Newfoundland & Labrador Gold Projects

As a result of the increased activity in central Newfoundland, Buchans has entered into three joint ventures that are actively exploring for gold within the central Newfoundland gold belt. Buchans retains rights to maintain participating interests of 49% or 51% on its gold JV properties as well as certain underlying royalty rights.  In addition, Buchans retains preferred base metal rights on the Tulks South and Lake Douglas-South Tally properties whereby Buchans retains a 70% interest and operatorship should a base metal deposit(s) be discovered on the JV properties.

Each of the three gold joint ventures on Buchans’ properties and are located in close proximity to several regional scale faults systems known to host associated gold mineralization, and either host underexplored historic gold-in-bedrock occurrences or indications of increased prospectivity based on regional government geochemical datasets. These joint ventures are:

• • • the Long Range Gold JV with Benton Resources Inc. (BEX.TSXV; “Benton”),
    • the Tulks South Gold JV with Quadro Resources Ltd. (QRO.TSXV; “Quadro”), and
    • the Lake Douglas-South Tally Gold JV with C2C Gold Corp (CTOC.CSX; “C2C”)

Long Range Project

The Long Range project is located 50 km west of Marathon’s Valentine gold project and is comprised of claims owned 100% by Buchans as well as claims held 51.5% in Joint Venture with Benton Resources Inc. (BEX-TSX.V). To date exploration has yielded some interesting gold discoveries including our Goldquest orogenic gold prospect.

Goldquest includes numerous mineralized gold-bearing quartz veins in bedrock that assay up to 8.5 g/t Au & 31 g/t Ag and preliminary drilling returned intercepts of up to 5.5 g/t Au, 5 g/t Ag over 0.30 m.  Furthermore, high-grade float located 700 m to the south assayed up to 123.8 g/t Au and 414 g/t Ag. While these boulders remain unsourced, their source is thought to be nearby and may yet to be discovered by future geochemical surveys.

Additional ground has been staked that covering several gold in bedrock occurrences including the Silver Pond, Abbotts Pond, and  Little Barachois Brook occurrences that are each held 100% by Buchans.

Tulks South Project

Buchans has signed a letter of intent with Quadro Resources that allows Quadro to earn a 51% interest in the Tulks South project by spending $500,000 over a 4-year period.

The Tulks South project consists of 5,425 hectares covering a portion of the Tulks volcanic belt and adjoins claims held by Quadro within their Long Lake gold property.  As a result of this JV with Buchans, Quadro now holds 12,050 hectares covering a monzonite intrusive unit that may be similarly prospective to the Valentine Lake Monzonite that hosts Marathon Gold’s Valentine deposits, located 7 km southeast of the joint ventured claims.  Previous soil sampling and prospecting by Quadro on their adjacent Long Lake project in 2020 identified several targets as gold-in-soil anomalies and float samples returning assays up to 33.65 g/t Au.  A field program is currently in progress on this JV project and Quadro recently announced commencement of a drilling program on its adjacent Long Lake property.

Buchans is a base metal-focused company and as such, if deposit areas are defined having gross in situ base metal values greater than the gross in situ precious metal values, such areas will be developed as a base metal projects. The project areas would be defined covering the base metal deposits and Buchans would become operator of the base metal project(s) on a 70% Buchans/30% Quadro joint venture.

Lake Douglas Project

Buchans’ 100% owned Lake Douglas gold project is located less than 15 km on strike of Marathon’s Valentine project which lies less than 50 km east of the Company’s Long Range area gold projects.

The Lake Douglas property covers the on strike extension of favourable structures associated with gold mineralization within the Valentine project and is boarded in both strike directions by exploration properties, known as the Antler properties, now held by Altius Minerals and Canterra Minerals Corporation.

Antler drilled intercepts of up 10.01 g/t gold over 5.3 m as well as several high-grade vein systems in bedrock that have returned channel samples assaying up to 49.3 g/t Au over 0.98 m.

Buchans completed soil geochemical surveys over a portion of the property covering favorable geology and prospective structures. Results included detection of a 200m long anomaly with values up to 137 ppb Au and a second anomaly defined as a single line, 3-station anomaly with values up to 317 ppb Au. Given these positive results, the Company expects to undertake additional work on the project in 2021.

In August 2021, Buchans announced an option and joint venture agreement with C2C Gold Corp., on Buchans’ Lake Douglas-South Tally property in central Newfoundland.  The joint venture property consists of 9,100 hectares comprising the Lake Douglas and South Tally properties.

Buchans granted C2C an option to acquire an initial 51% interest in the project by spending a minimum of $1.5 million by July 22, 2024. The agreement also grants Buchans certain rights such that if base-metal dominant areas area(s) identified, a project area would be defined and Buchans would become operator of the base metal project as a 70% Buchans / 30% C2C joint venture.

The South Tally property (6,925 ha) is located 1.5 kilometres north of the Lake Douglas claims and is contiguous with C2C’s Barrens Lake gold property.  The South Tally property has traditionally been explored for VMS-style base metal mineralization but remains essentially unexplored for gold.  The project hosts anomalous gold values as detected by several regional geochemical datasets generated by the Newfoundland and Labrador Geological Survey.  The property is also considered prospective for base metals as the property covers a 20 km extension to the Tally Pond volcanic belt that hosts Teck Resources’ former Duck Pond copper mine, located less than 4 km on strike of the property.

C2C has initiated a comprehensive field program including a variety of geophysical and geochemical surveys on the properties.

Exploits Project

Buchans holds three properties totaling 8.25 km2 (Exploits Properties) within and adjacent to New Found Gold’s Queensway project. New Found Gold is currently undertaking a 100,000 m drill campaign within its Queensway gold project in central Newfoundland. To date, New Found Gold have announced initial high-grade drilling results including intercepts of 93 g/t Au over 19 m (core length) from their Keats Zone (New Found Gold news release dated January 28, 2020), and 41.2 g/t Au over 4.75 m (core length) from the nearby Lotto Zone (New Found Gold news release dated October 2, 2020).

Tasiuyak Project

Buchans holds a 100% interest in its 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  5.5g/t Au over 2.1 m.

Channel sampling of the original discovery outcrop by Buchans in 2018 returned assays of 8.51 g/t Au over 4.8m, including 21.91 g/t Au over 0.85 m. 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.