Quebec Gold

QUEBEC GOLD PROJECTS

Metals Australia Ltd has entered into a legally binding acquisition agreement to acquire a portfolio of gold exploration projects located in the Lac Guyer greenstone belt of northern-Quebec (Canada), an east-west trending greenstone belt which is host to numerous high-grade gold-copper and base metal discoveries.

The projects are located approximately 120km northeast of the Eleonore Gold Mine which is owned and operated by Goldcorp and are located in close proximity to the Trans-Taiga Highway which provides excellent all-year road access to the projects.

Geologically, the projects are located in the north-eastern sector of the Superior Province and straddle the boundary of the La Grande and Opinaca geological sub-provinces. Together, the projects include approximately 20km of an east-west trending volcano-sedimentary belt.

The greenstone sequence is variable, containing basalt, ultramafic, felsic volcanics and sediments. This provides rheological contrasts that can cause strain partitioning and focusing of gold bearing fluids. The projects are also close to the margin of a granite which has controlled regional scale east-west shearing.

The greenstone belt contains multiple gold occurrences that indicate prospectivity for gold mineralisation. This is supported by the reported widespread distribution of low-grade sulphide mineralisation (possibly due to alteration) at the Felice Gold Project. Gold occurrences are aligned in an east-west direction along the main regional shear zones to the north and south of the granite.

GOLD PROJECT SUMMARY OVERVIEW

The Eade Gold Project, Pontois Gold Project and the Felicie Gold Project are all located in close proximity to each other on the Lac Gruyer greenstone belt of northern-Quebec, Canada.

Eade Gold Project

The Eade Gold Project is located approximately 120km east of Radisson, 20km south of the Poste Lemoyne heliport and 50km east of the La Grande-3 airport, with access via the (all season) TransTaiga highway. The Eade project is considered to be a highly prospective gold-copper-silver project made up of two distinct domains, West Eade and East Eade, and are located 12km apart on the same copper-gold-silver mineralised geological trend.

The East Eade and West Eade project areas include 20km of an east-west trending volcanosedimentary belt. The geological setting is characterised by sheared metasediments, amphibolites, paragneisses and small felsic intrusions.

The West Eade project area contains a 12km strike length and covers two gold occurrences: Eade-5 and Eade 6. At Eade-5 rock chips have returned values up to 7.41g/t Au in iron formation within a sulphidic shear. Approximately 6km along strike to the west at Eade-6, rock chip samples of iron formation returned results up to 11.45g/t Au.

The East Eade project area contains a 7km strike length and covers three gold occurrences (Eade-8, Eade-Till, Ech.231203) and a copper occurrence (Passi). Rock chip samples at the Eade-8 occurrence returned values to 1.47g/t Au in a 2m wide shear zone. To the west at Ech.231203 quartz veins in a shear zone returned a best result of 12.0g/t Au and a 1m channel sample at Eade-Till returned a value of 5.3g/t Ag.

These areas have not been followed up with modern exploration techniques.

Sampling at Eade Gold Project

A mapping and sampling program has been completed at the Eade Gold projects.

The primary objective of the program was to confirm the historic high-grade gold and copper mineralisation documented on outcrops, exploration pits and trenches within the Project.

A rock sample (6686286) collected along strike of the Eade-6 historic gold showing within West Eade returned a result of 3.37 g/t Au whilst another sample (6686277) collected further along strike returned a result of 0.82 g/t Au.

These results indicate that the mineralisation extends along strike of the banded iron formation at West Eade over a considerable distance.

A follow up soil geochemical and till sampling program has been designed to test the broader zones of mineralisation and better define the mineralised corridor.

This field program was successful with several mineralised structures identified and sampled on surface.

The Company has also completed an Aster LWIR and synthetic aperture radar imagery study which has been designed to identify additional targets for follow-up field exploration. The Company is waiting on the results of the interpretation of the imagery.

 

 

Felicie Gold Project

The Felicie Gold Project is located in northern Quebec, approximately 280km east of the town of Radisson, 480km northeast of Matagami and 170km northeast of Goldcorp’s Eleonore Gold Mine. The project is located approximately 15km south of the (east-west) Trans-Taiga highway. The project can be accessed either on foot or by ATV from the Trans-Taiga highway.

 

A historical surface rock grab sample taken from the Felicie prospect returned an assay result of 5.54 g/t Au + 1.86% Cu + 4.94% Zn. A second rock sample was collected in another area which returned over 10g/t Au. These areas have not been followed up with modern exploration techniques.

Reconnaissance exploration commenced in the1950s with exploration primarily comprised of geological mapping and prospecting. In the 1970s, Noranda conducted aeromagnetic and electromagnetic surveys. The most recent exploration was undertaken in 2005 when wide spaced traverses located widespread low grade sulphide mineralisation.

The project covers an east-west trending belt of basaltic rocks with relatively minor units of ultramafic and felsic rocks. Mapping to the west located narrow exhalative units within the volcanic sequence. The sequence is intruded by gabbro dykes and pegmatites.

The gold occurrences also contain copper, zinc and molybdenum. Associated sulphides include pyrite, chalcopyrite, pyrrhotite and rare arsenopyrite. The gold commonly comprises veins and shears of quartz-carbonate in iron formations.

Pontois Gold Project

The Pontois Gold Project is located in northern Quebec, approximately 280km east of the town of Radisson, 480km northeast of Matagami and 170km northeast of Goldcorp’s Eleonore Gold Mine. The project is located approximately 15km south of the (east-west) Trans-Taiga highway. The project can be accessed either on foot or by ATV from the Trans-Taiga highway.

A historical surface rock chip sample taken from the Pontois East showing returned an assay result 7.3g/t Au whilst a rock chip sample taken from the Pontois West showing returned an assay result 3.35g/t Au. These areas have not been followed up with modern exploration techniques.

The Pontois Gold Project is located in the same east-west trending volcano-sedimentary belt as the Felice Gold Project. Mapping by Eloro Resources in 2005 reported mafic lavas (basalt) with some exhalative units. Sedimentary and felsic volcanic units are rare. The sequence is intruded by gabbro and pegmatite.
 

Planned Work and Exploration Activities

The Eade, Pontois and Felicie Gold Projects are located in an area with good potential for the discovery of economic deposits of precious and base metals. There are indications of high-grade gold and silver mineralisation within all project areas, as well as in other showings in the surrounding area and in the general region.

The area was previously mapped and prospected by both government and private companies, therefore there is data already available for the projects, including geophysical maps (residual total magnetic field, first and second vertical derivative). This data can be used to build a preliminary GIS database prior to field work.

The focus of the Company will be on the Eade Gold Project where the Company believes that it can add value with low-cost exploration.

Exploration will be completed systematically, comprising the following stages:

 

 

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