The Satterly Lake Property – Project Summary
Senior Management presently views Satterly Lake as a strong project of merit that easily warrants the expenditures contemplated in the option agreement. Highlights from reported historic results (prior to NI 43-101) carried out by St. Joe Canada (Bond Gold) in the 1980’s that consisted of extensive surface sampling, trenching and +9,500 metres of drilling on 72 diamond drill holes are drill intersections of up to 1.37 grams per tonne gold over 117 meters to an average depth of 106 meters.
Work compliant to NI 43-101 carried out since 2009 has yielded positive results, and are highlighted as follows:
- Highest gold assay produced during this time was 8.2 gpt gold from a quartz carbonate veing at the Green Camp North Showing;
- 20 gold assays from the Green Camp North Showing averaged 1.1 gpt gold, while;
- 600 meters south-southwest at the Green Camp Showing 8 samples averaged 1.2 gpt gold (with a maximum gold assay of 4.4 gpt).
The 2011 summer campaign will look to further test the Green Camp and Green Camp North prospects with the aim to develop drill targets (for a subsequent program).
Relationship of the Red Lake and Birch-Urchi greenstone belts.
Satterly Lake Area & Occurence Map
Satterly Lake External Compilation Map
Satterly Lake Property Geology Map
The Satterly Lake propert occurs within sediminary rocks on the south and southeast margin of Birch Lake which along with subordinate volcanic rocks are interpreted as distinct from the rest of the belt (Beakhouse 1989) and referred to as the Slate Lake belt, that still include parts of the 3 metavolcanic-sedimentary cycles evidenced in the surrounding geology.
Recent work (G. Smith 2010) demonstrates the gold occurrences within the property are hosted by sulphides such as pyrite, pyrrhotite, arsenopyrite, magnititie, sphalerite and chalcopyrite. Intense alteration including carbonitization and silicification are coincident in the high strain zone while similar geological settings with identical intrusions that deform in a brittle manner as opposed to more ductile deformation associated to metavolcanic and metasedimentary units is also observed.
So far, the most successful exploration work to date has been focused around positive results obtained at both the Green Camp and Green Camp North showings.
The Satterly Lake Property – Option Summary:
The Company holds a two part option to earn up to a 75% interest in a two block property package comprising a total of 1,600 hectares located in close proximity (______ kms) just to the south and west of Gold Canyon Resources’ Springpole Gold Project where consistently good exploration results have been demonstrated. The first option earns a 51% interest over a two year term in consideration of $75,000 cash payments, issuance of 1,600,000 common shares in the Company and a $500,000 work commitment; and a third year work commitment of $1,000,000. The second option grants an additional 24% interest in the property upon the delivery of a bankable feasibility study.