assessment report stewart property of terrax...
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ASSESSMENT REPORT
of
GEOLOGICAL RECONNAISSANCE, PROSPECTING, ROCK SAMPLING, SOIL SEDIMENT SAMPLING, STREAM SEDIMENT SAMPLING AND TERRASPEC
MINERAL IDENTIFICATION on
LICENSES 013189M (3rd Year) and 015460M (8th Year)
STEWART PROPERTY OF TERRAX MINERALS INC
NTS 01M/06 and 01M/07
BURIN PENINSULA, NEWFOUNDLAND
Property centered at approximately 55o 0’ W, 47o 25’ N
by
Tom Setterfield, PhD, P.Geo., GeoVector Management Inc. For TerraX Minerals Inc.
Work Conducted: September to December, 2010 Total Expenditures: $79,848.49 Total Claims: 242 March 2, 2011
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SUMMARY
TerraX Minerals Inc. optioned the Stewart property 35 km northeast of Marystown on the Burin Peninsula in April, 2010. The property was 173 claims at the time of acquisition, but has been expanded in two stages by TerraX to its present 242 claims. It occurs within the Avalon Terrane, host to the Hope Brook gold deposit and to several gold deposits in equivalent rocks of the Carolina Slate Belt. The Burin Peninsula contains numerous examples of epithermal alteration/mineralization (predominantly high sulphidation type) over a distance of greater than 150 km. Given the amount of alteration present and the geologically favourable environment, there has been surprisingly little exploration on the Burin Peninsula. The Stewart property is considered to have potential for porphyry to epithermal style gold ± copper mineralization. The southern part of the property is underlain by volcanics of the Marystown Group intruded in the northern part by hornblende ± biotite bearing granite to granodiorite of the Swift Current Granite. The volcanics trend northeast and dip steeply, typically to the northwest. Mafic (typically flows) and undivided volcanics comprise the bulk of the volcanic stratigraphy, but felsic pyroclastic units are also present, most importantly in the core of the property. The property has been intermittently explored since the main Stewart showing was discovered in 1985. Ground geophysical and soil surveys were completed in the late 1980's. Four holes were drilled by Novamin Resources Inc. in 1986. These holes tested IP anomalies, and encountered long intervals of consistently anomalous gold and, where analyzed, copper (eg. 102 m @ 135 ppb Au and 385 ppm Cu). Alteration/mineralization included pyrophyllite, chlorite, disseminated pyrite, hematite and silica-flooded zones. They noted that the IP anomalies were explained by up to 20% disseminated pyrite and stringer pyrite. Corona Resources drilled three holes in 1990 to test geochemical and geophysical anomalies in the alteration zone. Their best result was 63 m @ 0.25 g/t Au, including 5 m @ 0.84 g/t Au. The property was staked by Michelle Noel (present owner) in 2003. Cornerstone Capital Resources Inc. optioned the property from Noel in 2006, and explored it from 2006 to 2008. They improved access to the property, conducted intermittent lake sediment and stream sediment surveys, excavated two large trenches, collected abundant rock samples, and conducted detailed mapping and alteration studies. Their 800 m long VinJer trench produced 219 m @ 92 ppb Au, 193 ppm Cu and 19 ppm Mo, including 24 m @ 228 ppm Au, 535 ppm Cu and 16 ppm Mo. The 70 x 70 m Stewart trench produced 12 m @ 555 ppb Au, 826 Cu and 48 ppm Mo in one spot, and 25 m @ 323 ppb Au, 432 ppm Cu and 59 ppm Mo in another location. Terraspec and field alteration studies by Cornerstone defined a 5.5 km long x 700 m wide alteration zone. The alteration zone is dominated by illite with local high temperature minerals such as topaz and diaspore, but the southeast-trending Bat Zone has structurally controlled advanced argillic (silica-alunite-pyrophyllite) alteration. Importantly, detailed mapping and alteration in the VinJer trench found abundant quartz veins with minor copper sulphides, as well as disseminated copper sulphides and alteration minerals which were interpreted as original potassic alteration, since retrograded during metamorphism. The core of the property was mapped in detail, resulting in the recognition of a previously undocumented quartz diorite body and the subdivision of the local volcanic stratigraphy. Hydrothermal breccias/pebble dikes were
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also recognized. The copper minerals, interpreted potassic alteration, local quartz diorite and the hydrothermal breccias were interpreted as evidence of mineralization at a deeper level than epithermal (i.e. porphyry), providing the impetus for TerraX to acquire the property. In order to prepare for its first exploration program, TerraX constructed a GIS database containing all relevant government, topographic and company-generated data, undertook a preliminary site visit in August, and deduced the presence of a number of lineaments from topographic data and satellite imagery. A four person, 2.5 week long, property-wide prospecting/geological reconnaissance program was conducted in October, 2010. The objectives were to i) prospect the lineaments deduced by TerraX and areas proximal to stream sediment anomalies identified by Cornerstone; ii) conduct reconnaissance geology over the property; iii) conduct an orientation soil survey; iv) collect additional stream sediment samples; v) collect additional samples for Terraspec investigation; and vi) examine selected areas to obtain confidence in the refinements to the geology and exploration model proposed by Cornerstone. The program was successful in validating the reasons for acquiring the property, producing significant new data and observations, and in setting the stage for further exploration. New features include the Forty Creek showing, with a grab sample of 59 g/t Au and 2290 g/t Ag, extension of the alteration zone along and across strike, and the recognition of the importance of northeast and southeast-trending lineaments. Within the framework of the generally low levels of metals and pathfinder elements from the property-wide samples collected, limited data from vicinity of the Stewart showing have "high" Cu-Au-Ag-Mo-Pb-Sb. What is very interesting is that the data shows a possible expansion of the area of interest to the northwest; this area contains the highest Bi collected by TerraX, and an impressive distribution of Pb, As, Ag, Sb and especially Mo, with some back-up from Cu. In conjunction with Terrapsec results, this has enabled TerraX to refine the width of the alteration zone in this area to 1.4 km, double the previously defined width. TerraX concludes that the Stewart property contains good opportunities to find large tonnage/low grade porphyry style mineralization, and possibly high grade bonanza-style mineralization. The hydrothermal system(s) present are imperfectly understood, and the property has been incompletely prospected. No modern geophysics has been conducted, limited geochemistry has been completed, and previous drilling has tested only a very small portion of the hydrothermal system. For all these reasons the property is considered to merit extensive additional exploration. TerraX 2010 orientation work validated the use of soil and stream sediment geochemistry as exploration techniques, and lake sediment geochemistry is known to be effective on the Burin Peninsula. It is recommended that TerraX conduct a geochemical survey over the main alteration zone and the Forty Creek area, with selected reconnaissance soil lines elsewhere on the property. Lake sediment samples should be collected on all small lakes within the property. Stream sediments should be routinely collected during prospecting activities.
