The Property consists of 134 mining claims covering 3,350 hectares in the Baie d’Espoir area of southern Newfoundland.
A recent drill program on the Property focused on a small portion of the South Zone and the No. 8 Vein at the northern or LePouvoir Zone, situated in the southwest and northeast areas of the Property, respectively. The north licence was returned to original optionee in 2016.
High-grade gold (up to 32.7 g/t Au) and antimony mineralization (up to 6.3% Sb) at the South Zone shows significant strike length and the potential for additional high-grade veins. To date, shallow drilling has defined both gold and antimony mineralization for >500 metres (m) along strike. In addition, highly anomalous gold and antimony geochemistry has been documented in both soil and rock samples along a 1.8km strike length which lies immediately north of the South Zone.
The property boasts a 1.0m drill intercept of 30.6% Sb was intersected below a 0.3m wide vein exposed at surface consisting of massive stibnite and carrying up to 24.1 g/t Au. Named the No. 8 Vein, this vein has been traced for 150m on surface. The area is noted to contain multiple quartz vein swarms separated at regular intervals and structural studies indicate that mineralization within these veins has a steep north plunge. Persistent and systematic mineralization associated with these intersecting quartz vein-swarms throughout the Property, in conjunction with newly recognized, widespread antimony-bearing alteration zone indicates that the mineralizing system is large.
The South Zone consists of a multi-vein network with anomalous gold and antimony-bearing quartz veins which have been intersected across a width of approximately 200 metres south of highway #360. Numerous antimony-rich, rock samples in outcrop and anomalous soil samples in the area suggest additional mineralization is present on the property is probably.
In addition, surface structural linears noted during a satellite imagery investigation show that a significant number of gold and antimony, soil and rock anomalies lie along intersecting structures. This observation lends itself to efficient and effective identification of exploration targets in areas of the claims where linear features exist but exploration has not yet been carried out.
The pervasive sericite–chlorite-fuchsite alteration assemblages associated with the massive Sb veins is similar to that observed in analogous rocks at the Beaver Brook Antimony Mine located ~80km to the north.
The Little River Property is 70 km from a deep water port, is close to local population centres, cross cut by major power lines, and can be accessed by way of the Bishop Falls to Harbour Breton highway and secondary roads and trails that exist on the Property.
The Property was transferred to Mountain Lake Minerals ("MLK") as a result of the acquisition of Mountain Lake Resources by Marathon Gold (see news release of July 9, 2012). MLK owns a 100% interest in the Property, which is subject to a 2.0% net smelter returns (“NSR”) royalty with MLK having the right to acquire 1.0% of the NSR royalty for C$ 1,500,000.
The claims lie adjacent to the Day Cove Thrust fault separating the Gander and Dunnage tectonic zone lithologies. The Little Passage gneisses lie to the east while the late Cambrian to Ordovician Baie D’Espoir Group lies to the west. This western group is composed of the Isle Galet (rhyolite flows & crystal and lapilli tuffs) and Riches Island Formations (grey to green pelite, siltstone, greywacke, minor conglomerate and rare felsic to intermediate tuffs).
Notable sub-parallel mineralized structural horizons within the stratigraphic sequence include the Pouvoir Horizon and Little River horizon. The Pouvoir Horizon is composed principally of chlorite, sericite +/- fuchsite schist. Gold and antimony occurs as disseminations and more notably massive stibnite in quartz veins. Magnetite – carbonate is also present along this horizon. The Little River horizon extends over 27km and consists of felsic to intermediate tuffs, pelites and tuffaceous sediments.
Two distinct styles of mineralization include: 1) disseminated sulphides associated with carbonate alteration; and 2) antimony-bearing quartz veins, fractures and foliation-parallel bands.