including: 8.5 gpt Au/28.5m (hole W05-09), 38.8 gpt Au/4.2m (hole W05-12), 6.6 gpt Au/2.0m (hole W05-13) and 16.4 gpt Au/3.2m (hole W05-20) 2006: Twenty six (26) holes were completed: the drill testing of a ground electromagnetic anomaly located 500 metres north of the Cadillac Break in the fold nose of a banded iron formation resulting in the discovery of the Ironwood Zone. The discovery hole, W06-17, intersected a mineralized iron formation assaying 2.2 gpt Au/11.4 m including 6.3 gpt/2.0 m. The second hole, W06-22, intersected a spectacular 22.6 gpt Au/ 45.8 m (22.9 m true width). The mineralization consists of disseminated to semi-massive sulphides (arsenopyrite, pyrrhotite, and pyrite) with visible gold in a banded-magnetite iron formation. A total of 26 holes were subsequently completed on the Ironwood Zone and in 2008, a NI 43-101 compliant mineral resource calculation indicating an inferred mineral resource of 243,200 tonnes grading 17.3 gpt Au for a total of 136,000 ounces of gold was determined by Qualified Person Reno Pressacco, M.Sc., P. Geo on behalf of the Globex/Queenston Joint Venture JV. 2007: Eleven (11) drill holes were completed: five on the Ironwood deposit with two deep holes unable to demonstrate the vertical continuity of the gold mineralization at a depth of approximately 500 metres below surface and seven holes drilled in the area beneath the Central Cadillac deposit located 700 metres southwest of the Ironwood deposit along the Cadillac Break. 2008: An additional fourteen (14) holes were drilled on the Ironwood deposit to confirm the geological interpretation of the deposit as well as to provide geotechnical information for future mine development. Metallurgical test work on the mineralization was undertaken by Consultant Peter W. Godbehere (B.Sc., A.R.S.M.). Tests demonstrated gold recoveries in excess of 90% could be achieved. Elsewhere, a single drill hole on the Amm property returned 5.8 gpt Au/0.6 m (hole W08-74). 2009: Additional metallurgical test work was completed on the Ironwood mineralization as well as very limited additional drilling of two (2) holes beneath the Amm Shaft Zone. 2010: Twelve (12) holes totaling 4,450 metres targeted the “South Break” or “South Contact” as well as the “North Break” (structurally & stratigraphically equivalent to “Contact Zone” at the Lapa Mine, 5 km to the east) along the Cadillac Break for 800 metres east of Shaft #3 and 200 metres west of Shaft #3. Best drill intercepts included: 10.81 gpt Au/3.7 m (hole W10-81), 3.08 gpt Au/8.4 m (hole W10-85), 4.32 gpt Au/4.3 m (hole W10-87), 14.71 gpt Au/2.9 m (hole W10-82), 12.99 gpt Au/1.3 m ( hole W10-83), 13.96 gpt Au/3.0 m and 7.71 gpt Au/3.8 m (hole W10-84) 2011: Five (5) holes totaling 2,405 metres were completed between mid-July and early September with four of the holes positioned to follow up on results from the 2010 campaign in the area of the #3 Shaft Zone. Holes W-11-89 to -92 intersected, without exception, gold values within or adjacent to the Cadillac Break. One of the deeper holes of the program, W-11-92, intersected an exceptional 7.5 gpt Au/21.5 m including 28.86 gpt Au/ 4.9 m at approximately 350 metres below surface. Other salient intercepts from this program include: 8.2 gpt Au/1.0 m (hole W-11-89), 4.5 gpt Au/1.5 m, 3.88 gpt Au/6.5 m ( hole W-11-91), 3.6 gpt Au/2.8 m and 6.6 gpt Au/1.0 m (hole W-11-92). A fifth drill hole, W-11-88, targeting an interpreted structural feature near the Amm Shaft on the southern portion of the joint venture property did not return any significant mineralization. Exploration and Development 2012: The latest JV exploration program was carried out between July 11 and November 11, 2012 and consisted of nine (9) drill holes totaling 5,600.6 metres of NQ diamond drilling. The program focused on searching, (at approximately 100 metre centres) for significant lateral and down plunge extensions of gold mineralization up to several hundred metres west and east and below at vertical depths of respectively 350 and 450 metres peripheral to the aforementioned 2011 JV gold intercept of 7.5 gpt Au/ 21.5 m intersected at a vertical depth of approximately 350 metres, below the inferred potential down plunge extension of a mineralized zone located 300 metres west of the past producing Pandora #3 former head frame. Significant gold intercepts encountered in 2012 include: 7.99 gpt Au/2.0 m and 7.14 gpt Au/ 2.0 m (hole W12-93), 11.73 gpt Au/1.3 m (hole W12-95), 4.09 gpt Au/4.5 m (hole W12-96), 22.08 gpt Au/1.0 m (hole W12- 97), 3.8 gpt Au/41.0 m including 4.77 gpt Au/8.4 m & 12.6 gpt Au/9.1 m ( hole W12-99B) and 3.05 gpt Au/4.0 m ( hole W12-100). These results as well as those derived from the previous two years in this same sector, suggest excellent potential for the eventual outlining of a significant mineral resource in the area of the Pandora-Wood No. 3 Shaft Zone. . It should be recalled that during the nine-year period of the Globex/Queenston JV, nearly fifty notably significant gold intercepts were discovered primarily in the Pandora #3 sector of the Cadillac Break within the Property. The exploration model invoked for the JV property is that of Agnico Eagle’s deep seated producing Lapa Gold Mine located 5 km east and along strike from the No.3 Shaft Zone where current prov./prob. reserves are reported at 2.38 Mt grading 6.55 gpt Au (ref.: Agnico Eagle’s website: “Operating Mines-Lapa-Overview”, March 6, 2013). The top of the sub vertical Lapa ore body occur at a vertical depth of approximately 450 metres below surface and extends vertically for at least 1500 metres where it remains open to depth. Of importance, is the recognition that the minable grade at Lapa is developed nearly 200 metres directly below a shallower zone of gold mineralization, which extends from subsurface to a depth of approximately 300 metres, the Tonawanda Zone. This specific deposit characteristic readily points to the strong potential for discovery of a new gold deposit at depth on the Pandora Wood JV Property. The recently published structural, stratigraphic and metallogenic features recognized at Lapa, as presented in M. Simard’s Ph.D. study of the Lapa deposit, allow for a compelling direct analogy between the style of gold mineralization at the Lapa Gold Mine to the east and the gold mineralization encountered thus far in the Pandora # 3 sector of the Pandora JV Property. The auriferous smoky quartz vein systems with the commonly associated strong biotite/silica alteration and finely disseminated arsenopyrite/pyrite whether developed within the Cadillac sediments or nearby sheared Piche Group ultramafic volcanics, serve as confident vectoring towards significant gold mineralization both at Lapa and on the Pandora JV ground. In the First Quarter of 2013, a detailed plan, cross sectional and longitudinal interpretation of the historic and new drill data by JV operator Globex has resulted in a proposal for further drilling in the Pandora #3 sector where drilling to date has intermittently traced significant gold mineralization along a strike length of nearly one kilometre. A minimum program of ten (10) drill holes totaling 7,200 metres is to be presented to the joint venture partner of the project, who, on December 28, 2012, changed in favor of Osisko Mining Corp when the latter took control of Queenston Mining Inc, the historic JV partner on the Pandora Wood Property.
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