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Malartic Property – Gold, Quebec
·
Ownership
Altai owns 50% interest in the Malartic property of
120 hectares (300 acres) along with project partner Globex Mining Enterprises Inc.
(“Globex”), the property operator, which names the property as “Blackcliff gold
property”. A 2% NSR is owed to the underlying vendor of lot 42. No ore is known
to exist on lot 42.
·
Option
Effective September 2007, Altai and
Globex optioned 100% interest in the property to C2C Inc. and Animiki Mining
Corporation (jointly the “Optionees”). All cash, shares and royalties to be
received under the terms of the option agreement are to be shared equally by
Altai and Globex. C2C has paid Altai and Globex $25,000 cash and 400,000 C2C
shares in December 2007, and a further $50,000 cash in February 2008. $100,000
cash and 200,000 shares payments are due from the Optionees upon the first
agreement anniversary, and $200,000 cash and 200,000 shares upon each of the second
and third anniversaries. $5,000,000 of work must be completed by the end of the
fourth year of the option. Altai and Globex will retain a 3% gross metal
royalty on any mineral production from the property and a 10% net profits
royalty. Upon the sixth anniversary, the Optionees must commence an annual
advance royalty payment of $50,000.
·
Location
The Malartic property consists of 3 lots situated at
lots 42 to 44 inclusive, range 2, Malartic Township, Val d’Or area, Quebec, approximately
5 km north-east of the town of Malartic.
·
Access
The property is easily accessible from a point 6 km
west of Malartic on paved highway 117. A gravel all season road which services
the Camflo mill is followed north-west for 3.5 km and then a secondary gravel
road is followed for a further 3.5 km to the shaft area.
·
Topography
The lay of the land is relatively flat. The area was
forested previously. No important streams cross the property.
·
Services
Water and power resources are available in close
proximity to the property.
·
Regional
Geology
The area is situated in the south central part of the
Abitibi metavolcanic greenstone belt of the
The property is in the south part of the Malartic
group approximately 1 km north of the contact with Kewagama group sediments.
Abitibi rock units strike roughly east-west but at
least two phases of deformation affect the rocks of the region.
·
Local Geology
The
rock types which underlie the property are the following; mafic lavas, tuffs,
agglomerates, diorite, thin bands of peridotite, granodiorite, albitite and
siliceous syenite dykes.
The property is underlain by a major fold the axis of
which is oriented east-west. The northern flank dips north-east while the
southern flank dips south-east. The shaft (Vinray Shaft) is situated at the
nose of the fold.
The gold mineralization is hosted in a concordant
folded quartzo-felspathic granophyre sill or "grey diorite" approximately
91 m (300 ft) thick which defines the nose of the fold.
The grey diorite dips 65 to 71 degrees to the
north-east and is flanked on the north-east by dacites and tuffs to the
south-west. The diorite can be followed for several km and the Camflo gold
deposit occurs in proximity to the unit. The gold zone in the area of the shaft
is traversed by east-west faults 1.22 m (4 ft) to 3.05 m (10 ft) thick.
·
Economic
Geology
Within the limits of the property, 14 gold zones have
been discovered, several of which are discontinuous lenses in the same horizon.
Ten zones are considered important. These veins are zones of silification and
pyritization accompanied by carbonatization and chloritization associated with
faulting and brecciation with grey or green diorite or tuff.
The principal alteration minerals are epidote,
biotite and magnetite. The zones are injected by veins of quartz less than 30
cm (1 ft) thick which are well mineralized by pyrite and pyrrhotite. Intensity
of faulting varies from moderate to intense, and are oriented east-west at a
small angle to the diorite. All the gold zones are located on the south flank
of the synform second phase fold.
At the shaft area the gold zones are subvertical at surface
but dip 70 degrees north at the 61 m (200 ft) level. To the east, the dip is a
constant 70 degrees north to a depth of 174 m (570 ft).
In May 1988, a cut resource calculation was performed
by geologist Isabelle Cadieux on the number 1, 2 and 3 veins with the
following result:
Vein
#1: Probable resource 13,277 tonnes grading 8.14 g/t Au.
Vein#2: Probable resource 180,820 tonnes grading 7.83 g/t Au,
possible
23,230 tonnes grading 4.66 g/t Au.
Vein
#3: Probable resource 16,273 tonnes grading 4.61 g/t Au.
Total
probable resource: 210,370 tonnes grading 7.60 g/t Au.
In March 1989, Jean-Pierre Labelle did a geological
ore resource calculation on the number 11, 12 and 13 veins which are 3
sub-parallel auriferous zones within a 10 meters width and a forth auriferous
vein, number 7, located at the NW extremity of the number 11, 12 and 13 veins.
Jean-Pierre Labelle's resource calculation is as
follows:
Veins 11, 12, 13 and 7
|
|
|
Uncut |
Cut |
|
Probable |
135,406 tonnes |
13.84 g/t Au |
6.89 g/t Au |
|
Possible |
120,566 tonnes |
12.67 g/t Au |
6.50 g/t Au |
|
Total |
255,972 tonnes |
13.34 g/t Au |
6.71 g/t Au |
Assuming all
the calculations by the consultants (Cadieux and Labelle figures) are correct (they
have not been independently verified by Altai) a gold resource of at least
466,342 tonnes grading 7.11 g/t Au (513,909 tons grading 0.21 oz/ton Au) cut
exists on the property. The resources are to a depth of 200 meters (600 feet).
There is potential to expand the resources.
·
Note
Only recently was the property size increased to
include the south half of lots 43 and 44 and all of lot 42. Previously on the
south half of lots 43 and 44, exploration was carried out by Brador Malartic
Gold Mines Limited (1946 - 1 DDH), Lencount Gold Mines Limited (1958 - 6 DDH's,
1976-1978 - EM surveys). Gold was intersected over narrow widths at shallow
depths in pyritic quartz veins in tuff.
|
Hole: |
L-1 |
1.52 m |
4.3 g/t Au |
|
|
L-2 |
0.30 m |
28.1 g/t Au |
|
|
L-3 |
1.22 m |
4.1 g/t Au |
|
|
L-5 |
0.30 m |
31.5 g/t Au |
|
|
L-6 |
0.15 m |
17.1 g/t Au |
Little follow-up was done on the gold potential of
the south half of these lots or on the gold values in the holes above, even
though the gold zone was very close to the then Malartic boundary and other
known gold zones.
·
In March 2008,
the optinees of the property (C2C and Animiki) reported drill results of a
drill program of 4,055 meters targeting at the near surface extension of the #2
gold vein zone where a historical non NI 43-101 compliant resource of 222,433
tonnes grading 7.06 g/t Au was reported in 1988.
According to C2C and Animiki, numerous shallow
mineralized intersections of significant grade and/or thickness were
encountered including the following:
|
HOLE |
FROM
(m) |
TO (m) |
WIDTH
(m) |
GRADE
(g/t Au) |
|
BK-07-07 |
74.5 |
80.4 |
5.9 |
3.46 |
|
BK-07-09 |
70.8 |
78.2 |
7.4 |
5.89 |
|
BK-07-11 |
70.2 |
72.8 |
2.6 |
10.84 |
|
BK-07-32 |
56.7 |
63.0 |
6.3 |
5.03 |
Simplified Geology and Structure of
Area surrounding Malartic Gold Deposit
(Please
click on map for enlarged size map)
ALTAI RESOURCES INC.
Investor Relations Tel
: (416) 383-1328
E-mail : info@altairesources.com