The Munro-Croesus Gold Project is located approximately 75 kilometers (47 miles) east of Timmins, Ontario along Highway 101. This large, 100% owned land package includes the past-producing Croesus Mine, which yielded some of the highest-grade gold ever mined in Ontario. The highly-prospective geology is proximal to the Porcupine-Destor Deformation Fault Zone and Pipestone Fault and located approximately three kilometers (1.9 miles) northwest and along trend of the Pan American Silver's multi-million ounce Fenn-Gib gold deposit.
|Location||Matheson, Ontario, Canada|
|Status||Active drilling program in early winter 2020 & fall 2020|
|Deposit Type||Orogenic gold|
|Property Size||2,787 hectares (6,887 acres)|
|Structural Break||Porcupine-Destor and Pipestone Faults|
|Host Rock||Ultramafic sequences and Porcupine sediment-volcanic contact with high angle, north to northeast cross structures|
|Main Economic Elements||Gold|
Geological and Structural Setting
- The Project is associated with the Porcupine-Destor Fault Zone, a significant regional feature, which traverses northern Ontario and Quebec and has collectively produced over 110 million ounces of gold.
- The historic Croesus Mine, located on the project property, is famous for its bonanza grade gold production and five Croesus mine gold specimens currently held by the Royal Ontario Museum in Toronto, Canada which, collectively, weigh 85 pounds and contain 480.7 ounces of gold or 11,310 ounces gold per short ton (387,771 grams per tonne).
- The Munro-Croesus project was part of the property spinout of the gold assets of Constantine Metals to HighGold Mining in July 2019.
- In 2007, Constantine Metal Resources acquired a 100% interest, subject to a net smelter interest, in the 13 patented mining claims, two Crown mineral leases and two unpatented mining claims of the high-grade gold property, including the past-producing Croesus Mine.
- Prior to acquisition by Constantine, the Croesus mine property had been in private hands since its discovery in 1914 except for a few brief option periods to publicly traded companies.
- The main structural feature in the region is the Porcupine-Destor Fault Zone that extends for approximately 200 kilometers (124 miles) westward from Destor (Quebec) to Timmins (Ontario) and has an area of influence up to 10 kilometers wide. In the region of the Project, the Porcupine-Destor Fault Zone exhibits a large-scale flexure or bend associated with two major splays referred to as the Pipestone Fault and the Munro Fault.
- Detailed mapping of the Munro-Croesus property in the 1970s by HighGold Technical Consultant, Garfield MacVeigh, has set the stage for the current understanding of controls on the exceptionally high-grade mineralization.
- 50% of a planned drill program was completed in winter/spring 2020 but curtailed due to travel restrictions. Drilling resumed in mid-September 2020 for an additional 2,500 meters
- Mapping, mechanical stripping, power washing and sampling completed during the summer of 2020 identified numerous other gold-bearing veins located several hundred meters away from the historic mine area, most of which appear to have had no drilling done on them previously
- Historic drilling done by Constantine Metal Resources between 2008 and 2011 identified key alteration and new high-grade gold veins at depth below the mine workings and across the Croesus fault. This set the stage for the work being done by HighGold
- Results include:
- 4.10 meters grading 18.79 g/t gold
- 1.24 meters grading 18.03 g/t gold
- 1.34 meters grading 11.87 g/t gold
- 0.22 meters grading 43.00 g/t gold
- These intersections highlight the potential for more high-grade ‘Croesus type’ ore that was mined historically to a depth of only 40 meters