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Knowledge of the geology and alteration mineralogy of the main alteration zone should be further improved by additional detailed mapping. This work should include additional terraspec determinations, and the input of a structural specialist. Previous drill holes should be examined during this exercise. The enlarged property should be carefully prospected. The discovery of the Forty Creek showing in 2010 is an indication that there could be more significant prospects to discover on surface. Additional prospecting and mapping is necessary in the Forty Creek area to understand the geological setting of this showing and to trace the mineralization. An airborne magnetic survey should be completed over the entire property. This will produce additional structural information, aid with geological interpretations, and possibly enable the interpretation of buried intrusions or alteration zones. In particular the inference of a potassic zone with a positive magnetic signature would be important for exploration. The main alteration zone between Stewart and the Bat Zone inclusive should be subjected to a deep penetration IP survey. Drilling over a limited strike length of this zone has shown that sulphides are locally abundant. A better understanding of the three dimensional distribution of sulphides would be invaluable for exploration. The main alteration zone should be drilled. TerraX must be prepared to drill several deep (~500 m) holes along the strike length of the alteration zone. The Bat Zone may merit one or more deep drill holes, and if a trend to the Forty Creek mineralization can be established, it should be drilled as well. Expenditures from the program totaled $79,848.49.
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TABLE OF CONTENTS Page SUMMARY ………………………………………………………… i TABLE OF CONTENTS ……………………………………………… iv LIST OF FIGURES ……………………………………………………. v LIST OF TABLES …………………………………………………….. v LIST OF MAPS ………………………………..…………………….. v LIST OF PLATES ……………………………………………………….. vi 1.0 INTRODUCTION …………………………………………………….. 1 2.0 LOCATION, ACCESS, PHYSIOGRAPHY ..………………………… 2 3.0 CLAIM STATUS ……………………………………………………… 2 4.0 BACKGROUND-REGIONAL GEOLOGY, GEOCHEMISTRY AND MINERALIZATION …………………………………………………. 5 4.1 Regional Geology ……………………………………………… 5 4.2 Regional Mineralization ……………………………………….. 9 4.3 Property Geology ……………………………………………... 11 5.0 PREVIOUS EXPLORATION ………………………………………. 11 6.0 2007 WORK BY TERRAX .…………………….………………....... 15 7.0 RESULTS …………………………………………………………… 17 7.1 Geology ………………………………………………………. 17 7.2 Prospecting Results …………………………………………… 21 7.3 Soil Geochemistry …………………………………………….. 23 7.4 Stream Sediment Geochemistry ………………………………. 28 7.5 Alteration Mineralogy ………………………………………… 28 7.6 Whole Rock Geochemistry ……………………………………. 32 8.0 CONCLUSIONS AND RECOMMENDATIONS…………………… 32 9.0 REFERENCES ……………………………………………………… 37 APPENDIX A: Statement of Qualification APPENDIX B: Rock Sample Descriptions and Selected Assays APPENDIX C: Certificates of Assay APPENDIX D: Terraspec Analyses APPENDIX E: Summary of Assessment Expenditures APPENDIX F: List of Personnel and Contractors
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FIGURES Page 1. Location of the Stewart Property …………………………………. 2 2. Licenses Comprising the Stewart Property, Access ………………. 3 3. Location of the Avalon Terrane in North America ……………….. 6 4. Location of the Avalon Terrane in Newfoundland ……………….. 7 5. Geology and Prospects of the Burin Peninsula …………………….. 8 6. Geology of the Stewart Property ……..………………………….…. 12 7. Highlights of Previous Exploration on the Stewart Property ………. 13 8 Geology of the Core of the Stewart Property ……………………… 16 9. Gold Results, TerraX 2010 Sampling ………………………………. 22 10. Silver Results, TerraX 2010 Sampling ……………………………. 24 11. Copper Results, TerraX 2010 Sampling ……………………………… 25 12. Molybdenum Results, TerraX 2010 Sampling ………………………. 26 13. TerraX 2010 Soil Results (Gold) ……………………………………. 27 14. TerraX 2010 Stream Sediment Results ……………………………… 29 15. Primary Alteration Minerals from Terraspec Data …………………. 30 16. Alteration with Advanced Argillic Affinities ………………………. 31 17. Location of Samples for Whole Rock Analysis ……………………. 33 18. Important Features of the Stewart Property ………………………… 35 TABLES 1. Claim Status ………………………………………………………... 5 2. Gold Deposits of the Avalon Terrane in North America …………… 9 3. Whole Rock Analyses, TerraX 2010 Field Program ………………. 34 MAPS 1. Licenses Comprising the Stewart Property ..………………………… Pocket 2. Rock Samples ………….……………………………………………. Pocket 3. Soil Samples …………………………………………………………. Pocket 4. Stream Sediment Samples …………………………………………… Pocket 5. Alteration Mineralogy ……………………………………………….. Pocket
