Victoria Lake - NL

The Victoria Lake Gold Project is contiguous with Marathon Gold’s Valentine Lake 4M oz. gold deposit (Figure 2). Sampling and prospecting in 1995 from Vein #3 reported one grab sample assaying 162.7 g/t Au and 220.8 g/t Ag and exhibits similar style gold-bearing veins within regional structural corridors. Preliminary work on the project located serval quartz-arsenopyrite veins returning grab samples:

• 15.5 to 24.9 g/t gold
• 18.6 g/t to 139.9 g/t silver

(See press release dated September 23, 2020). Grab samples are selected samples and not necessarily representative of the mineralization hosted on the property.

The newly acquired claims contain the highest regional gold-in-till sample in the Newfoundland Geoscience Atlas reporting 785ppb Au. There were no subsequent exploration efforts to follow-up on this extremely high gold-in-till sample. Till samples exceeding 70 ppb Au are considered highly anomalous (Roland Quinlan, personal communication).

Regional gold-in-till samples have increasingly been successful in the Central Newfoundland Gold Belt in vectoring exploration efforts to those areas of high merit leading to an increase in new gold showing discoveries. The Victoria Lake Gold Project is host to interpreted extensions of the Valentine Lake Shear Zone and two major thrust faults, a wide structural corridor interpreted to play an integral part in the Marathon Gold Deposit.