Pandora Wood & Central Cadillac Mines - Gold
The property consists of 28 claims and one mining concession totalling 715 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.
The property is situated in the heart of Quebec’s premier gold producing district, the Cadillac Gold Camp. Specifically, the property is centred over the prolific Cadillac Break and is located 3.5km west and along strike from Agnico Eagle’s producing, Lapa Gold Mine(prov./prob. reserves of 2.1Mt @ 6.0 gpt Au: (ref: Agnico’s website “mines & projects-reserves & resources”, February 25, 2013). It is also located 7km east of Agnico Eagle’s La Ronde Gold Mine (prov./prob. reserves of 28.8Mt @ 4.5 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 near surface deposits since mining commenced in the region in 1937. Gold was mined at several localities including:
· the Amm Shaft Zone (shaft to 140 metres: production reported at 14,490 oz from 83,475 t grading 5.4 gpt Au: (ref. 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: (ref. 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 gpt Au (ref. Queenston Mining, internal report, 1981), is reported but cannot be relied upon.
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 gpt Au (ref. 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 gpt Au (ref. 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 but cannot be relied upon.
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.
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)
In 2010, Globex as operator of the JV, completed twelve (12) holes totaling 4,450 metres targeting the “South Break” or “South Contact” as well as the “North Break” (structurally & stratigraphically equivalent to “Contact Zone” at the Lapa Mine, 5km to the east) along the Cadillac Break The area examined a one km strike length of the mineralized structure extending 800 metres east and 200 metres west of the #3 Shaft in the central portion of the property. Best drill intercepts included: 10.81 gpt Au/3.7m (hole W10-81), 3.08 gpt Au/8.4m (hole W10-85), 4.32 gpt Au/4.3m (hole W10-87), 14.71 gpt Au/2.9m (hole W10-82), 12.99 gpt Au/1.3m ( hole W10-83), 13.96 gpt Au/3.0m and 7.71 gpt Au/3.8m (hole W10-84).
In 2011, Globex as operator of the JV, completed between mid July and early September, five (5) holes totaling 2,405 metres. 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/21.5m including 28.86 gpt Au/ 4.9m at a vertical depth of approximately 350 metres. Other salient intercepts include: 8.2 gpt Au/1.0m (hole W-11-89), 4.5 gpt Au/1.5m, 3.88 gpt Au/6.5m ( hole W-11-91), 3.6 gpt Au/2.8m and 6.6 gpt Au/1.0m (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 gold mineralization.
In 2012, Globex as operator welcomed its new JV partner, Osisko Mining Corp on December 28 of that year and completed between July 11 and November 11, nine (9) drill holes totaling 5,600 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 at vertical depths of 350 to 450 metres peripheral to the 2011 intercept of 7.5 gpt Au/ 21.5m at 350 metres below and 300 metres west of the past producing Pandora #3 Zone.
Significant gold intercepts from this program included: 7.99 gpt Au/2.0m, 7.14 gpt Au/ 2.0m (hole W12-93), 11.73 gpt Au/1.3m (hole W12-95), 4.09 gpt Au/4.5m (hole W12-96), 22.08 gpt Au/1.0m (hole W12- 97), 3.8 gpt Au/41.0m including 4.77 gpt Au/8.4m and 12.6 gpt Au/9.1m ( hole W12-99B) and 3.05 gpt Au/4.0m ( hole W12-100).
During the nine-year period of the Globex/Queenston JV, fifty significant gold intercepts were identified primarily in the Pandora #3 sector of the Cadillac Break. The exploration model used is that of Agnico Eagle’s deep seated nearby producing Lapa Gold Mine (Prov. &prob. reserves of 2.0Mt grading 6 gpt Au: (ref. Agnico Eagles website/”Operating Mines –Lapa-Overview, March 6, 2013). The top of the sub vertical Lapa gold deposit occurs at a vertical depth of approximately 450 metres below surface and extends vertically for at least 1,500 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. 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 with many of the features between the style of gold mineralization at the Lapa Gold Mine, and that of the 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 Piche Group ultramafic volcanics, serve as reliable metallotects for significant gold mineralization.
Exploration and Development
In 2013, Globex, as JV operator, completed, between June 12 and September 30, 2013, a total of twenty (20) NQ core drill holes totaling 11,770m of drilling concentrated in the Pandora #3 shaft area as well as the Central Cadillac area in the western portion of the property. A single drill hole was completed in the AMM Shaft area, south of the main Cadillac Break. Drill spacing ranged from 50 to 150m with vertical depth of investigation averaging 300m in the Central Cadillac area and 400m in the Pandora # 3 area. The average hole length in the latter area was approximately 660m. Total expenditures for this drill program amounted to $1,110,000. The best gold intercepts are highlighted below and are typically found in weakly pyrite/arsenopyrite/pyrrhotite (+/-) bearing quartz/carbonate veins/veinlets with associated moderate to strong biotite/silica wallrock alteration best developed in the Cadillac Group sediments and adjacent ultramafic volcanics at or near this major lithological contact referred to as the “North Break”. Best gold intercepts included:
Pandora #3 Area: 6.4gpt Au/ 4.27m (hole W12-101); 158.5 gpt Au/ 0.65m (hole W13-106), 15.1 gpt Au/ 11.80m including 47.8 gpt Au/3.30m and 5.0 gpt Au/4.0m (hole W13-107).
Central Cadillac Area: 3.8 gpt Au/ 7.56m (hole CC13-001); 3.8 gpt Au/ 9.80m (hole CC13-004);
4.8 gpt Au/ 10.65m (hole CC13-006.
AMM shaft Area: 2.2 gpt Au/ 6.90m (hole AMM13-01).
The 2013 drill results continue to indicate excellent discovery potential for outlining a significant high-grade mineral resource at a depth below 400 metres in the area of the Pandora-Wood No. 3 Shaft Zone as well as in the less deeply explored Central Cadillac sector.
An updated interpretation of the historic and new drill data, using plan, cross sectional and longitudinal compilations, were completed by Globex and served to formulate the initial multi-hole drilling proposal for presentation to JV partner Osisko Mining. This proposal was presented to the Management Committee in mid January, 2014. Start up of the approved drill program is anticipated to occur in first Quarter of 2014.