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PLATES Page 1. The Stewart Property ………………………………………….…. 4 2. Amygdaloidal mafic volcanic flow ……………………………… 17 3. Mafic tuff breccia ……………………………………………….. 17 4. Plagioclase porphyritic microdiorite.…………………….……… 18 5. Hornblende porphyritic mafic dike ………………………………. 18 6. Partly welded ignimbrite …………………………………………. 19 7. Strongly welded Stewart Tuff …………………………..………… 19 8. Advanced argillic alteration, Bat Zone …………………………… 20 9. Illite, pyrite-rich alteration, VinJer trench ………………………… 20 10. Hydrothermal breccia/pebble dike, Bat Zone …………………….. 20 11. Interpreted hydrothermal breccia, VinJer trench …………………. 20 12. Quartz stockwork, VinJer trench …………………………………. 20 13. Quartz-galena vein, Forty Creek showing ………………………… 21
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1.0 INTRODUCTION TerraX Minerals Inc. (TerraX) optioned the Stewart property 35 km northeast of Marystown on the Burin Peninsula (Fig. 1) from Michelle Noel on April 23, 2010. The property occurs within the Avalon Terrane, and is considered to have potential for porphyry to epithermal style gold ± copper mineralization. TerraX compiled all previous information, conducted a short reconnaissance visit in August, and then completed a three week program of geological reconnaissance/prospecting/sampling in September/October, 2010. This report discusses the rationale for exploring in the Burin Peninsula and for property acquisition and then documents work conducted on the Stewart property by TerraX and previous workers. The 1927 North American Datum (NAD27) co-ordinate system is used in this report. The Stewart property is in Universal Transverse Mercator (UTM) Zone 21T. Some of the assessment reports cited in the report are available on the website of the Department of Natural Resources of the Government of Newfoundland and Labrador (http://gis.geosurv.gov.nl.ca/minesen/geofiles/). The unique geofile number is provided wherever possible in the references for each assessment report. All monetary figures quoted in this report are in Canadian dollars. 2.0 LOCATION, ACCESS, PHYSIOGRAPHY The property is located 35 km northeast of the community of Marystown, on the Burin Peninsula in southeastern Newfoundland (Fig. 1). The center of the property is at approximately 4725’N, 550’ W, or 651000E/5253000N in UTM co-ordinates. The property straddles 1:50,000 NTS map sheets 1M/06 and 1M/07. For most exploration work, access to the property is via the registered Powderhorn ATV trail, and an ATV trail constructed by Cornerstone Capital Resources Inc. (Cornerstone) which goes to the Stewart prospect; different parts of the property are from 4 to 15 km from the Burin Highway along these ATV trails (Fig. 2). Outlying areas of the property can be reached on foot. More complete and rapid access could be achieved by helicopter, but this method has not yet been used by TerraX. The property is characterized by flat to locally rugged topography dominated by tundra and small lakes (Plate 1). Elevation on the property ranges from 120 to 335 m Above Sea Level. Narrow areas of stunted fir, spruce and some deciduous vegetation occur adjacent to major streams, rivers and lakes; very locally, forests with substantial trees are present. Outcrop over the property varies from non-existent in swampy areas to more than 50% on the high hills.
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±Figure 1: Location of the Stewart Property
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0Figure 2: Licenses Comprising the Stewart Property and Access
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Plate 1: The Stewart Property: rolling to rugged, bare outcrop to tundra to forest. Note Vinjer trench in foreground. 651426E/5253972N; looking east-northeast 3.0 CLAIM STATUS The Stewart property consists of 242 claims in four contiguous exploration licenses (Table 1; Fig. 2; Map 1). Exploration License 015460M was issued to Michelle Noel in 2003; it is in good standing at the time of writing. License 013189M consists of 150 claims staked by Michelle Noel in 2007; this license is currently subject to a Year 3 Con2 extension. License 018389M was issued to TerraX on January 12, 2011. License 018406M was issued to TerraX on January 24, 2011. The latter two licenses were acquired after the completion of TerraX's 2010 field program and have not yet been subjected to any exploration activity. This report thus concentrates on licenses 015460M and 013189M.
