Heritage Project & Burin Peninsula Properties

Heritage Project & Burin Peninsula Properties

Property:

• Heritage Project: 22,513 Ha (including Heritage, Eagles Talon, Eagles Claw)
• Davis Cove: 1,221 Ha
• Fortune: 500 Ha

Location:

Burin Peninsula approximately 250km west of St John’s, Newfoundland and Labrador (NFLD)

Access:

Proximal to the full-service town of Point May, NFLD. Property is accessible by road and contains extensive trails for year-round exploration.

Heritage Geology:

Mineralization within the Heritage Project is focused in the Point May Epithermal System (PMES) which is hosted in the Smuggler’s Cove Andesites. The Smuggler’s Cove Andesites consist of a thick succession of intermediate crystal tuffs, crystal lapilli tuffs, tuff breccias, and coarse pyroclastics. The Smuggler’s Cove Andesites are broadly indicative of an arc-type volcanic environment during a protracted period of active magmatism. The Burin Peninsula is mainly composed of composed of the volcanic, volcaniclastic, related plutons, and siliciclastic sedimentary units (O’Brien et al, 1977). The Smuggler’s Cove Andesites are within the Marystown Group which is the predominant group on the Burin. It has been noted by Ferguson (2017) that the low to high Au-Ag sulphidation epithermal deposits are hosted within the Marystown Group. Geology and Mineralization within this section originates from work completed by Greg Woodland who is completing a M.Sc. Thesis on the Heritage Project.

The Point May Epithermal System is a low-sulphidation system as banded and bladed vein hosted textures as well as sericite-chrlorite-andularia alteration have been found on the Property. Alteration is characterized by an extensive outer silica-phengite zone, which surrounds an inner alteration zone consisting of chalcedony-adularia-illite. Mineralization has been identified as associated with NNE-trending mineralizing structures across the project known as the Eagle, Ridge, Peters Brook, Pinnacle, Point May, and Whales Back Zones. Mineralized zones are characterized by the presence of large veins and pronounced multi-episode hydrothermal breccias, which contain Au-Ag and base metal mineralization. Mineralized veins are easily identifiable by the presence of ginguro style mineralization, as characterized by black ‘sooty’ pyrite stringers and fragments with the following polymetallic mineral assemblage: native silver and acanthite with lesser amounts of naumannite, electrum, galena, clausthalite, chalcopyrite, and sphalerite.

Historical drilling on the Property was focused on the Eagle Zone which intersected a zone of intense silicification and quartz veining with gold and silver mineralization over core intervals ranging up to 32 metres. The intense silicification and quartz veining of the mineralized zone displays many textures typical of the low sulphidation epithermal deposit model such as banded veins (i.e. Crustiform) and bladed silica crystals. In addition to these textures, it contains low temperature alteration minerals such as phengite, illite, as well as widespread hematite alteration. Concentrations of Au mineralization is related to the black ginguro veinlets common throughout the Eagle Zone.

Mineralization has been observed along NNE trending regional structures with high grade focused on the intersection with SE trending structures. The Heritage Project contains thin post-mineral sedimentary cover which mantles the mineralized zones. Regional magnetics show that the Eagles Talon and Eagles Claw has similar magnetic signatures to the Point May Epithermal System. Planned High-Resolution Airborne Magnetic Survey will provide expanded targets throughout the Property for follow up.

Previous Work:

The Point May Epithermal System was first discovered in 2010. Previous operators continued extensive prospecting and trenching programs throughout the property discovering numerous mineralized zones including the Eagle Zone. ~7,500m of diamond drilling has been completed on the property focusing on the Eagle Zone including intervals of 1.90 g/t Au and 258 g/t Ag over 6.55m including 46.5 g/t Au and 10,516 g/t Ag over 0.12m. The Heritage Property had limited amount of geophysical work done on the property.

Fortune & Davis Cove Geology, Previous Work, and Planned Work:

Little modern exploration work has been completed on the Fortune and Davis Cove properties. Mapping was completed by the Newfoundland Geological Survey in the 1970’s and 1990’s respectively.

The Fortune Property shows anomalous Au-in-Lake Sediment samples and currently mapped within the Marystown Group. Continued prospecting and geochemical surveys of the property is required to confirm anomalous Au-in-Lake Sediment samples.

Davis Cove is within the Monkstown Peninsula and is currently mapped along the contact of the Marystown and Musgravetown Groups which are considered to be related (Sparkes, 2012). Anomalous Au- and As-in-lake sediment samples were identified and require additional prospecting to identify the source.