Buchans controls several gold projects in central Newfoundland and northern Labrador, including the 21.75 km2 Lake Douglas project, the 46 km2 Long Range gold project and the 8.25 km2 Exploits Project in central Newfoundland as well as the Tasiuyak gold project in Labrador.
Several of these Buchans properties have garnered increased attention as exploration activities in central Newfoundland have seen a dramatic increase in 2020 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 Marathon Gold Corporation’s announced positive prefeasibility study for its 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.
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 200 m 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.
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.
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).
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.