Exxeter Gold Project
Premier Gold Project near Val-d'Or, Quebec
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Location
The Exxeter Gold Project is comprised of 13 map designated claims, covering 748ha in Val d’Or Quebec, one of the premier gold camps in the world and which, by the end of 2019, had produced over 113.4M oz Au. The project covers 3.8km of the Cadillac Tectonic Zone, which is the principal geologic structure responsible for gold mineralization in Val d’Or. The Exxeter Gold Project adjoins the East Cadillac Gold Project, which was purchased from Chalice Gold in 2019 for $9.18M by O3 Mining, which is backed by Osisko Mining.
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History
Previous work at Exxeter has culminated in the identification of two high value targets: T1 and T2.
A 2016 exploration program included soil sampling at 200m spacing. Of 167 samples 18 assayed 5ppb Au or higher. Three samples assayed higher than 50ppb Au and appeared to be related to 6 sub-parallel structures related to the Cadillac Fault, as interpreted by a 2016 magnetometer survey and a 2017 IP survey. In addition, in 2018, a follow-up soil sampling conducted at 25m spacing, identified 95 samples assaying 5ppb or higher and 9 samples assaying 50ppb Au or higher.
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Background
The Exxeter Gold Project is surrounded by significant showings and deposits.
Project is on strike with Forsan deposit, which is 2.5km to the east and has a reported 132 000 tonnes @ 3.52 g/t d’or (Probable resource) Au.
The Chimo Mine, 2.5km to the southwest, produced 379 012 ounces of gold (MERN DV 85-05 to DV-97-01). Cartier Resources produced a NI43-101 resource estimate of 585,000 oz Au indicated and 598,000 inferred.
The Nordeau deposit is located 2.25km south. Reserves are estimated at 304,817 t probable at a grade of 6.17 g/t Au and 428,000 t possible at a grade of 6.51 g/t Au. The Nordeau Zone was estimated at 99,856 t at 5.83 g/t Au.
The Abitibi is the largest Archean greenstone belt in the world. It’s roughly 150 km wide and stretches from just west of Timmins in Ontario for about 650 kms. to Chibougamau, Quebec. The Val d’Or/Rouyn-Noranda camp is located in the province of Quebec and has produced 72 million ounces of gold to date (December 2019).
This makes the Val d’Or/Rouyn-Noranda camp the second richest gold mining district in Canada after the Timmins camp in northern Ontario which has produced just over 76 million ounces by the end of 2018.
Total gold endowment for the Val d’Or/Rouyn-Noranda area reached 113.4 million ounces at the end of 2019. If current inferred resources are included, gold endowment increases to 142.6 million ounces earning a spot as one of the most prolific gold mining belts in Canada.
In addition, there is significant endowments of silver, copper, zinc and lesser quantities of lithium, nickel, cobalt, platinum, palladium and molybdenum.
The area has a long history of metal exploration and mining. The first recorded mining production came from the Stabell mine which produced 100 ounces of gold in 1914. In the latter half of the 1920’s, several mines started production including the O’Brien, Waite-Amulet and Siscoe.
At the end of 2019, there were eight mines producing gold with additional production of silver, copper and zinc. There are an additional 74 deposits with NI 43-101 reserves and resources of various commodities and at stages from resource definition through feasibility. This part of the Abitibi belt has been and remains today one of the most explored areas within Canada.