At present the Company continues to explore and expand its 100% owned Cedartree Lake gold property near Sioux Narrows, Ontario while maintaining a 21-26% Joint Venture interest in a group of over 600 gold mining claims within the prolific Beardmore-Geraldton Area, Ontario.
The Cedartree Lake gold property is located approximately 80 km southeast of the town of Kenora, Northwestern Ontario, about 15 km east of Sioux Narrows, a small village along paved highway #71, between the towns of Kenora and Fort Frances. From Sioux Narrows the claims are easily accessible by heading east, 12 kilometres, on the Cameron Lake Road.
The property is comprised of over 300 claim units which cover approximately 12,000 acres. The 2010-2012 exploration program includes claim staking, line cutting, ground geophysics (MAG), power stripping and diamond drilling.
Earlier exploration work by the Company confirmed the presence of gold mineralization along fracture and shear zones which transect an intermediate composition (granodiorite-quartz diorite) dyke/sill possibly related to the Stephen Lake intrusion. Alteration associated with these fracture and shear zones is comprised of ankerite, sericite, silica, chlorite and pyrite.
Gold occurs within all three rock types found on the property (gabbro, intermediate intrusive, and volcanic tuffs). Silica flooding and the presence of gray quartz veins and veinlets is typically evident of higher grade gold mineralization; at least two generations of quartz veining are found in drill core: gray quartz which usually carries fine to course grained (remobilized?) gold and white fracture-fill veining. Multi-metre wide zones of <1cm-5cm of banded pyrite occur throughout the felsic-intermediate intrusive and typically contain higher gold values particularly when hydrothermally altered.
Several east-west trending steeply dipping shear zones which truncate the granodiorite intrusive contain impressive gold values. The main shear zone has been given an Initial Resource Estimate (see March 16 2012 NI 43-101 Technical Report) as summarized in the table below:
The Company retains a 21-26% Joint Venture interest in over 600 gold mining claims in the prolific Beardmore-Geraldton gold belt held by operator
Premier Gold Mines Limited. Metalore initially discovered the Brookbank main gold zone (within a 18 leased claim block) in the mid-1980's and subsequently acquired the majority of the present day claim position. Currently the Company retains a 1% NSR on the main gold bearing property of 18 leased claims. Combined, the Brookbank Properties have a NI 43-101 compliant resource estimated by Scott Wilson Roscoe Postle Associates Inc. (March 2009) containing 376,200 ounces of Indicated and 236,300 ounces of Inferred resources as seen in the Table below:
In their Dec 14 2012 technical report Micon International Limited gave the following In-pit and Underground classification tables for the Brookbank Resource