Golden Arrow Gold Project
In 2015, Alexandria Minerals sold its 40% interest in the Golden Arrow Property to its partner on the property, Victoria Gold Mines. Alexandria retains a 2% Net Smelter Return on the property.
The Golden Arrow property consists of 20 mining patents and leases and 11 mining claims covering more than 1,377 hectares located just south of the town of Matheson and 65 kilometres east of the town of Timmins, Ontario in Hislop, McCann and Playfair Townships.
Highlights of the property include:
- Past producer 303,449 tons @ 0.063 oz/t (2.15 g/t) gold between 1981 and early 1983.
- Existing infrastructure on site include 170 feet deep open pit excavation, 450 foot shaft, 1,550 feet of lateral development, adjacent to paved Highway 11.
- Offsite Infrastructure includes six operating gold mills within a radius of 70 kilometres.
- Pre-development nearly completed.
- Historic metallurgical gold recoveries of 91.2%
- Wide mineralized zone at surface defined over a strike length of 1.1 kilometre which is potentially amenable to open pit bulk mining, with a higher grade core extending at depth.
- The property as a whole remains largely unexplored. Potential for new discoveries is excellent as illustrated by new discoveries of the West and South Zone on its first Property-Scale exploration program.
- Located five kilometres south-west of the past-producing Ross Mine which produced 995,832 oz gold between 1936 and 1989.
Historical Exploration & Mining:
The property was originally explored underground in the 1940′s by the Golden Arrow Mining Company Ltd. who sank a shaft to a depth of 435 ft (130 m) below surface and undertook about 700 m of horizontal development on the 250 ft (76 m) and 400 ft (122 m) levels.
In 1981-82, a total of 303,449 tonnes of ore was mined at a grade of 0.063 oz/t (2.15 g/t) from the Arrow open pit by Pamour-Porcupine. Mining ceased due to low gold prices dipping below $300 per ounce.
The Golden Arrow property is underlain by mafic flows and syenite intrusions with younger post mineral diabase dikes. Two syenitic intrusions are located on the property, the West Syenite which hosts the Golden Arrow deposit and the East Syenite which remains unexplored with the exception of a few short historical drill holes. Gold mineralization is generally hosted within the West Syenite intrusion and consists of a stockwork of quartz veinlets situated within a broader halo of pink to brick-red potassic alteration with 2-3% disseminated pyrite. Most of the gold mineralization to date has been associated with the NE-trending Golden Arrow fault, a structure associated with the Porcupine-Destor Fault Zone. The property covers a two kilometre strike extent of this NE-trending structure. Recent drilling by Murgor has also shown that NS-trending faults are also mineralized. This style of gold mineralization is very similar to the syenite-hosted gold mineralization at the Young-Davidson Mine located approximately 50 km south of Golden Arrow.
Mineralized zones are related to a NE-SW The Golden Arrow gold deposit is located 9 km SW of the past-producing Ross Gold Mine which produced nearly one million ounces of gold between 1936 and 1989. Also located in Hislop Twp are the presently producing Hislop Mine of St Andrew Goldfields Ltd. and the Black Fox Mine of Brigus Gold Corp. Also located in the Matheson area are Lake Shore Gold’s Fenn Gib and Northern Gold’s Garrcon gold deposits; both potential bulk tonnage open pit projects.
- Golden Arrow Main Zone: strike length of nearly 1.1 kilometre, average true width of 42 metres, from surface to a vertical depth of 425 metres, with average grades ranging from 0.813 g/t to 1.296 g/t gold.
- Golden Arrow West Extension: minimum strike length of 200 metres, with drill hole assays such as 78.0 meters grading 0.63 g/t Au and 57.0 meters grading 0.52 g/t Au.
- Golden Arrow South Dicsovery: possible 500 m strike length defined by two drill holes wit assays of 15.0 meters grading 1.42 g/t Au and 4.5 meters gradng 5.48 g/t Au