Perestroika Prospect - Summary

Gold project located in the Abitibi Greenstone Belt, Val-d’Or, Québec

perestroika prospect

The property is located in Courville Township, approximately 40 kilometres northeast of Val-d'Or, Québec. It is comprised of eight (8) map designated units (claims) totalling 325.43 hectares (NTS Map Sheet 32C06).

The Perestroika Prospect lies along a structural corridor of intense deformation and alteration within the WNW-trending Uniacke Deformation Corridor, inferred as the southeastern strike extension of the prolific Destor-Porcupine Deformation Zone. Previous exploration work in the intermediate area to the southeast along strike of the property has established the presence of gold mineralization associated with this immediate sector of the deformation corridor.

The underlying geology is made up primarily by massive, vesicular, or flow brecciated pillowed Mafic Volcanic flows, intercalated with Felsic Lapilli Tuffs of similar composition. These rocks are classified as part of the Landrienne Formation which is the base of the Harricana Group. Gabbroic Sills and Porphyritic Dikes intrude the Mafic Volcanics.

Reported exploration work on the Perestroika Prospect, dating back to 1937-38, established the presence of gold mineralization associated with a corridor of intense deformation and alteration (variable altered by hematite and fuchsite) within the WNW-trending Uniacke Shear Zone. Two important surface mineralized outcrops were located, prospected, stripped, sampled and drill tested over the period of 1937 to 1997. The showings are referred to as the Central Stripped Area – “Uniacke Shear” and the West Stripped Area – “Glasnost Zone”.

At the “Uniacke Shear”, drilling in 1996-97 identified two separate shear zones (North and South Shear respectively), with the southern shear associated with two low-grade mineralized zones averaging 1.48 g/t Au over 5.7 metres and 2.13 g/t Au over 4.87 metres with higher grade, quartz-vein hosted gold mineralization assaying up to 11.05 g/t. Over at the “Glasnost Showing”, drilling verified previous high-grade assay results with an intersection grading 33.56 g/t Au over 0.45 metres from a hematized, and quartz fractured felsic dike hosting 5% pyrite.

In 2009 Golden Valley Mines Ltd. drilled two holes along the interpreted mineralized gold trend. The drillholes intersected multiple zones of significant gold mineralization. A 1.15m section from DDH GPS-09-01 averaged 59.52 g/t Au, with 0.30m grading 217 g/t Au. A 3.50m section from DDH GPS-09-02 averaged 18.08 g/t Au, with 3.05 m grading 20.69 g/t Au. The mineralization consists of disseminations of native gold, pyrite, and chalcopyrite in quartz veins with tourmaline locally. The most common alteration is iron-carbonate, with lesser hematization, sericitization, silicification, and rarely fuchsite. High-grade gold mineralization is hosted in late quartz-carbonate (ankerite) veins the may contain visible gold.

Gold mineralization appears to occur in a highly deformed environment consisting of sheared and mylonitized quartz diorite and granodiorite intrusives, penetrated by a late intrusive phase of altered (hematized and sericitized) feldspar porphyry dikes (quartz-syenite composition). The intrusive rocks are cross-cut by a stockwork of quartz-ankerite veining (3% to 8%) with tourmaline locally, hosting 2% to 5% pyrite, traces of chalcopyrite and visible gold occurrences. The feldspar porphyries are inferred to have created a favourable hydrothermal remobilizing environment as well as the movement of fluids along deformed sections.