TECHNICAL REPORT, ALLARD RIVER PROPERTY GÉOCONSEIL JP Mineral Exploration Services
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GM 59670 TECHNICAL REPORT, ALLARD RIVER PROPERTY GÉOCONSEIL JP Mineral Exploration Services CARIBGOLD RESOURCES INC Allard River property Daniel Township, Qc, Cnd. NTS 32F13 TECHNICAL REPORT Jean-Pierre Cloutier, B.Sc. March 01, 2001 (Revised August 23, 2001) MRN-GÉOINFORMATION 2002 GM 59670 p,~ -/37-D/À SUMMARY The Allard River property of Caribgold Resources Inc is situated in the prolific Matagami Mining Camp of Northwestern Quebec. The property is owns 100% by Caribgold Resources Inc subject to a 2% NSR royalty. It is located at 18 km WNW from the town of Matagami and consists of 119 mineral claims covering 1,847 hectares. The property occurs in the south central part of Daniel township and the southwest area of NTS map 32F13. REGIONAL GEOLOGICAL SETTING Matagami Mining Camp is located in the northern part of the Abitibi Greenstone Belt of the Abitibi sub-province. The most outstanding geological feature of the area is the Bell River Complex. It consists of a large layered mafic intrusion of oval shape measuring 70 km EW by 15 km NS. The Complex is at the core of the Galinée Anticline. This anticline is a major fold structure. The fold has a steep vertical axial plan striking WNW to EW with its axis gently plunging to the west. The Bell River Complex is injected locally but mostly in its eastern part by massive granodioritic intrusions of the Olga pluton. The western end of the Bell River Complex is surmounted by a lower succession of rhyolitic volcanics of the Watson Group and a upper succession of basaltic volcanics of the Wabassee Group. The two groups occur on both side of the Galinée Anticline. The contact between the two volcanic groups is marked by a few centimetres to several meter-thick exhalative and pyroclastic unit locally referred as the "Key Tuffite". All base metals deposits discovered so far are spatially related to the Key Tuffite. Rocks encountered in the north flank of the Galinée Anticline are enclosed in a 5-km wide strongly deformed zone called the Garon Lake Deformation Zone (GLDZ). This zone is vertical and oriented in an east-west direction. Rocks encountered in the south flank of the fold are relatively undeformed. They strike NW and dip gently to the SW. Base Metals Mineralisation Matagami Camp is renowned for its base metal mineralisation and volcanogenic massive sulfide (VMS) deposits. Deposits occur on both sides of the Galinée Anticline. The geology of the VMS deposits of the South Flank is well documented. Their morphology is quite characteristic. The root of the sulfide deposits consists of discordant and altered zones called chimneys. The chimneys consist of disseminated to stringer- type sulfides, talc and magnetite in various proportion. They transgress and occur in the upper part of the Watson rhyolite unit. The top of the chimneys is capped by a concordant zone composed of layered Fe-Zn-Cu massive sulfides. The massive sulfide zone interfingers but is mostly capped by the Key Tuffite. The later constitutes the underlying rock unit of the Wabassee basalt. The Key Tuffite is believed to have been deposited concomitantly but mostly at the end process of the sulfidic mineralisation over the massive sulfide zone. The Key Tuffite is quite extensive in the area and constitutes a marker horizon for VMS exploration. 2 VMS deposits of the North Flank occur within the GLDZ. Their original morphology is believed to be comparable as the South Flank deposits but would have been transgressed by complex faulting and alteration. Ten major Zn-Cu-Ag orebodies were discovered in the Matagami Camp. Production and reserves accounted for 44Mt of ore at a grade of 8,77% Zn, 0,89% Cu, 28,47g/t Ag and 0,47 g/t Au. Only one deposit, Bell Allard Mine of Noranda Inc, remains in operation. In 2000, Bell Allard reserves were estimated at 3.2MT at a grade of 13,77% Zn, 1,50% Cu, 43,45g/t Ag and 0,76 g/t Au. Late in 2000, Noranda announced the discovery of three new closely-grouped massive sulfide zones (Perseverance, Perseverance West and Equinox zones). Resources as reported by Noranda were estimated at 5MT of massive sulfides at a grade of 16,8% Zn, 1,3% Cu, 34,0 git Ag and 0,4 git Au. GEOLOGICAL SETTING OF THE PROPERTY Rocks on the property are relatively well exposed. They consist of thin and regular beds of basalt and andesite of the Wabassee Group. The southern part of the property is underlain by flat lying to gently dipping undeformed and unaltered basalt. It is crossed in an east-west direction by the axial plan of the Galinée Anticline. Andesite occurs in the northern part of the property. Minor folding is observed within this area. A regional east- northeast trending diabase dyke crosses the extreme northern part of