The Bazooka Target is a 3.0 x 2.0 kilometre magnetic anomaly coincident with a very contorted iron formation that is almost completely concealed by moraine. In 2011, a single outcrop of iron formation was discovered in a part of the magnetic anomaly where the iron formation appears to be dismembered by deformation, hydrothermal alteration, or a combination of the two. The outcrop consists of sulphidized (pyrite) banded iron formation with quartz veins at high angle to the bedding of the iron formation. Twelve surface grab samples were collected that contained, on average, 3.84 grams gold per tonne. Other outcrops in the anomaly are grey siltstone, which is the host rock to the iron formation, gabbro, and granite. A 30.6 line-kilometre grid was established on the Bazooka anomaly in 2013. The grid was mapped in detail at 1:1,000 and all rock samples, outcrops, and drill holes were registered to the grid.
High resolution airborne magnetometer survey data collected in 2012 indicates that the Bazooka anomaly is iron formation affected by at least two phases of folding. Fold nose thickening on the hinge lines of both the F1 and F2 folds is apparent in the magnetic data. HLEM surveying was completed on a 30.6 line-kilometre grid in the summer of 2013. Two large areas of conductivity, including the locations of the single outcrop of iron formation and PB-12-04, are associated with F2 cross-folding of an F1 syncline. Our contention is that PB-12-04 intersected the attenuated limb of the F1 syncline and that persistent drilling down dip of this drill hole to the closure of the F1 fold within the areas of anomalous conductivity will yield much thicker intersections of mineralized iron formation.
Four drill holes comprising 525.79 metres of drilling have been completed at the Bazooka Target. Drill hole PB-12-04 was drilled directly below the mineralized outcrop of iron formation and intersected 11.17 metres grading 2.10 grams gold per tonne. Drill holes PB-12-05 and 06 were respectively drilled 50 metres south and 50 metres north of drill hole PB-12-04 but did not intersect the iron formation, however, PB-12-05 intersected weakly mineralized sandstone on the south side of the iron formation. Drill hole PB-12-07 was drilled approximately 750 metres southwest of PB-12-04 and intersected iron formation that was not mineralized.
Summary of weighted average grade of gold in drill holes PB-12-01 to PB-12-03 from the Bazooka Target
Note: Intersection lengths are core lengths and do not necessarily represent the true width of the mineralized zone. Weighted average grades are calculated from assays of drill core with nominal sample lengths of 1.0 metres. The detection limit of the assay method is 0.05 ppm gold. Some of the samples within the intersected lengths reported in the table are below the detection limit and the assay value for those samples used in the weighted average grade calculation is zero. NSV means no significant values, n/a means not applicable.
Plan of future exploration work
The Bazooka Target is within a large, 3.0 x 2.0 km magnetic anomaly coincident with a very contorted iron formation. Within that large anomaly, there is an area of approximately 1.5 x 0.75 km, where the iron formation appears to be demagnetized and/or dismembered by alteration and deformation and there are two large areas of anomalous conductivity associated with F2 cross folding of an F1 syncline. Formational thickening of the iron formation is interpreted from both geological and geophysical data. We contend that drilling down the limb of the F1 syncline to intersect the fold hinge will provide much longer intersections of mineralized iron formation. Moreover, there are many other conductivity anomalies where the iron formation is thickened both by F1 and F2 cross folds that are near surface, concealed by moraine, and untested by drilling. We consider that this target is an extremely prospective iron formation target that requires drilling on a priority basis.
Location of the Bazooka Target on TMI in the Pistol Bay Corridor
[Figure - Detailed map illustrating the Bazooka and Defender Targets in the magnetic anomaly within the Pistol Bay Corridor]
[Figure – TMI and HLEM profiles of the Bazooka grid illustrating the fold pattern interpretation, two areas of conductivity anomalies associated with a folded F1 syncline, drill holes, and planned drill holes]