The location and detailed geology and drilling results of the Bazooka Target are illustrated on the following three maps.
Location of the Bazooka Target on TMI in the Pistol Bay Corridor
Detailed map illustrating the Bazooka Target on a northeast cross structure within the Pistol Bay Corridor
Detailed drilling plan, proposed drill holes, and proposed geophysical survey grid of the Bazooka Target
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.
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. Four drill holes comprising 525.79 metres of drilling have been completed at the Bazooka Target. Drill hole PB-12-04 was drilled directly under an outcrop discovered in 2011 which consists of sulphidized (pyrite) banded iron formation with quartz veins from which 12 surface grab samples were collected that contained, on average, 3.84 ppm gold. Drill hole PB-12-04 was drilled directly below the mineralized outcrop and intersected the mineralized iron formation including an interval of 11.17 metres grading 2.10 ppm gold. Drill holes PB-12-05 and 06 were respectively drilled approximately 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.
Plan for future exploration work
At the Bazooka Target, gold is concentrated within a very contorted sequence of banded iron formation, sandstone, and gabbro. The gold is associated with very pyritic areas of secondary alteration, accordingly, it is unlikely that IP/resistivity geophysical surveys will be as effective as a frequency domain EM method and drilling as a means of following up on the drilling intersection in PB-12-04 and identifying other, nearby, gold-bearing areas of the iron formation. Accordingly, future exploration will emphasize characterizing the conductivity anomaly, if any, within a few hundred metres of PB-12-04, and drilling in order to test and validate the continuity of the gold-bearing rocks intersected in that drill hole, and other nearby targets which have similar magnetic and conductivity anomalies.