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Table 1: Licenses Comprising the Stewart Property License Number
Number of Claims
Date Issued Report Due Date License Holder
013189M 150 2007/03/15 2011/05/16 E. Michelle Noel 015460M 23 2003/06/30 2011/08/29 E. Michelle Noel 018389M 30 2011/01/12 2012/03/12 TerraX Minerals Inc.018406M 39 2011/01/24 2012/03/26 TerraX Minerals Inc. 4.0 BACKGROUND: REGIONAL GEOLOGY AND MINERALIZATION 4.1 Regional Geology The Burin Peninsula is part of the Avalon terrane, a 3,000 km long, Late Proterozoic, complex terrane consisting of calc-alkaline, volcano-plutonic arcs interspersed with marine to terrestrial basins. This terrane developed between 760 and 540 Ma on the margins of the Gondwana supercontinent; it was dismembered and accreted to the North American continent during the Silurian (O’Brien et al., 1996). The North American portion of the Avalon terrane is intermittently traceable from eastern Newfoundland southwest through Nova Scotia and New Brunswick into New England, the Carolinas and northern Georgia (Fig. 3). Magmas were generated and emplaced in a variety of arc and back-arc or analogous continental arc settings along the length of the Avalonian Belt, most notably between 640 Ma and 560 Ma (O’Brien et al., 1998). In many locations, these magmas rose to high crustal levels, and erupted as subaerial, caldera-facies pyroclastic rocks, flows and domes. High-level felsic to intermediate magmas likely provided the heat and fluids responsible for numerous large hydrothermal systems along the length of the Avalon, some of which have produced deposits that have been exploited (Fig. 3; see below). The Avalon Terrane in eastern/southern Newfoundland is more than 200 km wide and dominates the Burin and Avalon peninsulas (Fig. 4). O’Brien et al. (1998) define two major periods of magmatic activity within the Avalon of Newfoundland: 640 to 600 Ma and 600 to 560 Ma. The 640 to 600 Ma period produced mafic to felsic magmas and related sedimentary rocks, which are common on the Avalon Peninsula, but absent from the Burin. The 600 to 560 Ma time interval is particularly well represented on the Burin Peninsula (Fig. 5). Rocks of this age form the bulk of the Burin Peninsula, and define a broad north-northeast trending anticlinorium, cored by volcanic and coeval plutonic rocks and flanked to the east and west by overlying sedimentary rocks (Fig. 5; O’Brien et al., 1999).
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Figure 3: Location of the Avalon Terrane in North America and its contained gold mines and significant prospects.
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Figure 4: Location of the Avalon Terrane in Newfoundland. Modified after O'Brien et al. (2001)
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Figure 5: Geology and Prospects of the Burin Peninsula. From O'Brien et al. (1999) Most 600 to 560 Ma volcanic and sedimentary rocks on the Burin Peninsula belong to two apparently equivalent groups (stratigraphic nomenclature not rigorously defined) variably called the Marystown Group in the south and the Love Cove Group in the central Burin (O'Brien and Taylor, 1983; O’Brien et al., 1984; Huard, 1989; O’Brien et al., 1999). The composition of the volcanic rocks varies from basalt to rhyolite; subaerial flows and lesser volcaniclastic rocks predominate. These rocks are thought to be the products of caldera-forming eruptions (O’Brien
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et al., 1999), although no actual calderas have been defined. The Marystown/Love Cove Group has been intruded by high-level plutons of hornblende-biotite granite, and minor mafic intrusions (Fig. 5), considered to be the intrusive equivalents of the volcanic rocks. Of particular interest is the Swift Current Granite, which occurs in the vicinity of Stewart (Fig. 5), and has been shown to be similar in age (590 to 580 Ma) to its host volcanics (Dallmeyer et al., 1981). The volcano-plutonic suite is overlain to the east by marine to terrestrial sediments of the Musgravetown Group, and to the west by arenites of the Grandy’s Pond Arenite Belt (part of the Love Cove Group according to O’Brien et al., 1984). 4.2 Regional Mineralization Five major gold deposits have been documented in rocks of the Avalon Terrane in North America (Fig. 3; Table 2). Four of these are in the Carolina Slate Belt, and the other one (Hope Brook) is in southern Newfoundland. It is considered significant that all these known economic deposits occur are associated with magmatic rocks from the 600 to 560 Ma interval, that is similar magmatic rocks to those occurring on the Burin Peninsula. Table 2: Gold Deposits of the Avalon Terrane in North America Deposit Tonnage Grade Style Hope Brook 11.2 Mt 4.54 g/t Au,
0.3% Cu High sulphidation epithermal
Brewer 5.6 Mt 1.2 g/t Au High sulphidation epithermal Haile 15.3 Mt 3.1 g/t Au Intrusion related Ridgeway 56 Mt 1.1 g/t Au Intrusion related Barite Hill 1.5 Mt 1.3 g/t Au Au-rich VMS
Modified after O’Brien et al. (1998), with information from Dubé et al. (1998). The Carolina Slate Belt extends over 600 km from southern Virginia to northern Georgia, and consists of Late Proterozoic volcanic, sedimentary and plutonic rocks of the Avalon Terrane, which host several gold deposits and a number of significant pyrophyllite deposits (Feiss and Slack, 1989; O’Brien et al., 1998). The Brewer deposit is the only deposit that is clearly high sulphidation epithermal in nature. Gold occurs in hydrothermal breccias in an advanced argillic alteration zone consisting of quartz-andalusite-pyrite-alunite-dickite-topaz, which is enveloped by a quartz-sericite-pyrite zone. Four types of hydrothermal breccias are present: grey silica; “café au lait” silica, pyrite-silica and pyrite-enargite (Zwaschka and Scheetz, 1995). The most complex, multi-event parts of the deposit contain the highest grades of Au and Cu. The Haile deposit (actually a collection of 20 orebodies) consists of disseminated gold hosted by pyrite-rich, chert-like sedimentary rocks. Silicic alteration is common, as is rutile, K-feldspar and traces of molybdenite. Ridgeway is hosted by tuffs, turbidites and debris flows; Au occurs in breccias, quartz veins and sericite-pyrite zones. O’Brien et al. (1998) consider both Haile and Ridgeway to be examples of intrusion-related deposits formed from similar hydrothermal systems to those that produce high sulphidation epithermal deposits, but at a deeper level. Gold mineralization at Barite Hill occurs in pyroclastic and overlying sedimentary rocks, is associated with abundant barite, and is in close proximity to base metal (Cu-Pb-Zn) mineralization. The deposit is considered to be a gold-rich VMS (transitional epithermal/VMS) deposit. Total gold
