Projects
Meguma Formation’s Iconic Status
Nova Scotia has a rich history of gold discovery and production
The Meguma Formation was one of Canada’s earliest gold-producing regions, with discoveries starting around the 1860s.
Historical exploration
has focused on narrow-vein, high-grade gold deposits. This traditional model is being re-shaped by the discovery of disseminated gold across the historic Meguma Formation.
The Goldenville and Caribou properties
Sit within prime Meguma Formation territory and encompass extensive gold showings on the major structures, along strike from recent discoveries, and include known gold resources.
The Elmtree property
Is located within the historic Canadian Gold Camp in New Brunswick and is an advanced project.
Elmtree Property
New Brunswick (Canadian Gold Camp)
The Elmtree property comprises 7,000 acres and hosts two significant gold deposits known as the West Gabbro Zone (WGZ) and the South Gold Zone (SGZ).
183 drill holes have been completed (69 during 1985-87, 107 during 2005-10 and 7 in 2022).
NI 43-101 Technical Report (effective March 4, 2011) independently verifies an Indicated and Inferred resource of 217,568 ounces of gold at 4.1 g/t, which is near-surface, open in all directions, and is high-grade.
Metallurgical tests in 2022 resulted in thick core intervals ranging up to 3.5 g/t gold over 23.28 metres, including samples up to 12.6 g/t gold over 1.35 metres.
Very positive Preliminary Economic Assessment (PEA) completed by Micon in 2010 that produced a 63% IRR when the gold price was $1,100/oz (less than one quarter of today’s gold price of ~$4,750/oz).
Located in a mining friendly jurisdiction near the City of Bathurst and airport 30 km southeast, with paved road access to the project, and highway and power adjacent to the property.
Goldenville Property
Nova Scotia (Meguma Formation)
Over 200,000 ounces of gold at approximately 12 g/t have been mined from the Goldenville property.
NI 43-101 Technical Report (effective June 4, 2020) independently verifies an Inferred resource of 310,000 ounces of gold at 4.1 g/t hosted in both open-pit and underground domains.
Open-pit resource comprises 110,000 ounces of gold at 3.2 g/t; underground resource comprises 200,000 ounces of gold at 5.0 g/t.
Over 200 drill holes have been completed and ongoing exploration indicates the potential for resource expansion in both open-pit and underground scenarios.
2019 drilling program confirmed high-grades.
Excellent access to infrastructure, with proximity to highways and power availability.
Caribou Property
Nova Scotia (Meguma Formation)
Over 100,000 ounces of gold at approximately 13 g/t have been mined from the Caribou property.
NI 43-101 Technical Report (effective October 8, 2008) independently verifies an Inferred resource of 94,765 ounces of gold at 8.4 g/t.
Drill results in stockwork zones include 11.2 metres at 10.8 g/t in Hole CM-98-01 and 9.8 metres at 12.2 g/t in Hole SB-88-11.
Multiple mineralization styles include vein-hosted gold, stockwork zones and the potential for disseminated gold in host rocks.
Located near to existing gold milling operations, making it a prime candidate for near-term development.