OLD CABIN GOLD PROJECT, ONTARIO
The 858 ha Old Cabin gold project is located 80 km northeast of Wawa, Ontario and 10 km east of Richmont Mines’ high-grade underground Island Gold Mine.
The Island Gold Mine has a resource mineral inventory of +1 million ounces of gold, has produced more than 320,000 ounces of gold since October 2007, and is forecast to produce 62-67,000 ounces of gold in 20161.
The Old Cabin property lies within an east-west striking succession of felsic volcanic flows and dioritic intrusions localized within the Goudreau Anticline, whose interpreted axis strikes through the central portion of the property. Gold mineralization in the property occurs in a series of stacked en-echelon east-west trending quartz lenses and stringers hosted by two east-west shear zones. These shear zones are characterized by carbonaceous chlorite-sericite schist accompanied by pyrite, chalcopyrite and tourmaline. To date, thirteen discrete shear-hosted gold vein systems with strong iron carbonate alteration have been recognized.
Recorded exploration work on the Old Cabin property dates back to the 1920s, however, more recent exploration by several companies since the 1980s has comprised minor geophysical surveys, surface stripping at mineralized zones, geological mapping and surface and channel sampling. Historically reported results include grab samples with up to 211.8 g/t gold and a channel sample assay of 40.5 g/t Au over 1.68 m from the Reid zone2. A limited (9 samples) 2014 sampling program returned 18.3 and 11.6 g/t from grab samples at the Boulder zone.
Comstock believes the widespread and locally high-grade gold values associated with east-west striking high strain zones with strong iron carbonate alteration at Old Cabin, combined with its location 10 km east of Richmont’s Island Gold Mine, make it a compelling gold project that has been very underexplored to date. The Company is carrying out data compilation and planning an exploration program for the 2017 field season.
1 www.richmont-mines.com It should be noted that the mineralization hosted on the Richmont Property is not necessarily similar to the mineralization hosted on the Old Cabin Property.
2 Comstock cannot confirm the veracity of these historically reported results.