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production plus reserves from the above four deposits is estimated at approximately 4.4 million ounces (Feiss et al., 1993). The Hope Brook deposit occurs in the Avalon Terrane of southern Newfoundland some 240 km west of the Burin Peninsula (Fig. 4). It is hosted by a sedimentary ± volcanic sequence which has been intruded by multiple phases of predominantly felsic intrusives (Roti Intrusive Suite). The host rocks have ages between 563 and 583 Ma, and the mineralization/alteration was emplaced between 578 and 574 Ma (Dubé et al., 1998). The deposit sits within a 3 km by ~400 m hydrothermal alteration zone consisting of advanced argillic alteration and the first of two stages of silicic alteration. The advanced argillic zone is characterized by pyrophyllite, kaolinite, andalusite and alunite, whereas the silica is massive, buff-coloured and barren to weakly auriferous. The second stage of silicic alteration is grey, massive, much more restricted in distribution, and is dominated by vuggy quartz. It hosts the mineralization, which consists of several percent pyrite, minor chalopyrite, bornite and tennantite, and trace enargite. A pyrite-rich, weakly auriferous, siliceous alteration style is thought to be temporally associated with the vuggy silica, but is more widely dispersed (Dubé et al., 1998). In addition to Au and Cu, the deposit is enriched in Sb, Bi, Pb and As. The Neoproterozoic Roti Intrusive Suite is considered to have provided the heat and fluids responsible for formation of the deposit (Dubé et al., 1998). Two major discontinuous belts of high sulphidation style epithermal alteration/mineralization, each greater than 100 km in strike length, occur in the northern to central portion of the Burin Peninsula (Fig. 5, inset). These belts are collectively referred to as the Hickey’s Pond-Point Rosie alteration system. In the eastern belt, alteration is commonly proximal to Neoproterozoic granitoids, and in the western belt, it is typically at or close to the stratigraphic contact between volcanics and overlying sediments (and typically close to the granites). The granites are thought to be coeval with the volcanics (Marystown Group) and to have driven the hydrothermal systems in the same way that the Roti Intrusive Suite drove the system which produced Hope Brook (O’Brien et al., 1999). Alteration consists of varying amounts of pyrophyllite, silica, alunite, sericite, pyrite, kaolinite and other less common minerals. This alteration is considered by O’Brien et al. (1999) to significantly predate deformation. According to these authors, the most important prospects are Hickey’s Pond and Stewart (Fig. 5). Similar altered rocks of equivalent age and stratigraphic setting with significant gold mineralization also occur in the southern portion of the Burin Peninsula. The most notable prospects here are Kelstone and Stroud’s Pond (Fig. 5). Hickey’s Pond consists of variable amounts of alunite, silica, pyrophyllite and hematite, with local vuggy silica. The best previously reported gold assay (17.8 g/t Au; Sexton, 2002) has come from vuggy silica. In addition to this assay, sampling by O’Brien et al. (1999) returned a number of >5 g/t Au assays, as well as up to 3.4% Cu, 109 g/t Ag, 1.5% As, and 0.8% Sb, and anomalous levels of Ba (up to 1000 ppm). Stewart, described in more detail below, has been described as a 4 km long by up to 700 m wide alteration zone with variable amounts of pyrophyllite, alunite, hematite, sericite, pyrite and fluorite (O’Brien et al., 1999). The best gold results have come from silicic alteration, associated with high (up to 10%) pyrite abundances, visible copper minerals and molybdenite. Seven holes have been drilled into the prospect; the best assay was 2.95 g/t Au over 1 m, and 63 m @ 0.25 g/t Au was recorded. Kelstone is an area of widespread
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alteration near Marystown in the southern part of the Burin Peninsula (Fig. 5). Alteration is of a more phyllic nature, with abundant (up to 20%) pyrite, sericite, silica and hematite. Values of up to 5 g/t Au, 17 g/t Ag and 0.4% Cu have been found on the property (O’Brien et al., 1999). 4.3 Property Geology Mapping by the Department of Mines and Energy of Newfoundland (O’Brien and Taylor, 1983) indicates that the southern part of the property is underlain by volcanics of the Marystown Group intruded in the northern part by hornblende ± biotite bearing granite to granodiorite (Swift Current Granite; Fig. 6). The volcanics trend northeast and dip steeply, typically to the northwest. Mafic (typically flows) and undivided volcanics comprise the bulk of the volcanic stratigraphy, but felsic pyroclastic units are also present, most importantly in the core of the property. Mapping by Cornerstone and observations by TerraX have led to a more detailed understanding of the geology in the central portion of the property (see below). 