Properties

Corvette – FCI Property (Gold, Copper, Silver, Lithium)

The Corvette-FCI Property consists of 172 wholly owned claims (Corvette) and a further 111 claims (FCI East and FCI West) held under Option Agreement from O3 Mining Inc. for up to a 75% interest, for a combined total of 14,496 hectares forming one contiguous claim block. The Property is situated within the Guyer Group (wacke, iron formation, komatiite, tuffs, amphibolite) of the greater La Grande Greenstone Belt and trends east-west through the region, approximately 6 to 18 km south of the Trans-Taiga Road and power line corridor. The geologic setting is prospective for gold, silver, PGEs, base metals, and lithium-tantalum over several potential deposit styles including orogenic gold, volcanogenic massive sulfide (VMS), komatiite (ultramafic), and lithium pegmatite.

Corvette-FCI Summary

Maven Copper-Gold-Silver Exploration Trend

The Elsass and Lorraine copper-gold-silver prospects are new 2019 discoveries and are located on the FCI West claim block, in an area not historically prospected, approximately 2.5 km southeast of the Golden Gap Prospect, and within the Maven Copper-Gold-Silver Exploration Trend. The main trend contains the new 2019 Lorraine (8.15% Cu, 1.33 g/t Au, & 171 g/t Ag), Elsass (3.63% Cu, 0.64 g/t Au, & 52.3 g/t Ag), and Black Forrest (1.13% Cu, 0.05 g/t Au, and 19.5 g/t Ag) discoveries, as well as the historical Lac Smokycat-SO (1.75% Cu, 1.47 g/t Au, & 40.5 g/t Ag) and Tyrone T-9 showings (3.36% Cu, 0.82 g/t Au, & 38.4 g/t Ag), collectively spanning a strike length of over 5 km. The trend continues for another 3+ km to the southeast with the incorporation of the newly discovered Hund Showing (3.28% Cu, 0.78 g/t Au, & 30.1 g/t Ag) and additional proximal historical showings, for a collective prospective copper-gold-silver trend of more than 8 km.

The 2019 program at Lac Bruno involved confirmatory re-sampling of the historical boulder field showing, as well as prospecting, rock sampling, and soil sampling in the up-ice direction. The field work was successful with 11.9 g/t Au sampled at the main showing, confirming historical grades, as well as an outcrop discovery of a mineralized quartz vein within an amphibolite host returning 1.4 g/t Au. In addition, the results of the soil sample grid highlight an anomalous gold trend towards the east, in an area of the Property with limited historical exploration. Follow-up surface work is targeted over this area to identify the source of the high-grade boulder field.

Maven Trend
Maven Trend (Core Trend)

Golden Gap Prospect

The Golden Gap Prospect is an auriferous horizon associated with a deformation zone in a volcano-sedimentary sequence. Mineralization is associated with deformed quartz veins and pyrrhotite-pyrite-arsenopyrite sulphide assemblage. Historical sampling at Golden Gap, completed by Virginia Mines Inc., returned 3 to 108.9 g/t Au in outcrop and 10.5 g/t Au over 7 m in drill hole. In 2019, surface sampling by the Company discovered two new areas of outcrop exposure assaying 1.87 g/t and 2.81 g/t Au and indicate a possible western surface extension of the main Golden Gap occurrence. The newly discovered showings are located approximately 200 and 750 m, respectively, to the west of the westernmost drill hole completed at Golden Gap.

Golden Gap Prospect

Lac Bruno Prospect

Historical sampling at the Lac Bruno Prospect identified a number of angular gold-bearing boulders, initially interpreted as frost-heave, with assays ranging between 1 and 38.1 g/t Au. The mineralized boulders consist predominately of pyrrhotite and arsenopyrite bearing amphibolite. Two historical drill holes completed directly under the boulder field failed to intersect mineralization, with the source subsequently re-interpreted to be further to the northeast, in the up-ice glacial direction.

The 2019 program at Lac Bruno involved confirmatory re-sampling of the historical boulder field showing, as well as prospecting, rock sampling, and soil sampling in the up-ice direction. The field work was successful with 11.9 g/t Au sampled at the main showing, confirming historical grades, as well as an outcrop discovery of a mineralized quartz vein within an amphibolite host returning 1.4 g/t Au. In addition, the results of the soil sample grid highlight an anomalous gold trend towards the east, in an area of the Property with limited historical exploration. Follow-up surface work is targeted over this area to identify the source of the high-grade boulder field.

Lac Bruno Prospect

Platinum – Palladium

The Corvette-FCI Property hosts a strong potential for platinum group element mineralization (PGEs); however, PGEs have seen only limited exploration attention historically, with most samples collected from the Property not analyzed for PGEs. The potential is highlighted by a historical sample of outcrop which assayed 3.1 g/t Au, 1.06 g/t Pd, 0.005 g/t Pt, 7.5 g/t Ag, 0.24% Cu, 0.19% Ni, and 411 g/t Co (Lac Long Sud showing). This unit is located at the eastern end of the more-than-10-kilometre-long Maven trend where significant Cu-Au-Ag mineralization in outcrop was discovered during the company’s 2019 summer exploration program, including 8.15% Cu, 1.33 g/t Au and 171 g/t Ag, and 3.63% Cu, 0.64 g/t Au and 52.3 g/t Ag. The historical samples with PGE enrichment are interpreted to be associated with komatiite (ultramafic) bodies. Numerous additional ultramafic bodies have been mapped across the Property and remain to be assessed for their PGE potential.

Platinum-Palladium Potential

Lithium – Tantalum Pegmatites

To date, a total of eleven (11) well mineralized spodumene pegmatites have been identified on the Corvette-FCI Property with the discoveries outlining a prospective lithium exploration corridor across the entirety of the Corvette-FCI Property – in excess of 25 km of prospective trend. The potential is highlighted by the CV1 and CV5-6 pegmatite occurrences, which outline a core lithium trend in excess of two kilometres. The CV5 spodumene pegmatite is the largest and most well-mineralized occurrence discovered to date on the Property, with approximate exposed dimensions of 220 m long x 20-40 m wide, with CV1 similar in size. Discovered in 2019, a total of eight (8) samples have been collected from CV5, averaging 3.00% Li2O and 154 ppm Ta2O5, including a peak assay of 4.06% Li2O and 564 ppm Ta2O5. The exploration corridor remains largely unexplored with the pegmatites discovered to date typically hosting a strong tantalum component in addition to the lithium. All lithium pegmatite targets on the Property remain to be drill tested.

Core Lithium Trend

Darren L. Smith, V.P. Exploration, at Metals Investors Forum

 

Darren L. Smith’s Presentation

Darren L. Smith’s Interview

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