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Project Highlights
- Project is host to the Jaclyn Zone, a gold mineralized composite vein system defined over a strike length of 800 metres and to a depth of 275 metres and remains open for expansion along strike and to depth
- Jaclyn Main Zone contains a 43-101 inferred resource of 921,000 tonnes averaging 3.02 g Au/t (89,500 contained ounces of gold)
- On trend with Crosshair's South Golden Promise project, which hosts the Linda/Snow White gold discovery.
- Strong similarities to the Bendigo-Ballarat Gold District, Victoria, Australia -- an area with past production of over 22 million ounces of gold
- Significant drill intercepts of up to 93.71 g/t gold over 1.40 metres including 327.97 g/t gold over 0.40 metres
Technical Report
Click here for the complete NI 43-101 technical report on the Golden Promise Project (PDF 11.0MB)
2010 Exploration Work
In 2010, the company had completed 7,220 metres of diamond drilling in 36 holes. The program was focused on the Jaclyn Main Zone as well as the Jaclyn North Zone with the objective of increasing the current gold resource. A trenching and bulk sampling program was carried out in 2010. A total of 2,174 tonnes were delivered to the Nugget Pond Mill and two gold bars weighing 5.37 kilograms were poured and shipped to Johnson Matthey Limited in Toronto for refining. In addition to the bars, the ball mill and SAG mill were cleaned out and 482.5 kg of concentrate were also shipped to Johnson Matthey for treatment and refining. After refining, the bars and the mill concentrate produced a total of 313.59 ounces of gold and 23.05 ounces of silver which were sold for net receipts of CDN$430,001.85 after treatment charges. Based on the mill records and the total gold recovered, the average recovered gold grade was 4.47 g/t gold. The average tails grade was 1.12 g/t gold indicating a back-calculated head grade of 5.59 g/t gold with an 80% recovery.
Core Photos
Trenching Photos
Gold Pour Photos
History
Exploration in the Buchans - Badger region of central Newfoundland has traditionally been focused on base metal exploration, with virtually no exploration for gold. Rubicon Minerals carried out ground and airborne geophysical surveys as well as approximately $2.5 million in exploration on the Golden Promise project, which included:
- 46 diamond drill holes (5,736 metres) with 33 holes totaling 3,496 metres at the Jaclyn (30 holes) Jaclyn North (1 hole) and Jaclyn South (2 holes) zones. A further 13 holes tested anomalous soil and float targets in the Jaclyn and Shawn's Shot areas
- Approximately 8,250 line-kilometre (75 metre spacing) high-resolution airborne magnetic/EM survey over the entire property
- 17 surface trenches at the Jaclyn, Christopher and Branden areas
- 5,624 soil samples and approximately 2,334 rock samples have been collected
- Property-scale geological and structural mapping
The option agreement by which Crosshair could earn-in 60% interest for the Golden Promise project, the South Golden Promise project and the Victoria Lake project, resulted from the work completed by Rubicon.
Claim Ownership
In May of 2009, Crosshair closed on the agreement with Paragon Minerals Corporation (TSX-V: PGR) and has acquired a 60% interest in the Golden Promise Gold Project in Central Newfoundland (which includes Golden Promise, South Golden Promise and Victoria Lake). Crosshair will provide Paragon with a CDN$2.0 million carried interest in initial exploration expenditures to be completed prior to May 2013 with the option to extend this timeframe by 12 months upon issuing 62,500 common shares to Paragon.
Crosshair may also elect to earn an additional 10% interest (to 70%) by providing Paragon with an additional CDN$1.0 million carried interest in additional exploration expenditures within 24 months again with the option of extending the timeframe by 12 months upon issuing 100,000 common shares to Paragon. In the event Crosshair does not complete the additional expenditure program within the required timeframe, Crosshair may purchase the remaining 10% interest by paying Paragon the difference between actually incurred exploration expenditures and CDN$1.0 million or just retain the 60% interest.
