Ashley Gold Mine is located in a favourable mining jurisdiction within the prolific western Abitibi Greenstone Belt.
The Ashley Gold Mine is 17 km east of Teck’s historical Stairs Mine and just 17 km west of Alamos’ Young-Davidson Mine that contains an estimated reserve of 3.39M oz Au (P&P) and a resource of 936,000 oz Au (M&I).
The Ashley Mine consists of stacked high-grade quartz vein similar to the lodes of the Porcupine and Kirkland Lake gold camps. It produced 50,099 ounces of gold from 157,636 tons of ore (0.32 oz. Au/ton) from the main Ashley vein between 1932 and 1937. The vein strikes north, dips west at 30 to 50 degrees and has been followed underground for 600 metres. (Petromet Resources Ltd. (1982))
The mine was developed by inclined shaft and six levels (125, 250, 375, 500, 625 and 750 foot levels). Sampling by Petromet Resources Ltd. (1982) over a strike length of 88.4 meters gave an average grade (uncut) of 1.30 oz Au/ton over 0.22 meters width. The Ashley vein hosts visible gold, telluride and minor pyrite, chalcopyrite, galena and sphalerite.
Historical surface exploration work documents 7 gold bearing veins on the Property. The Garvey Vein, 1.3 kilometres northwest of Ashley, produced a 26 ton bulk sample yielding 0.86 oz Au/ton. (Petromet Resources Ltd. (1982))
The Abitibi Greenstone Belt on the Property includes a range of volcanic, sedimentary, and plutonic rocks generally of greenschist facies metamorphic grade. Volcanic rocks occur as mafic to felsic volcanic cycles ranging from basaltic to rhyolitic compositions. Intravolcanic sedimentary rocks, include volcaniclastic varieties. A range of mafic to felsic, pre-tectonic, syn-tectonic and post-tectonic intrusive rocks are known. Among these intrusives are syenite bodies with crosscutting structures.
At the nearby Young-Davidson Mine gold occurs in quartz stockworks and veinlets in syenite. The quartz stockworks have a halo of potassic alteration with disseminated pyrite. The syenite on the optioned ground offers potential for Young-Davidson style mineralization.
Greenstone Lode Gold
Syenite Hosted Hold
Ashley Mine Vein
⚬ ~50k oz Au mined in 1930’s.
⚬ Extends >600m strike length.
⚬ Open at depth and along strike.
⚬ Much visible gold and tellurides.
Ashley No. 1 Vein
⚬ Extends >450m strike length.
⚬ Sub-parallel to Ashley Mine Vein.
⚬ Up to 672 g/t Au on surface.
⚬ Undeveloped surface expression of 120m+ @ ~15 g/t Au (Camart 1980)
⚬ 26 tonne bulk sample that averaged 24.4 g/t Au.
⚬ Up to 300 g/t Au, 5 g/t Ag,
and 128 g/t Te.
South Garvey Vein
⚬ Extends >250m strike length.
⚬ Up to 177 g/t Au and 126 g/t Te.
The program consisted of linear chip sampling of quartz vein material exposed within historic trenches to test the gold grade continuity along strike (“nugget effect”) of the No. 1 Vein and Garvey Vein. The intention was to verify historic bulk and chip sampling values. Most trenches are at least 40 years old and “sluffed” in, covering most of the historically noted vein exposures. A total of 11.0 metres over two separate zones within the approximately 115.0 metre historic surface exposure trench of the No. 1 Vein and only 3.5 meters of the Garvey Vein could be sampled. (Note: This chip sampling was mainly of quartz vein material chiseled off the face of the veins in as many randomized places as possible over the entire width and length of the exposed trench veins and are not indicative of sub-surface gold grade or vein continuity)
Composite Interval Highlights:
The program consisted of re-labelling and re-tagging all available historic core, high-definition photography of over 9,500 meters within 25 holes, and full detailed re-logging of approximately 9,000 metres within 23 holes including geology, alteration, mineralization, and notation of assay tag locations. Core sampling was undertaken on selected highlight zones and unsampled “in-fill” zones consisting of 102 core samples totaling 98.75 metres within 14 holes (Note: Several historical highlight zones were completely removed by previous operators and could not be re-sampled for evaluation and confirmation purposes).
Historic Core Re-Sampling Program Highlights
⚬ A005 – 5.68 g/t Au over 2.35 metres, including 39.20 g/t Au over 0.35 metres
⚬ A007 – 0.50 g/t Au over 9.50 metres, including 0.99 g/t Au over 4.00 metres
⚬ A009 – 1.01 g/t Au over 4.15 metres, including 10.60 g/t Au over 0.35 metres
⚬ A017 – 0.57 g/t Au over 5.10 metres, including 1.71 g/t Au over 1.70 metres
⚬ A025 – 5.48 g/t Au over 2.30 metres, including 41.90 g/t Au over 0.30 metres
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