5.0 PREVIOUS EXPLORATION Three separate sampling programs were carried out by Ralph Stewart in 1985 on behalf of Kennco Explorations (Canada). A total of 94 grab samples were analyzed and values up to 1050 ppb Au were returned (Stewart, 1985). What is now known as the Stewart showing was discovered. Petrographic analysis was also completed during this program by Wilson (1986). The property was optioned to Novamin Resources Inc. and Westley Mines Ltd in 1986. In April of that year, a geophysical survey consisting of magnetometer, VLF and HLEM was completed. VLF and magnetometer indicated sheared or faulted granites in a complex structural relationship with the volcanic units. A total of five conductors were identified in these shears/faults. Despite the absence of a VLF/magnetic response over the mineralized area, an HLEM profile defined a strong VLF response in one area, indicating a relationship to disseminated sulphides (Wright, 1986a). In June 1986, an extension of the previous VLF and magnetic grids was performed. No new targets were located, but an interpreted contact between the mineralized volcanics and granite intrusion was delineated (Wright, 1986b). An IP survey was performed which delineated a 1.4 km long pyritic zone (Wright, 1986c). Eight days of geological mapping were conducted by Westley Mines Ltd in 1986. A 1:10,000 scale map was produced along with a 1:2,500 scale map of the known alteration zone. Chip samples were taken on a 50 m by 50 m grid and analyzed. The highest sample reported was 600 ppb Au (Diner, 1986). In late fall of 1986, four holes were drilled by Novamin for a total depth of 831.8 m (NG-01 to NG-04; Fig. 7). These holes tested the IP anomalies discovered earlier in the year. They noted long intervals of consistently anomalous gold and, where analyzed, copper (eg. 102 m @ 135 ppb Au and 385 ppm Cu in hole NG1). Alteration/mineralization included pyrophyllite, chlorite, disseminated pyrite, hematite and silica-flooded zones. They noted that the IP anomalies were explained by up to 20% disseminated pyrite, and stringer pyrite ( Zalnieriunas 1987).
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Figure 6: Geology of the Stewart Property. After O'Brien and Taylor (1983). ±License15460M
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Undivided VolcanicsMafic VolcanicsFelsic VolcanicsGranite/GranodioriteQuartz Feldspar Porphyry
LEGEND
License18389M
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650000
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525400
0
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525600
0
525600
0Figure 7: Highlights of Previous Exploration on the Stewart Property
0 1,000500 Meters
Vinjer Trench
Bat Zone
PropertyBoundary
Stewart ATV Trail
StalkerProspect
NG-01NG-02
NG-04
NG-03
StewartTrench
7434-90-3 7434-90-2
7434-90-1
±
13
!. Previous Drill HoleCornerstoneAlteration Zone (Phyllicto Advanced Argillic)# CornerstoneRock Sample
License15460M
License13189M
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- 14 -
In 1988 Corona Resources optioned the property from Stewart and performed work in 1989 and 1990. Re-examination and re-sampling of the drill core from the Novamin 1987 drill program took place. Geological mapping of the claim group at 1:10,000 scale was completed, as well as a 1:5,000 scale map of the alteration zone. 91 rock samples were collected during the mapping program. A lake bottom sampling program was also conducted, and 175 samples were collected. Soil sampling was conducted over the 3.9 km long alteration zone. Samples were collected every 25 m on lines spaced 100 m apart. Anomalous gold values of up to 1440 ppb were returned with associated copper up to 250 ppm and molybdenum up to 145 ppm. Deep overburden sampling was conducted over an area of anomalous gold values identified during the soil sampling. The grid covered an area to the north of Camp Pond. 200 “C” horizon till samples were collected and returned gold values of up to 1030 ppb. No new anomalous zones were found but the detailed sampling defined three moderate to strong gold anomalies within the original anomalous zone. Nine trenches over anomalous gold zones defined by soil sampling provided 300 one meter channel samples. Values of up to 1.17 g/t Au were returned, with the best series of samples running >13 m @ 623 ppb Au. The best channel samples coincided with strongly altered (pyrophyllite, sericite, silica, pyrite chalcopyrite, alunite) rock (Dimmell and MacGillivray 1990a). Corona drilled three holes totaling 411.1 m (7437-90-01 to 03; Fig. 7) in October, 1990 to test geochemical and geophysical anomalies in the alteration zone. Their best result was 63 m @ 0.25 g/t Au, including 5 m @ 0.84 g/t Au in hole 7434-90-02 (Cu not assayed for; Dimmell and MacGillivray 1990b). The property was staked by Michelle Noel (present owner) in 2003. The property was visited in spring, 2004 and samples were collected, however they were never analyzed (Noel, 2004a, b). In 2006 Comaplex Minerals Corp took five rock samples along the Camp Lake shoreline but the highest gold value returned was only 86 ppb (Noel, 2006). Cornerstone Capital Resources Inc. (Cornerstone) optioned the property from Noel in 2006, and explored it from 2006 to 2008. They improved access to the property via construction of the Stewart ATV trail to the Stewart prospect (Fig. 7), conducted intermittent lake sediment and stream sediment surveys, excavated two large trenches, collected abundant rock samples, and conducted detailed mapping and alteration studies (Dyke, 2007; 2008; Pratt, 2007). Their 800 m long VinJer trench (Fig. 7) produced 219 m @ 92 ppb Au, 193 ppm Cu and 19 ppm Mo, including 24 m @ 228 ppm Au, 535 ppm Cu and 16 ppm Mo. The 70 x 70 m Stewart trench produced 12 m @ 555 ppb Au, 826 Cu and 48 ppm Mo in one spot, and 25 m @ 323 ppb Au, 432 ppm Cu and 59 ppm Mo in another location. Terraspec and field alteration studies by Cornerstone defined a 5.5 km long x 700 m wide alteration zone (Fig. 7). The alteration zone is dominated by illite with local high temperature minerals such as topaz and diaspore, but the southeast-trending Bat Zone (Fig. 7) has structurally controlled advanced argillic (silica-alunite-pyrophyllite) alteration. Importantly, detailed mapping and alteration in the VinJer trench found abundant quartz veins with minor copper sulphides, as well as disseminated copper sulphides and alteration minerals which were interpreted as original potassic alteration, since retrograded during metamorphism (Pratt, 2007).