Geology
The project is underlain by sedimentary rocks of the Ordivician Victoria Lake Group, which are overlain by black Caradocian shale and the Late Ordivician to Silurian Badger Group sedimentary rocks. The Victoria Lake Group comprises mainly epiclastic greywacke and siliceous mudstone with minor sequences of felsic volcanic tuff and pillow basalts. The Caradocian shale unit is highly graphitic and pyrite rich and in places is up to 600 metres thick. The Badger Group is comprised of generally coarse grained sandstone and conglomerate with lesser shale and siliceuous mudstone layers.
The entire sequence has been folded into tight regional anitclines and syclines that overall plunge moderately to the northeast, but are occasionally doubly-plunging. The folds have upright, near vertical axial surfaces. The sequence is cut by regional to local scale faults and mafic dyke swarms and is intruded by the Siluro-Devonian Skull Hill Intrusive Complex to the north and the Hodges Hill Granite to the east. Overall the sequence is metamorphosed to lower greenschist facies. The finer grained thinner bedded sediments usually display a strong, penetrative cleavage and local scale chevron folds.
Significant gold-bearing quartz veins have been identified at three main sites on the property, specifically the Jaclyn, Jaclyn North and Jaclyn South Zones, the Christopher Zone and the Shawn's Shot Occurrences.
Previous Exploration Work
During the summer of 2006, Paragon and Crosshair completed a successful 15 hole, 2,450 metre drilling program. All eight holes testing the Jaclyn Main zone intersected visible gold. Significantly, three of these holes also intersected a new zone of high grade gold mineralization in the hanging-wall returning up to 93.71 g/t gold over 1.40 metres including 327.97 g/t gold over 0.40 metres. A total of five drill holes were completed on the Jaclyn North target, which lies parallel to and 250 metres northwest of the main Jaclyn Zone, where a strong gold-bearing quartz vein system has been defined over a 150 metre strike length.
During the winter of 2006/2007, a 14 hole, 3,073 metre drill program was successful in extending the main Jaclyn vein system by more than 50% to a defined strike length of 750 metres and to a depth of 225 metres. The zone remains open. Visible gold was noted in 10 of the 14 holes completed in this phase of drilling, which included some of the highest grades reported to date.
This drill program focused exclusively on the main Jaclyn Zone and did not address any other targets on the property such as the Jaclyn North vein system. Given its potentially high grade nature and its close proximity to the main Jaclyn Zone, the Jaclyn North system could prove to be an extremely important component of the Golden Promise project and will be addressed with additional drilling in the future. Numerous additional geochemical and geological targets on the project remain untested, suggesting that multiple vein systems could occur elsewhere on the project.
The defined strike length was extended to 800 metres and to a depth of 275 metres following a successful Phase III drill program in the fall of 2007. The 3,926 metre drill program intersected visible gold in 18 of the 23 drill holes and included infill drilling and testing the extensions of mineralization on the Jaclyn Main Zone along strike and down plunge.
Examples of some of the better intersections:
- 6.5 g/t gold over 1.40 metres including 14.9 g/t gold over 0.45 metres in hole GP07-83
- 10.1 g/t Au over 1.40 metres including 35.3 g/t Au over 0.40 metres and a second interval of 6.3 g/t Au over 1.35 metres including 10.5 g/t Au over 0.75 metres in hole GP07-90
- 43.83 g/t Au over 1.45 metres, including 141.21 g/t Au over 0.45 metres in GP07-91
- 10.41 g/t Au over 4.70 metres, including 64.49 g/t Au over 0.50 metres in GP07-92
- 20.89 g/t Au over 1.90 metres, including 44.74 g/t Au over 0.65 metres in GP07-93
- 6.87 g/t Au over 1.70 metres, including 18.59 g/t Au over 0.45 metres in GP07-98
In 2008 a resource estimate was completed by Gary H. Giroux based on 68 drill holes at the Jaclyn Main Zone. He determined an inferred resource of 89,500 contained ounces of gold (921,000 tonnes averaging 3.02 g Au/t) at a 1 g/t Au cutoff.
Stewart Wallis, P.Geo., is President of the Company and a Qualified Person as defined by National Instrument 43-101 for the above mentioned projects. The QP is a member in good standing of the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) as a registered Professional Geoscientist (P.Geo.). Mr. Wallis has reviewed and is responsible for the technical information disclosed above.
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