Pandora Wood & Central Cadillac Mines - Gold
Property Description and Location
The property consists of 28 claims and one mining concession totaling 715 ha straddling Trans-Canada Highway 117 and positioned midway between the mining cities of Rouyn-Noranda, 50 km to the west and Val d’Or, 50 km to the east. Ownership is shared equally between JV partners Globex (50%) and Canadian Malartic Exploration (50%). Eight of the 28 claims located in the west central portion of the property (the Wood Claims) are subject to an underlying 2% NSR to five individuals. 18 claims and one mining concession are subject to an underlying 0.5% NSR to Barrick Gold Corporation. 2 mining claims are subject to an underlying 1.5% NSR to KWG Resources Inc.
Globex is the operator of the Joint Venture.
The property is situated in the heart of Quebec’s premier gold producing district, the Cadillac Gold Camp. Specifically, the property is centered over the prolific Cadillac Break and is located 3.5 km west and along strike from Agnico Eagle’s producing Lapa Gold Mine (prov./prob. reserves of 170,000 oz at 5.84 gpt Au). It is also located 7 km east of Agnico Eagle’s La Ronde Gold Mine (prov./prob. reserves of 3.43 M oz at 5.2 gpt Au (ref. Agnico Eagle press release, February 11, 2015 - Gold Reserves by Mine, as at December 31, 2014). La Ronde is Canada’s deepest U/G gold producer, is developed along another major east trending mineralized gold structure located 2 km north and parallel to the Cadillac Break.
The property has been well explored and drilled above a vertical depth of 200 m along most of its strike length and has seen gold production on near surface deposits since mining commenced in the region in 1937. Gold was mined at several localities including:
The Queenston No. 3 zone and Central Cadillac resources are historic mineral resources not prepared by a Qualified Person under NI 43-101 and cannot be relied upon.
The reader is referred to Globex’s 2011 Annual Information Form (AIF) filed on SEDAR (www.sedar.com) and on Globex’s website (www.globexmining.com) for details and descriptions of the various categories and styles of gold mineralization found within the Pandora JV Property.
The reader is referred to Globex’s 2012 Annual Information Form (AIF) filed on SEDAR (www.sedar.com) and on Globex’s website (www.globexmining.com) for details concerning the exploration work conducted on the Pandora JV Property for the period 1997 to 2009.
2010 to 2014 JV Exploration Programs
In 2010, the JV completed twelve (12) holes totaling 4,450 m targeting the “South Break” or “South Contact” as well as the “North Break” (structurally and stratigraphically equivalent to the “Contact Zone” described at the Lapa Mine, 5 km to the east along the Cadillac Break. The work examined a one km strike length of the mineralized structure extending 800 m east and 200 m west of the Pandora #3 Shaft in the central portion of the property. 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).
In 2011, the JV completed five (5) holes totaling 2,405 m. Four of the holes were positioned to follow up on results from the 2010 campaign in the area of the #3 Shaft Zone. Holes W11-89 to 11-92 all intersected gold values within or adjacent to the Cadillac Break. One of the deeper holes of the program, W11-92, intersected an exceptional 28.86 gpt Au/4.9 m at a vertical depth of approximately 350 m. Other important intercepts include 8.2 gpt Au/1.0 m (hole W11-89), 4.5 gpt Au/1.5 m, 3.88 gpt Au/6.5m (hole W11-91), 3.6 gpt Au/2.8 m and 6.6 gpt Au/1.0 m (hole W11-92). A fifth drill hole, W11-88, targeted an interpreted structural feature near the Amm Shaft on the southern portion of the Joint Venture property. This hole did not return any significant gold mineralization.
In 2012 the JV completed nine (9) drill holes totaling 5,600 m. The program focused on searching (along approximately 100 m centres at depths of 350 to 450 m) for significant lateral and down plunge extensions of the deep Pandora #3 zone gold mineralization located in 2011 (W11-92, 7.5 gpt Au/21.5 m).
Significant gold intercepts from this program included: 7.99 gpt Au/2.0 m, 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 and 12.6 gpt Au/9.1 m (hole W12-99B) and 3.05 gpt Au/4.0 m (hole W12-100).
Globex welcomed its new JV partner, Osisko Mining Corporation (‘Osisko’), on December 28th when Osisko announced the successful completion of a plan of arrangement between Queenston and Osisko whereby Osisko had acquired all of the issued and outstanding common shares of Queenston. Globex continued as project operator.
In 2013, the JV completed a total of 20 drill holes totaling 11,770 m of drilling, concentrated in the centrally located Pandora #3 shaft area and at the Central Cadillac area in the western portion of the property. A single drill hole was also completed in the AMM Shaft area, south of the main Cadillac Break. Drill spacing ranged from 50 to 150 m with vertical depth of investigation averaging 300 m in the Central Cadillac area and 400 m in the Pandora # 3 area. The best gold intercepts are found within in moderately to strongly altered biotite/silica rock hosting weakly pyrite/ arsenopyrite/pyrrhotite (+/-) mineralized quartz/carbonate veins or veinlets. This mineralization often contains free gold and is best developed in the Cadillac Group sediments adjacent to ultramafic volcanics at or near the “North Break” a major lithological contact. Best gold intercepts for the program included:
The 2013 drill results continue to indicate excellent discovery potential for outlining a significant high-grade mineral resource at a depth below 400 m in the area of the Pandora-Wood No. 3 Shaft Zone as well as in the less deeply explored Central Cadillac sector.
In 2014 a four-hole drill program totaling 2,637 m was completed in April. This program targeted possible extensions of some of the better 2012 and 2013 drill campaign gold intersections near the Pandora #3 shaft. One additional hole (W14-113) was drilled in September at the Amm claim. The high-grade gold intersections from the 2012-2013 programs were not repeated (not uncommon with free gold deposits), but the mineralized structures identified in previous drilling were intersected showing continuity at depth. Highlights from the 2014 drilling at Pandora-Wood included; 5.1 gpt Au/1.0 m (hole W14-109), 1.07 gpt Au/7.6 m (hole W14-110), 4.88 gpt Au/1.0 m and 2.47 gpt Au/5.0 m (hole W14-111), 2.97 gpt Au/2.0 m (hole W14-112B) and 6.08 gpt Au/1.5 m (hole W14-113).
During the eleven-year period of the Pandora-Wood JV, over fifty significant gold intercepts have been identified primarily in the Pandora #3 sector of the Cadillac Break. The exploration model used is that of Agnico Eagle’s deep seated Lapa Gold Mine which operates on the Joint Venture’s eastern property boundary (Prov. & prob. reserves of 120,000 ozs grading 5.84 gpt Au: (ref. Agnico Eagle press release, February 11, 2015 - Gold Reserves by Mine, as at December 31, 2014). The top of the sub vertical dipping Lapa gold deposit occurs at a vertical depth of approximately 450 m below surface and extends vertically for at least 1,500 m where it remains open to depth. Of importance is the recognition that the minable ore at Lapa is developed nearly 200 m directly below the shallow Tonawanda Zone gold mineralization, which extends from subsurface to a depth of approximately 300 m. Specifically, the published structural, stratigraphic and metallogenic features described in M. Simard’s Ph.D. study (UQAC, 2011) of the Lapa deposit, allow for a compelling direct analogy between many of the features of gold mineralization at the Lapa Gold Mine and at the JV’s Pandora # 3 sector. In both settings, 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 Piché Group ultramafic volcanics, serve as reliable metallotects for significant gold mineralization.