Tangier is an advanced gold project with a drilled
gold resource. Tangier
contains mineral resources of 41,700 ounces gold indicated (134,000
tonnes grading 9.67 g/t Au) and 131,500 ounces gold inferred (271,000
tonnes grading 15.09 g/t Au) using a 3.5 g/t Au cutoff grade, with no
Tangier was the site of the first gold discovery
in Nova Scotia in 1860. Total historic gold production up to 1936 is
estimated at 29,360 ounces at a recovered grade of 17.6 g/t Au. The
property saw several phases of bulk sampling during the 1980s, the
best of which was 1,513 tonnes with a recovered grade of 19.9 g/t Au.
A total of 172 surface and underground drill holes
have been completed on the property, with drill results up to 632 g/t
Au. Past mining activities have developed 3,300 m of underground
workings. The mine sits on a project area of 2,187 hectares in 135
The Tangier gold deposit is situated along the
east-west trending Tangier anticline, a structure that has been
traced for 7.3 km. Within this anticline, two sections totaling 1.2 km have been
explored with drilling and past mining, which demonstrate good
continuity of gold-bearing quartz veins to depths of 300 m. Gold-bearing quartz veins have been identified over a strike length of 2.4 km on the property. This work
has identified 70 or more gold-bearing quartz veins, demonstrating an
extensive mineralized system.
Mineralization at Tangier consists of coarse flake
gold and nuggets in generally stratabound quartz veins up to 1.5
meters thick containing calcite up to 5% sulfide minerals, including
pyrite, pyrrhotite, arsenopyrite, sphalerite, and galena. The
characteristics of the mineralization indicate that the deposit is an
orogenic gold deposit, similar to the Dufferin Mine and others in
Nova Scotia’s Meguma Terrane.
Tangier shows excellent expansion potential along
strike and at depth. The 7.3-km Tangier anticline has been drilled over only 1.2 km and the property’s mineralization is open to the
east and west. Mineralization is also open at depth below the 300-m
extent of current exploration.
The Company plans to issue a report on the
property’s mineral resource, to be followed by economic studies.
The scientific and technical information in this disclosure was reviewed and approved by David S. Smith, MS, MBA, CPG, who is a Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects.