Gerfaut
Introduction
The Gerfaut Project covers an area of approximately 21 km2 in Northern Quebec 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 this part of Quebec has developed extensive infrastructure.
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 nickle exploration program when gold averaged $387/oz. The results of their findings were as follows:
| Hole ID | From | To | Interval | Gold |
| (m) | (m) | (m) | (g/t) | |
| R96-01 | 82.4 | 85.0 | 2.6 | 1.69 |
| PAR96-01 | 102.9 | 104.9 | 2.0 | 3.87 |
| PAR96-01 | 107.6 | 113.4 | 5.8 | 4.27 |
| including | 110.0 | 112.0 | 2.0 | 10.88 |
| PAR96-02 | 7.9 | 8.4 | 0.5 | 1.05 |
| PAR96-02 | 63.4 | 64.0 | 0.6 | 0.87 |
*intercepts calculated using a 0.5g/t gold cut off and no more than 2 metres of internal waste.
Intercepts are approximate true widths.