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- 15 -
The core of the property was mapped in detail, resulting in the recognition of a previously undocumented quartz diorite body and the subdivision of the local volcanic stratigraphy (Fig. 8). Pratt (2007) recognized two distinct felsic tuffs: the Stewart Tuff, a quartz-feldspar crystal tuff, and the Caribou Tuff, which is typically pervasively altered. These are enclosed and separated by three mafic volcanic units, which have been intruded by a plagioclase-porphyritic microdiorite. Pratt also recognized local hydrothermal breccias/pebble dikes. The copper minerals, interpreted potassic alteration, local quartz diorite and the hydrothermal breccias were interpreted as evidence of mineralization at a deeper level than epithermal. The very experienced porphyry/epithermal consultant Jeff Hedenquist visited the property and argued (Hedenquist, 2007) that the Stewart property has the potential for porphyry-style gold-copper mineralization such as at Oyu Tolgoi in Mongolia. 6.0 WORK BY TERRAX TerraX optioned the property because of its perceived potential for large tonnage/low grade, gold-copper, porphyry-style mineralization. This style of deposit has not previously been explored for at Stewart, or indeed on the Burin Peninsula. The highest potential for such mineralization, based on Cornerstone's work is in the Stewart to VinJer area, or at depth under the structurally controlled high sulphidation epithermal alteration of the Bat Zone. While recognizing the greater potential in the core of the property, TerraX inherited a license under extension (013189M; Fig. 2), and was thus obligated to spend most of their efforts on this outer license. The strategy was thus to perform reconnaissance work on the outer part of the property, which had not being previously examined in any detail, and to spend enough time on the property's core to validate the main observations of Cornerstone. In order to prepare for its first exploration program, TerraX constructed a GIS database containing all relevant government, topographic and company-generated data, undertook a preliminary site visit in August, and deduced the presence of a number of lineaments from topographic data and satellite imagery. A four person, 2.5 week long, property-wide prospecting/geological reconnaissance program was conducted in October, 2010. Personnel were based in Marystown, and travelled to the property daily via ATV. The program was carried out under the auspices of Exploration Approval E100201 from the Mineral Lands Division of the Government of Newfoundland and Labrador. The objectives were to i) prospect the lineaments deduced by TerraX and areas proximal to stream sediment anomalies identified by Cornerstone; ii) conduct reconnaissance geology (but not geological mapping) over the property; iii) conduct an orientation soil survey; iv) collect additional stream sediment samples; v) collect additional samples for Terraspec investigation; and vi) examine selected areas to obtain confidence in the refinements to the geology and exploration model proposed by Cornerstone.
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Stewart Tuff
MicrodioriteQuartzDiorite
0 1,000 2,000500 Meters
Figure 8: Geology of the Core of the Stewart Property. After Pratt (2007). ±License15460M
License13189M
Lower Volcanic UnitStewart TuffMiddle Volcanic UnitCaribou Tuff
Upper Volcanic UnitMicrodioriteQuartz DioriteGraniteHydrothermal Breccia
16
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7.0 RESULTS 7.1 Geology Although no formal geological mapping was completed, the various units defined by O'Brien and Taylor (1983) and Pratt (2007) were examined. Both maps appear valid at their respective scales, but TerraX considers the detailed geological story to be as yet untold. Mafic volcanics are typically either amygdaloidal flows, commonly with epidote-silica veining/alteration (Plate 2), or tuff breccias, probably resulting from debris flows (Plate 3). Such breccias may have been caused by movement along as yet unrecognized synvolcanic faults.
Plate 2: Amygdaloidal mafic volcanic flow with silica-epidote veins. 653820E/5254575N Plate 3: Mafic tuff breccia. 653890E/5254556N
The microdiorite shown on Pratt's (2007) map (Plate 4) does appear to be a distinct intrusive unit, probably a sill. Dikes present include hornblende porphyritic dikes, the extrusive equivalent of which have not yet been recognized (Plate 5).
