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Technical Report & Exploration Plan

National Instrument 43-101 Technical Report and Planned Exploration

The National Instrument 43-101 Technical Report on the Moray Gold Property is dated March 1, 2021 with an effective date of December 31, 2020 (the “Report”).

Targets and Recommendations

Three principal targets have been recommended for future exploration work:

  1.  Fiset Syenite Target  2) Moray Unconformity Target  3) Paired Ultramafic Intrusive Target

Fiset Syenite Target

The Fiset Syenite intrusion is a prime exploration target recommended for further exploration.  The figure below shows the interpreted outline of the Fiset intrusion with cross-hatched lines bounded by northeast and north trending structures outlined by the red ellipsoids.  Mechanical stripping and diamond drilling are recommended to further explore zones of magnetic depletion that are conductive to the northeast of the Fiset Showing.  Typical drill hole depths up to 150 m are budgeted for this phase.

Moray Unconformity Target

The Moray Unconformity is an interpreted 10.5 km long structure outlined by 3 blue ellipsoids in the figure below, and a prime exploration target recommended for further exploration.  Of particular significance is the intersection of two NE trending splay faults and two N to NW trending cross-structures with the Moray Unconformity.  Noranda drill hole NOR-8, drilled in 1965, intersected 5 m of massive pyrite cross-cut by quartz-carbonate veining returning 69.38 g/t Ag.  Diamond drilling is recommended to further explore zones of magnetic depletion that are conductive along the key splay fault intersections transecting the Moray Unconformity.  Typical drill hole depths up to 150 m are budgeted for this phase.  1st derivative plots are imperative in accurately determining structural breaks.

Paired Ultramafic Intrusive Target

Two high magnetic, paired ultramafic intrusives separated by faulting, outlined by the 2 yellow ellipsoids in the figure below, have been interpreted over 10.5 km and are prime exploration targets recommended for further exploration.  Considerable exploration work has already been carried out on the Moss-Tremblay Nickel Showing and the RTZ R & R Showing.  The extensive, paired magnetic trend southeast of Moray Lake, is interpreted to be an isoclinally folded synclinal structure and has received little exploration.  Exploration drilling work conducted by Noranda intersected 11 m of massive sulfides consisting of 75% pyrite, 10% pyrrhotite in intermediate to felsic pyroclastics along a 500 m long conductive trend.  Typical drill hole depths varying from 150-300 m are budgeted for this phase to allow for testing of deep conductance anomalies including known conductors in the vicinity of the Moss-Tremblay and RTZ Showings.  Borehole EM geophysics is recommended on deep drill holes exceeding 300 m depths.

Target Ellipsoids Covering High-Priority Geology, Geophysical and Structural Trends

Target Ellipsoids Covering High-Priority Geology, Geophysical and Structural Trends

A drone magnetic survey is recommended to define the geological boundaries of the intrusion and define zones of magnetic depletion within and/or bounding the intrusion.  The following figure illustrates the drone mag coverage area flown at 50 m line spacing, covering the Fiset intrusion on a W/E grid array totalling 40 line-km and the Moray Unconformity and Paired Ultramafic interpreted intrusions, on a N/S grid array totalling 255 line-km. 

Helicopter VTEM and Drone Magnetic Grids

Helicopter VTEM and Drone Magnetic Grids

The NI 43-101 Technical Report recommends a proposed budget of $1,010,600 to follow up on these three principal targets:

Task Description Cost
First Nations Consultation / Permitting/ Legal Agreements  $       50,000
Mechanical Stripping, Geological Mapping & Ground Truthing         100,000
Helicopter VTEM Survey – 960 line-km           38,400
Drone Magnetic Surveys – 295 line-km           32,200
Geologic Compilation – Integration of Geophysics with Existing Database           25,000
Diamond Drilling Program – 4,500 metres         615,000
Borehole Geophysics         100,000
Reports           50,000
Total  $ 1,010,600

   

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