The 100% owned Hyland Gold Project (the “Project” or the “Property”) is located in the Watson Lake Mining District in southeast Yukon, approximately 74 kilometres northeast from the town of Watson Lake within the traditional territory of the Liard First Nation, part of the Kaska Nations. The Project consists of 927 active Yukon registered quartz mineral claims totalling over 18,620 hectares in area that is currently accessible by vehicles on a winter road from Watson Lake.
The Hyland Gold Project has an indicated mineral resource of 8.6 million tonnes grading 0.85 gram per tonne gold equivalent (AuEq) for 236,000 AuEq ounces with an inferred mineral resource of 10.8 million tonnes grading 0.83 g/t AuEq for 288,000 AuEq ounces at a 0.3 g/t AuEq cut-off. This resource is located in its entirety on what is known as the “Main Zone”, is open in all directions and at depth, and has the potential to host a multi-million ounce deposit*.
Mineral exploration on the Project area began in the 1800s, with the discovery of the McMillan zinc-lead-silver deposit, 5 kilometres west of, and immediately contiguous to the Property. Exploration for gold mineralization was initiated in the region in 1981 by Archer Cathro on behalf of Kidd Creek Mines Ltd. and lead to the discovery of a 450 metre long, anomalous gold-arsenic-bismuth soil geochemical anomaly, known as the Main Zone. The Main Zone gold-silver deposit and additional gold showings such as the Camp Zone and Cuz Zone were the subject of intermittent exploration from the 1980s into the 2000s. In 2013, prospecting led to the discovery of the Montrose Ridge Zone, the southern extension of the Cuz Zone.
The Project is interpreted as a distal intrusion - related, sediment-hosted, structurally controlled, gold mineralized target. Gold mineralization is hosted within a Precambrian, interbedded phyllite and quartzite sequence of the Selwyn Basin that hosts numerous other gold occurrences elsewhere in the Yukon. Known zones of gold mineralization at the Property consist of the Main Zone, Camp Zone, Cuz Zone, and Montrose Ridge Zone forming a gold mineralized structural trend over 11 kilometres. Mineralization is controlled by a regional-scale, North trending structural trend known as the Quartz Lake Corridor that persist through and beyond the currently defined zones; therefore, the Property remains open to exploration both to the north and south.
* Armitage, Carne and Gray 2018
- Mineral resources which are not mineral reserves do not have demonstrated economic viability. All figures are rounded to reflect the relative accuracy of the estimate.
- Mineral resources are reported at a cut-off grade of 0.3 g/t AuEq. AuEq grade is based on $1,350.00/oz Au, $17.00/oz Ag and assumes a 100% recovery. The AuEq calculation does not apply any adjustment factors for difference in metallurgical recoveries of gold and silver. This information can only be derived from definitive metallurgical testing which has yet to be completed.