- Large brownfields exploration opportunity in Ontario’s youngest gold bearing greenstone belt;
- geologically similar to the known Hemlo gold deposits;
- excellent infrastructure and access;
- limited historical exploration and;
- no recent exploration utilizing modern geophysical methods.
Golden Peak now controls 15,964 hectares, the largest land position in the prolific Hemlo Greenstone Belt (“HGB”), which has produced over 22 million ounces of gold since 1988. Barrick Gold continues to produce more than 200,000 ounces of gold annually from their Hemlo Operation and have consistently replenished the reserve base suggesting there is still potential for additional discoveries in Ontario’s youngest gold belt.
The Company’s Heikki Property consists of 34 contiguous claims totaling 7250 hectares, abutting Barrick’s Hemlo Operation to the north. The property saw limited exploration during the initial exploration of the HGB due to poor outcrop exposure. Geologically, the Hemlo deposits are interpreted to occur within the southern limb of an E-W trending syncline. The northern limb of the syncline lies within the Heikki Property, making this a highly attractive exploration property as it features rocks of similar composition, structural complexity and age to those hosting the known gold deposits.
The Hemlo East Property consists of 32 contiguous claims totaling 3504 hectares abutting Barrick’s Hemlo Operation to the east. The Hemlo East Property has seen more historical exploration work which has identified two major gold bearing shear zones within the property limits, both of which offer striking similarities to the geology of the known gold deposits. The property traces the eastern continuation of the Hemlo Fault Zone which has played a significant role in the genesis of the Hemlo deposits 5 kilometers to the west.
Golden Peak believes that the Hemlo Greenstone Belt is highly prospective ground with the potential to host additional deposits similar to the complex Hemlo gold deposits as well as offering excellent potential to host Volcanogenic Massive Sulphide (“VMS”) deposits and other mineralized systems commonly found in structurally complex greenstone belts elsewhere.
The Company plans to systematically evaluate these highly prospective properties within the HGB and prudently explore this outstanding land position with the objective of isolating viable, high value drill targets for follow up field work. A VTEM airborne survey of the Heikki property has been completed and the data is currently being interpreted with a view to prioritizing drill targets. A review of the historical data from the Hemlo East property is currently underway with the same objective.