The Hood River Property covers 8,015 hectares in Nunavut, Canada through a 20-year renewable Mineral Exploration Agreement (“MEA”) dated June 1, 2013, issued by Nunavut Tunngavik Incorporated. The Hood River Property is located approximately 523 kilometres (“km”) north-northeast of Yellowknife, NT, and 125 km west of Bathurst Inlet. The Hood River Property is located immediately adjacent on three sides to the Ulu Property (“Ulu”).
The Property covers the southern portion of the High Lake Greenstone Belt - a gold-rich, underexplored, Archean-age volcanic belt similar to the prolific Red Lake Belt in Ontario. The geology, structure, and mineralization identified on the Hood River Property appear very similar to that found at the adjacent Ulu Property.
Exploration of the Hood River Property can be undertaken utilizing the existing camp and infrastructure located at the Ulu Property.
The Ulu anticline extends north for ~5 km on to the Hood River North Property where several gold zones (North Fold Nose, INT, Bizen, and Apex) that are spatially related to the fold axis occur. The Hood River East Property also shares the same deformation history (including tight folding) and the same volcano-sedimentary stratigraphic sequences as the Flood Zone on the Ulu Property. Several gold zones have been identified on the Property including the Crown and Penthouse showings.
Technical Report on the Hood River Property
The 26 mineralized showings currently identified on the Hood River Property have been grouped into 5 main zones. A summary of some of the historic exploration results, by zone, is as follows:
North Fold Nose (“NFN”)
- The NFN forms the northern extension of the Ulu Anticline, the hosting structure of the best-known part of the Ulu gold deposit, the Flood Zone.
- A 2 km section of this structure on the Hood River Property remains untested; a section between the northern boundary of the Ulu Property and the north tip of anticline exposure on the Hood River Property.
- Previous drilling by BHP Billiton at the north tip of this structure returned an intersection of
9.16 g/t gold over 6.88 metres. Although recommended, no step out drilling was undertaken.
Crown Zone (“CZ”):
- The CZ is a composite of five individual areas.
- The larger, “Main Area” was trenched by BHP Billiton whose best reported trench sample was 24.3 g/t gold over 0.7 metres.
- Sampling of this site returned 13.47 g/t gold over 2 metres.
- The Main Area is exposed for 800 metres with widths of up to 6 metres. It remains open to the north.
Penthouse South Zone (“PSZ”)
- Structurally equivalent to the geological setting of the Ulu gold deposit.
- At the Penthouse South Zone, a 2-metre-wide shear zone was traced by BHP Billiton for over 200 metres. A selected grab sample, the only known sample from this shear zone, has been reported to contain 200.09 g/t gold.
- Several quartz veins up to 1 metre wide have been identified at PSZ. Grab samples on these veins at PSZ have returned assays up to 62.18 g/t gold.
- At PSZ volcanogenic massive sulphide mineralization has been identified in pods.
Penthouse North Zone (“PNZ”)
- At the PNZ, a 0.1 metre to 0.5 metre wide shear zone was traced by BHP for over 250 metres. One sample from this area returned an assay of 130.1 g/t gold.
The Penthouse North and South Zones are located approximately 3 km apart and are separated by a topographically subdued valley with no outcrop.
Blackridge Zone (“BRZ”):
- A 750-metre-long mineralized vein/shear is exposed at this site.
- Shallow previous drilling tested only 300 metres of this structure on strike.
- The best core drill intersection returned an assay of 10.3 g/t gold over 1.07 metres.
- A 1.0 metre chip sample across this structure returned an assay of 21.58 g/t gold.
- It is believed there is significant potential to extend the structure to the north.
- Surface grab samples have returned assays up to 16.8 g/t gold.
The Technical Information on the Hood River Property has been prepared in accordance with Canadian Regulatory requirements as set out in a NI 43-101 Technical Report prepared by Paul Cowley, P. Geo., dated June 13, 2014 and revised on August 30, 2014. The technical information above was also reviewed by Grant Ewing, P. Geo., a Qualified Person for the purposes of NI 43-101.