Newfoundland & Labrador Gold Projects
- Location: Newfoundland & Labrador
- Project Type: Gold (Cu-Ag-Au)
About this Project
Buchans holds a 100% interest in the Tasiuyak gold property in Labrador, located 10 km south of Vale’s Voisey’s Bay nickel-copper-cobalt mine, and includes mineral rights covering the VBE-2 gold prospect discovered by previous explorers during the Voisey’s Bay exploration rush in the mid-1990s.
Several of Buchans previous gold properties have garnered increased attention as exploration activities in central Newfoundland have seen a dramatic increase leading to significantly heightened investment interest.
This increased profile of the Province’s gold sector has been primarily driven by two key exploration and development events led by Equinox Gold’s Valentine gold project, and positive exploration results recently announced by New Found Gold Corp. who continue to announced high grade gold drill intersections from its Queensway Gold project.
Tasiuyak Project
Buchans holds a 100% interest in the Tasiuyak gold property in Labrador, located 10 km south of Vale’s Voisey’s Bay nickel-copper-cobalt mine, and includes mineral rights covering the VBE-2 gold prospect discovered by previous explorers during the Voisey’s Bay exploration rush in the mid-1990s.
The Tasiuyak project is a frontier area with almost no prior history of gold exploration and is thought to be prospective for Paleoproterozoic orogenic iron formation-hosted gold as stratabound mineralization hosted by sulphide-rich metamorphic rocks.
In 1997 previous explorers drilled 9 shallow holes – testing the mineralized horizon over a 275 m strike length. Eight of the 9 holes intersected the mineralized horizon, and returned intercepts of up to 5.5 g/t Au over 2.1 m (Canalaska Resources – Geofile 014D/0179). Following the successful exploration program in 1997, further prospecting and exploration efforts were recommended, both north and south along strike of the prospect, but no additional exploration is known to have been conducted at the prospect or elsewhere on the property, prior to Buchans.
Channel sampling of the original discovery outcrop by Buchans in 2018 returned assays of 8.51 g/t Au over 4.8 m, including 21.91 g/t Au over 0.85m. Prospecting along strike traced the horizon 2 km to the south where channel sampling returned assayed of 0.69 g/t over 0.5 m. Other similar sulphidic paragneiss horizons were also recognized and remain to be explored.
Buchans believes the Tasiuyak property covers gold mineralization hosted within a gold-bearing orogenic belt of similar age (~1.8 billion years old) to the former Homestake gold mine and other productive gold bearing orogenic belts around the world. In common with Homestake, Tasiuyak’s gold mineralization is primarily hosted by sulphidic metasediments as opposed to more traditional quartz-vein dominated orogenic gold systems.
As the mineralization is hosted by formational sulphide-rich metasedimentary units, Buchans believes this environment holds the potential to host large tonnage deposits and that the Tasiuyak property’s main showing has potential to expand into an important discovery, should additional drilling be undertaken beyond the limits of historical drilling. Historical drilling at the main showing intersected mineralization at shallow depths (<75 m) over a strike of ~250 m and the mineralization is believed to remain open at depth in multiple directions.
Given the early stage of the Tasiuyak mineral property there has been insufficient exploration to define a mineral resource of any size, and it is uncertain if further exploration will result in delineating a mineral resource.
Buchans is currently evaluating a plan to increase exploration activities on the property which could commence later this year.
Qualified Person
P. Moore (M.Sc., P.Geo.) Vice President Exploration of Buchans Resourcres Limited is the Qualified Person for the Company as defined by National Instrument 43-101 and has approved this technical disclosure.