the property. Rhyolite of the Watson Group occurs less than 1,000 metres east of the property. This area corresponds to the nose of the Galinée Anticline at the Wabassee basalt / Watson rhyolite contact zone. Three faint geophysically inferred faults crossed the property in an east-west direction. They could correspond to the westward extension of the GLDZ. However, no field evidence was ever mentioned for its presence on the property. The abrupt end of the GLDZ could be explained by different hypothesis. The latest one is postulated by Noranda Exploration that suggested a NNW trending fault, Daniel Fault, crossing the nose of the Galinée Anticline at the Wabassee basalt / Watson rhyolite contact zone. if confirmed, Daniel Fault would cross the property in its northern area. EXPLORATION POTENTIAL OF THE PROPERTY: The property is located in an environment of potential base metal mineralisation. The eastern part of the property is located some 1,000 metres west of former New Hosco mine. This mine produced 1,8 Mt at a grade of 1,73% Zn, 1,73% Cu and 10,29 g/t Ag. The property is also located at 5 km northwest from the new VMS discoveries of Noranda Exploration and at one kilometre southwest of the Thunderwood Zone where substantial base metal mineralisation is reported. Most of the previous exploration work carried out on the property was done between 1956 and 1967. The work consisted in isolated geophysical coverage using electromagnetic and magnetic methods in search of massive base metals mineralisation. Only weak conductors were picked up. 3 Thirty-three (33) holes were drilled for a total of 5 273 metres. Holes were drilled across weak and shallow geophysical conductors or were drilled across potentially favourable stratigraphy. Narrow and weakly mineralized zones were intersected in a few holes. The mineralisation consists of quartz veins and veinlets, carbonate, chlorite, and trace of pyrite and chalcopyrite. No assay is reported and no lithogeochemical analysis was ever performed as it was not popular at this time. Not far from the property, the new Noranda Exploration discoveries indicated a much more complex structural environment as previously thought. Although not published yet, east-west faulting would have displaced mineralized blocks. It worth of mention that previous regional airborne geophysical survey did not picked up any anomaly over of the discoveries. The structural environment of the Allard River property looks monotonous being only disturbed by the gentle folding of Wabassee basalts and the presence of the Galinée Anticline axis crossing the property. The exact plunge of the fold axis along the nose of the fold is not known. However, assuming a 30° west plunge, the Key Tuffite and the New Hosco potential extension would cross the eastern property limit at a depth of 1,000 metres. A shallower plunge would bring this contact even closer to surface. The effects of the postulated Daniel Fault could only be guessed. It is presumed that the Daniel Fault displaced its western block in a downward plunge pushing the potential Key Tuffite marker farther away from surface. Considering all above structural uncertainties, the structural environment of the property appears much more complex than expected. It has been said that VMS deposits are restricted to the upper part of the Watson rhyolite. However, sulfide mineralisation is reported in overlying Wabassee basalts at Matagami Mine deposit. It is thus possible that alteration zones and mineralisation could have been extended vertically in overlying Wabassee basalt. Weak mineralisation and alteration zones intersected in drilling on the property could be chimneys and alteration zones related to a nearby VMS deposit. EXPLORATION PROGRAM AND BUDGET Exploration work is recommended on the property. The work is oriented toward the discovery of disseminated and stringer-types sulfide mineralisation. This mineralisation could be associated with an alteration pipe related to VMS deposits. Potential areas for VMS would not only be restricted to the Watson / Wabassee Groups interface but also in overlying Wabassee basalt where VMS could be discovered. Proposed work consists in two phases for a total of 400 000$. Phase I (150 000$) consists in line cutting and induced polarisation survey across the entire property. Phase II (250 000$) consists in diamond drilling across IP anomalies and across geological targets. Crone Pulse EM is recommended for all holes greater than 250 metres. April 1, 2001 (Revised August 23, 2001) 4 TABLE OF CONTENT SUMMARY 2 1 INTRODUCTION ô 1.1 GENERAL 8 1.2 TERMS OF REFERENCE 8 1.3 SOURCES OF INFORMATION 9 2 PROPERTY 9 2.1 LOCATION, ACCESS and PHYSIOGRAPHY 9 2.1.1 Location: 9 2.1.2 Access: 9 2.1.3 Physiography 9 2.2 PROPERTY DESCRIPTION 10 2.2.1 Dimension and Validity 10 2.2.2 Renewal regulations 10