Ralleau Copper-Zinc Project Update
Final NI 43-101 Technical Report - Ralleau Project (February 9, 2011)
NI 43-101 Technical Report on the Ralleau Property (July 10, 2015)
The Company has a 100% interest in the RALLEAU Property, located within the Abitibi Greenstone Belt in Quebec, approximately 40 km east of Lebel-Sur-Quévillon, Quebec. It covers a favorable area of Volcanogenic Massive Sulfide (VMS) mineralization approximately 20km southeast of the NYRSTAR's producing Langlois mine hosting reserves and resources of 8.3 MT of 11%Zn, 0.8%Cu and 53 g/t Ag (Breakwater 2004 annual report) - http://www.nyrstar.com/operations/Pages/mining.aspx
. Previous owner Breakwater Resources Ltd. was acquired by Nyrstar N.V. (http://www.nyrstar.com
) in a friendly, $663 million all-cash take over in August 2011. Previous mapping and sampling identified anomalous Cu-Zn VMS style mineralization and alteration on the property. Several untested airborne input geophysical anomalies within the favorable felsic volcanic rocks are coincident with anomalous base metal values that have been returned in surface sampling. Chip sample results elsewhere in the region returned values up to 1.56% Cu, 17.2 g/t Ag over 14 meters.
The 2006 Drill program by Megastar, which consisted of five diamond drill holes for a total of 1,545.7 metres, resulted in discovery of significant intersection of a massive Sulfide environment. Drilling tested coincident Magnetic, DeepEM conductors and favorable geology. Dr. Mathieu Pichè, Ph. D, Geo. an independent qualified person, completed the core logging and sampling as well as the assessment report. All EM conductors are explained; while no economic Au, Ag, Cu or Zn mineralization was found in the assayed samples, local anomalous values correspond to the geochemical alteration. Geochemical data was used by Dr. Pichè to characterize the rock types as well as their alteration type and intensity.
The whole rock analyses show Na2O depletion in the footwall. Several samples have strong K2O enrichment within the hanging wall, which is typically seen associated with many Abitibi VMS Deposits. In addition, DDH MAR-06-01 crossed a significant zone of sericitized rhyolite, also considered a key element in VMS exploration. The company has therefore added a total of 17 claims to the east of this hole where the strong sericite alteration potentially intensifies. Dr. Pichè states that The Ralleau Property rocks could therefore have been affected by carbonate, K feldspar and sericite minerals dominated alterations. Such alterations affecting intermediate to felsic calc-alkaline volcanic rocks is found in the host rocks of the Selbaie VMS to epithermal base metals deposit of Quebec, northwestern portion of the Abitibi Greenstone Belt (Pichè, in press.). It is also a major feature of Mattabi type VMS deposits (Morton and Franklin, 1987).
From 2006 to 2010, the Company has completed the following exploration work in a number of successive programs:
- 75km of linecut grid
- Ground magnetic and deep EM surveys
- 1,545.7 meters (5 holes) of diamond drilling
- Trenching and channel sampling
- 1,457 line km of helicopter-borne VTEM Survey spaced at 75meter intervals and which identified a total of forty nine (49) anomalies of which eight (8) were classified as Priority One
- Preliminary ground-proofing of VTEM anomalies together with minor mapping and prospecting.
On February 28, 2011 the Company announced receipt of NI 43-101 compliant technical report summarizing the results of work to date on the Ralleau Project from MRB & Associates of Val-d'Or, Quebec. MRB's report recommends a two-phase $1.75M exploration program consisting of further target delineation and definition, followed by diamond drilling. The Company is assessing its options and the property and seeking joint venture opportunities.
On July 10, 2015 the Company received a NI 43-101 compliant technical report summarizing the results of the 2014/2015-field work program on the Ralleau Property from Roger Moar, B.Sc., OGQ (No 733). Mr. Moar was retained to conduct a geological mapping and a lithogeochemical sampling program on the Ralleau property. The NI 43-101 technical report recommends further, 3 - Phase, $388,765 work program as follows:
Phase I ($45,580) - To extend the lithogeochemical and mapping program over the eastern portion of the Ralleau property covering an area approximately 8 km2. It is also recommended to include immobile incompatible elements (Zr, Y, Nb and REE (Rare Earth Elements) in the analytical data in order to establish geochemical affinities and define precursor volcanic rock type. These elements are generally considered immobile during hydrothermal alteration and metamorphism. The objective of Phase I will be to delineate prospective alteration zones associated with electromagnetic anomalies outlined by the helicopter-borne VTEM survey.
Phase II ($66,220) - Based on positive results generated from the Phase I, a Pulse-EM survey is recommended as follow-up to the lithogeochemical sampling program.
Phase III ($276,965) - The third phase of the proposed exploration program is conditional on positive results generated from Phase II. It comprises a 1 500 m diamond-drilling program to test high-priority targets delineated by the Pulse-EM survey.
The Ralleau Property comprises 59 contiguous mineral claims covering 3,323.85 hectares.
On Apr. 10, 2017 the Company announced that it has optioned 50% interest in the Ralleau property to Deeprock Minerals Inc. (the "Optionee"), a BC incorporated company and reporting issuer in the Provinces of BC and Alberta, currently not listed for trading. Under the terms of the Option Agreement, the Optionee will be deemed to have exercised its Option upon:
- The Optionee paying to Megastar $100,000 cash in staged payments over the period of 3 years;
- The Optionee allotting and issuing to Megastar a fully paid and non-assessable 750,000 shares, in stages, over the period of 3 years; and
- The Optionee incurring exploration expenditures of $250,000 on the Property over the period of 3 years.