The Assean Lake claims cover a 20 km length of the Assean Lake Shear Zone (ALSZ), a major break in the crust, which can be traced for over 200 km. Large structures, such as the ALSZ are associated with major gold camps on the Canadian Shield, which has produced over 170 million ounces of gold. The project is located 125 km via provincial highway #280, northeast of the City of Thompson, Manitoba.
The project is in Joint Venture with Lundin Group Company NGEx (NGQ.T) formerly Canadian Gold Hunter and prior to that International Curator Resources who hold a (60%) interest in the project and are the project operator. Harvest Gold holds a (40%) interest in the project. Over 4 million dollars in exploration activity has been invested at Assean Lake to date.
Our exploration goal at Assean Lake is the discovery of a new Canadian gold camp with multi-million ounce and multiple deposit potential. Exploration since 2000 has resulted in the discovery of a number of high grade gold zones. The most significant discovery to date on the property is the Hunt Zone which measures over 600 m (2000’) in length and is intersected to a depth of 200 m (650’).
Drilling highlights on the Hunt Zone include a 4.27 m (14’) interval grading 27.00 g/t (0.87 oz/t) gold and 2.95 m interval grading 16.96 g/t (0.54 oz/t) gold.
Gold mineralization at Assean Lake is of several distinct styles and include: shear zone-hosted, iron formation-hosted and tungsten-bismuth intrusive related. Each of these styles of gold mineralization have the potential to form significant gold deposits and there are numerous examples of major gold deposits of each type including the Homestake Deposit (iron formation associated over 40 million ounces of gold), the Red Lake Deposits (shear-hosted Archean gold deposits with over 20 million ounces of high grade gold) and the Pogo Deposit in Alaska (tungsten-bismuth intrusive related with over 10 million ounces of gold discovered).
The Assean Lake property lies within the northeastern extension of the Thompson Nickel Belt, a zone marking the collisional margin of two ancient continents, the Early Proterozoic Churchill Province to the north west against the older Archean Superior Province to the south east during the Trans-Hudson orogeny. The contact between the two provinces is known as the Superior Boundary Zone, a zone of extreme, multi-stage deformation with a major bounding fault(s) and characterized by high-grade metamorphism all key characteristics associated with major gold camps around the world.
The local geology of the Assean Lake property is poorly understood due to extensive cover of lacustrine clay, silt, sand and basal till up to 20 meters in thickness. Based on limited outcrops and core from diamond drilling, the area is underlain by gneiss and schist of varied derivation and Archean (+ 2.7 billion years) to early Proterozoic in age. On the claims, a sequence of metamorphosed and folded rocks of sedimentary origin with swarms of strongly folded gabbroic dikes. The succession is comparable to, and possibly correlative with, the Ospwagan Group (2.1 to 1.9 billion years), which hosts several major nickel deposits near Thompson, 125 kilometers to the southwest.
The gold prospects have similar characteristics to shear-hosted deposits found in the prolific gold belts of the Precambrian shield in eastern and northern Canada. Precambrian shear-hosted gold deposits range in size from a few thousand metric tons to over 50 million metric tons and constitute a significant source of global gold production. The region around Assean Lake has been explored periodically since the 1930's, when prospectors first discovered the Lindal, Dunbrack and Galena Island gold showings along the lake's shore. Sherritt Gordon Mines Ltd. drilled some short holes on the Dunbrack showing in 1938 and Westfield Minerals drilled two holes in 1959. In 1964, Hudson Bay Exploration & Development carried out a regional airborne electro-magnetic (EM) survey over the area, which led to the subsequent drill discovery of the small Tex zinc prospect in 1965.
In 1997 CopperQuest Inc. carried out a ground magnetometer and Max-Min 1 EM survey over part of the Hunt peninsula area. In 1998, the company drilled six shallow holes with one intersecting 22 g/t Au and 190 g/t Ag over 0.3 m.
From February 2001 to April 2005, NGEX Resources Inc. (Previously Canadian Gold Hunter), later jointly with VMS Ventures Inc, funded and carried out nine major programs during the intervening summer and winter field seasons. Work to date on the property by the JV partners includes significant line cutting for surface grid development, MMI geochemistry, ground magnetic surveys, induced polarization (IP) surveys, ground electro-magnetic (EM) surveys and the drilling of 183 core holes amounting to 28,566 meters. The various programs resulted in the discovery of a number of gold occurrences at Assean Lake, including the Hunt Zone and the BIF (banded iron formation) Zone among others.
The Hunt Zone is a mineralized shear reaching a width of almost 10 meters and extending over a strike length of 700 meters. It has been tested by 57 diamond drill holes (14,058 meters). Considerable fine visible gold within the Hunt Zone occurs in a high-grade shoot where grades reach as high as 27.22 g/t Au over 4.27 meters (about 3.60 meters true width). The shoot has a strike length of about 100 meters and plunges within the broader zone of gold mineralization at about -45° to the WSW.
The Hunt Zone has been traced by drilling to a depth of 250-275 meters. At that depth, the zone is disrupted by a complex, steeply dipping, fault-breccia zone. Seven deep drill holes below the fault breccia zone failed to intersect the high-grade Hunt Zone. The Hunt Zone remains open to the west above the fault breccia but grades are low.
The BIF Zone is a sulphide-bearing iron formation underlying a strike length of some 1,000 meters immediately east of the Hunt Zone. The zone has been tested by 15 core holes up to a depth of 200 meters. Gold in the BIF Zone is not visible to the naked eye and is associated with pyrite and pyrrhotite introduced into magnetite iron formation. Gold grades are generally low and erratic, typically ranging from 0.50 to 4.25 g/t over two to seven meters. Given the close spatial relationship of the BIF and Hunt gold systems, the two zones are probably part of the same mineralizing event. By an option agreement, effective June 28, 2005, the Company acquired, subject to a 3% NSR, a 100% interest in certain claims comprising the Hunt Property located in Manitoba, Canada. As at September 30, 2008, the Company has fulfilled its required consideration payments and by sub-option agreement, optioned 60% of its interest to NGX Resources Inc. (“NGQ”) (previously Canadian Gold Hunter Corp), a public company listed on the TSX-V. As a result, the Company and NGX formed a joint venture (the “Hunt Property joint venture”) on a 40/60 basis, respectively.
The Hunt Property joint venture also had the option to purchase up to 50% of the NSR for $1,500,000.
The Company is attempting to get this project active again and get on the ground in 2013 to conduct further exploration work.