|
|
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)
- Large land position in a highly prospective, emerging gold belt
- New grab sample assays grade up to 232.0 g/t 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
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.
Current Exploration Work
To date the company has completed 34 drillholes of the planned 36 drillholes and 7,220 metre diamond drill program. The program is focused on the Jaclyn Main Zone as well as the Jaclyn North Zone with the objective of increasing the current gold resource. In Q3 of this year, the company is planning to carry out a 2,000-3,000 tonne bulk sampling program to better ascertain the gold grades.
Core Photos
Technical Report
Click here for the complete NI 43-101 technical report on the Golden Promise Project (PDF 11.0MB)
| |