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- 18 -
Plate 4: Plagioclase porphyritic microdiorite. 653300E/5254628N Plate 5: Hornblende porphyritic mafic dike. 653446E/5254617N
The Stewart Tuff as defined by Pratt (2007) can be traced well to the east of his map area. This unit is a classic ignimbrite, varying from partly welded (Plate 6) to completely welded (Plate 7). Additional knowledge of the distribution and characteristics of this unit would be useful.
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- 19 -
Plate 6: Partly welded ignimbrite (Stewart Tuff). 652828E/5254381N Plate 7: Strongly welded Stewart Tuff. 651334E/5254546N
The elements of prospectivity as recorded by Pratt (2007) were found to be valid. Structurally controlled quartz-pyrophyllite-alunite alteration occurs at the Bat Zone (Plate 8). Pyrite-rich, illite-dominate alteration occurs at the VinJer (Plate 9) and Stewart trenches. Pratt's interpretation of a hydrothermal breccia in the Bat Zone (Plate 10) appears valid; a similar feature was discovered in the VinJer trench (Plate 11). The stockwork veining in the VinJer trench discussed by Pratt (2007) and Hedenquist (2007) was noted (Plate 12).
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Plate 8: Advanced argillic alteration, Bat Zone Plate 9: Illite, pyrite-rich alteration, VinJer 652262E/5254335N trench. 650102E/5253631N
Plate 10: Hydrothermal breccia/pebble dike, Plate 11: Interpreted hydrothermal breccia, Bat Zone. 651784E/5254442N VinJer trench. 650210E/5253558N
Plate 12: Quartz stockwork, VinJer trench. 650145E/5253615N
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7.2 Prospecting Results TerraX collected 138 rock samples for analysis during prospecting/reconnaissance activities, mostly on the fringes of and away from the known alteration zone. These samples were analyzed for a range of elements, and several samples were submitted for whole rock analysis. Sample locations, descriptions and selected element assays are provided in Appendix B; assay certificates are in Appendix C. Sample locations and gold results are plotted on Map 2. Gold values are generally low, mostly less than
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Forty Creek Showing
0 1,000 2,000 3,000 4,000 5,000500 Meters
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! 0 - 20! 21 - 50! 51 - 250! 251 - 1000! 1001 - 3000! >3000
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License18406M
Figure 9: Gold Results, TerraX 2010 Sampling.±
License15460M
License13189M License18389M
PropertyBoundary
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Figure 10 shows TerraX's silver results, colour coded according to percentile values. Probably only the samples above the ninety percentile (red and purple on Fig. 10) are truly of interest. Such results occur in the southern part of the property, northwest of Stewart, and in the Forty Creek showing area (showing itself has 2290 g/t Ag, but samples to the southeast are also strongly anomalous). Copper is a typical porphyry/high sulphidation epithermal element. The actual levels of copper sampled to date on surface at Stewart are not high, but their distribution is instructive (Fig. 11). As expected, anomalies occur at Stewart and VinJer (1070 and 700 ppm respectively), but interestingly, anomalous values occur consistently northwest of Stewart/VinJer and also proximal to the Forty Creek showing. Molybdenum results (Fig. 12) reinforce the copper results. A consistent and widespread Mo anomaly occurs northwest of Stewart/Vinjer. As molybdenum is a good indicator of porphyry potential, this is regarded as very encouraging. The Forty Creek showing is also a molybdenum anomaly. The distribution of other elements (not shown on diagrams) corroborates the emerging picture. Levels of lead are typically low, but a restricted anomaly occurs northwest of Stewart, along a northeast-trending lineament north of VinJer, and in the Forty Creek showing area. Antimony, a typical high level epithermal pathfinder, has anomalous samples at Stewart and to the northwest, at the Forty Creek showing and vicinity, and in several other locations. Arsenic, another high level epithermal element, has a distribution similar to antimony. Selenium, a useful pathfinder element on the Burin Peninsula, mostly has values below detection (3 ppm), but the Forty Creek showing has a value of 344 ppm. 7.3 Soil Geochemistry A 1.1 km long line of soil samples spaced 25 m apart was collected over the Stewart showing (Map 3). Sample locations and selected assays are given in Appendix B, and assay certificates are provided in Appendix C. The objective was to confirm anomalous soil results from the 1988 Corona soil survey and to gain confidence in soil geochemistry as an exploration technique. Anomalous gold results (>20 ppb) occurred over 725 m, and the anomalous zone is actually open for 150 m to the southeast because the presence of swampy ground prevented collection of samples in this area (Fig. 13). Within this anomalous interval of 30 samples, 26 were higher than 20 ppb Au, with a high of 640 ppb and an average of 160 ppb. Background values beyond this zone reached a high of 9 ppb (most were below detection). Within the same interval, Cu, Mo, Pb, Zn and Se were clearly anomalous with respect to the ends of the soil line. These soil results are considered to be very encouraging, and validate the use of soils as an exploration tool at Stewart.
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License18406M
Figure 10: Silver Results, TerraX 2010 Sampling.±
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Figure 11: Copper Results, TerraX 2010 Sampling.±
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Figure 12: Molybdenum Results, TerraX 2010 Sampling.±
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