Larder Lake Project, Ontario
The Larder Lake Project is located in eastern Ontario, just east of the town of Larder Lake in McVittie and McGarry Townships. A location map is shown below. Mineral rights are controlled by NFX Gold Inc. and cover about 10 square kilometers, including the Cheminis mine. NFX has reported a total measured and indicated mineral resource for Cheminis of 1,619,082 tons averaging 0.175 oz Au and an additional inferred resource of 924,275 tons averaging 0.189 oz Au; these estimates predate National Instrument 43-101. A map of the NFX property is also shown below.
The Larder Lake Property is on the Kirkland Lake-Larder Lake break, a regional fault zone that controlled the location of numerous former gold mines, including the Kerr Addison mine (11 million ounces of gold produced at a grade of 0.29 oz Au). The Kerr Addison mine is located about two kilometers east of the Larder Lake Property.
The geology of the area consists of Archean greenstone lithologies, including clastic rocks and various mafic volcanic flow rocks. Gold mineralization at Larder Lake, and in other mines outside the project area, is hosted mostly in altered mafic volcanic flow rocks and in zones of strong carbonate alteration. Most of the larger deposits are close to or within zones of strong faulting.
The flow ores in mines in this area are reported by M. J. Downes (Structural and Stratigraphic Aspects of Gold Mineralization in the Larder Lake Area, Ontario; In: 1980, Ontario Geological Survey Miscellaneous Paper 97, p. 69) to be in pyritic hyaloclastites and the gold is in the pyrite. In the zones of carbonate alteration, gold occurs as free gold grains within quartz veins in the larger carbonate altered zones. Grades in the flow ores are generally of higher grade and more continuous than gold in the carbonate altered zones and there are several different styles of mineralization in each of the two principal ore types.
Following a recent compilation of old exploration data by NFX, several new exploration targets were recognized on the Barber Larder property at the east end of the Larder Lake Property. In addition, other targets are present elsewhere on the property. A drill program consisting of 3,000 meters of angle diamond drilling has been designed to explore for gold both in volcanic flow rocks and in zones of strong carbonate alteration.
NFX and Maximus announced on November 24, 2005 that an agreement had been signed, subject to regulatory approval, which provides Maximus with a right to acquire a 60% joint venture interest in the NFX interest in the Larder Lake Property by expending $6 million on exploration on the Larder Lake Property by December 31, 2008. Minimum expenditures must total $220,000 by December 31, 2005. Under the terms of the agreement, NFX is to issue to Maximus 8,000,000 NFX warrants exercisable in annual blocks or under certain NFX market share price thresholds, as detailed in the November 24, 2005 NFX / Maximus joint news release.
NI43-101 Technical Report: Larder Lake Property |
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