Gerfaut
Introduction
The Gerfaut Project covers an area of approximately 75 km2 in Northern Quebec over two seperate claim blocks - Gerfaut Main Block and Contact Block, situated within the Cape Smith Belt (Raglan). The belt extends for some 375 km in an east-west direction across the Ungava Peninsula of Nunavik. Mineralization at Gerfaut occurs as both quartz veins and disseminated in meta volcanic and meta sedimentary rocks. The nickel mining industry of Northern Quebec has developed extensive infrastructure, back the lack of previous exploration gives a unique opportunity to acquire some of the most prospective ground in the mineral belt.
Ownership
As reported on the February 9, 2012 News Release, Corvus Gold Inc. signed a letter of intent with Les Resources Tectonic Inc. (LRT) to acquire a majority interest in the project. The key terms of the Joint Venture Agreement are as follows:
- Payment for signing and claim staking: $10,000
- Obtaining a majority 60% interest in the project over a period of 5 years by spending $565,000 in work commitments and payments of $255,000
- LRT to receive a 2% Net Smelter Return Royalty (NSR) with the option for Corvus to reduce royalty to 1% with a payment of $1.5M
- Corvus has option to increase interest by an additional 20% in project by spending $2M in work commitments over a period of 3 years
- After completion of the earn-in, LRT has option to reduce interest in project to a 10% ownership position, their interest would be converted to a 3% Net Profit Interest (NPI)
Geology and Mineralization
The Cape Smith Belt is interpreted as a foreland thrust-fold belt that constitutes the Northeastern extension of the Trans-Hudson Orogen, an early Proterozoic collision zone which seperates the Archean Superior Province from the Proterozoic Churchill Province. The Trans-Hudson Orogen includes the Thompson Nickel Belt in Manitoba and the New Quebec Orogen (Labrador Trough) on the opposite sides of the Superior Province. The most notable mine within the Cape Smith Belt is the Raglan Mine, owned and operated by Xstrata Nickel Plc. (formerly Falconbridge Ltd.).
Exploration Summary
Falconbridge Ltd. drilled two holes on the property in 1996 during their large scale nickel exploration program when gold averaged $387/oz and encountered 5.8m of 4.27 g/t gold. In the summer of 2012, Corvus' exploration team began an initial exploration program and discovered several areas of outcropping copper and gold mineralization including traces of base-metals and silver-lead mineralization. The exciting results has outlined a number of possible intrusion-related mineral occurrences which could reflect a dynamic copper-gold system. Some of the grab sample results include:
Representative selected rock grab samples from different styles of Gerfaut mineralization, Main block from summer 2012 exploration program
|
Sample ID
|
Mineralization Style
|
Gold (g/t)
|
Silver (g/t)
|
Arsenic (ppm)
|
Copper (ppm)
|
Lead (ppm)
|
Zinc (ppm)
|
Bismuth (ppm)
|
Tellurium
(ppm) |
|
|
|||||||||
|
RK127452
|
Polymetallic
|
23.6
|
5
|
56500
|
1020
|
11800
|
9400
|
3
|
3
|
|
RK127482
|
Polymetallic
|
14.3
|
4
|
31200
|
261
|
1925
|
1920
|
2
|
2
|
|
RK127467
|
Polymetallic
|
3.3
|
15
|
1135
|
15850
|
6
|
120
|
104
|
32
|
|
RK127458
|
Polymetallic
|
2.6
|
2
|
58500
|
3060
|
6
|
45700
|
27
|
17
|
|
RK127521
|
Silver-lead
|
0.3
|
609
|
3
|
62
|
38000
|
19
|
1685
|
45
|
|
RK127526
|
Silver-lead
|
0.2
|
330
|
4
|
84
|
21600
|
8
|
938
|
25
|
|
RK127522
|
Silver-lead
|
0.8
|
272
|
2
|
165
|
13800
|
3
|
1235
|
52
|
|
RK127527
|
Silver-lead
|
0.4
|
245
|
2
|
73
|
17800
|
70
|
783
|
27
|
|
RK127620
|
Copper only
|
0.1
|
13
|
9
|
38800
|
4
|
349
|
4
|
1
|
|
RK127560
|
Copper only
|
0.1
|
5
|
1
|
18150
|
6
|
209
|
0.2
|
1
|
|
RK127466
|
Copper only
|
0.0
|
16
|
14
|
16550
|
15
|
523
|
1
|
6
|
|
RK127465
|
Copper only
|
0.1
|
10
|
9
|
11800
|
8
|
634
|
1
|
4
|
 |
 |
 |