Primary Target Margurete: FB-ZONE

The primary target at the Margurete Gold Project is the FB Zone, where Falconbridge encountered gold-bearing mineralization at shallow depths.  An initial exploration program was completed on the Margurete property in 1986 by Falconbridge.  This program consisted of geochemical surveys, ground-based geophysics, and a diamond drilling program, which was successful in identifying gold-bearing veins, which are believed to be genetically related to the same mineralizing events responsible for the nearby Doratha Morton and Alexandria Gold mines. A summary table of historic drill intersections exceeding 3.43g/t gold (0.10oz/ton Au) is presented below.  (*Source – J. Ostler P.Geo, 2003)  (Note: The Doratha Morton and Alexandria Gold mines do not form part of the Phillips Arm Gold Camp. These mines are interpreted to be on strike.)

The Doratha Morton and Alexandria mines, both located in the central part of the Phillips Arm gold camp, were the two largest gold producers in that camp. Production from the Doratha Morton mine from 1898 to 1899 was reported by be 4,434 ounces of gold and 10,222 ounces of silver from 9,707 tons of ore. The Alexandria mine produced about 773 ounces of gold and 1,340 ounces of silver from 1,915 tons of ore from 1898 until 1940. Gold prospects in the project area are alkalic intrusion-associated gold- and silver-bearing veins. They contain pyrite and a white-grey telluride, probably sylvanite, in quartz and occupy shear-induced dilatent zones in a panel of volcanic and intermediate intrusive rocks. Rocks variably enriched in molybdenum are exposed adjacent to the southwest margin of the shear zone hosting the Alexandria and Doratha Morton gold occurrences. (*Source – J. Ostler P.Geo, 2003) 

The Margurete Property lies within a belt of a Mesozoic age mafic volcanic belt lying with a lithological package dominated by thin greywacke beds. Subordinate carbonate and carbonaceous sediments were subsequently deposited close to the volcanic rocks. The volcanic lithologies, by virtue of their higher densities than the surrounding sedimentary rocks, formed a keel during deformational periods post emplacement. This “keel” has been preserved within masses of granitic intrusions that preferentially ascended through and partially melted the surrounding sedimentary sequence. It is interpreted that during this deformational period, the gold was mobilized by fluids emanating from these intrusive bodies.

Post-cooling and partial un-roofing of the granitic intrusions during the early Tertiary Period, right-lateral shearing developed along the volcanic keel forming the Doratha Morton gold trend, within a preferential concentrations upon quartz bodies containing pyrite and sylvanite that formed in en echelon dilatant structures along the gold trend. Pyritic diorite stocks and molybdenum-bearing breccias were emplaced in the Picton-Margurete molybdenum belt at approximately the same time. Subsequent Late Tertiary-age normal faulting and mafic dyke intrusions disrupted mineralized structures in the property area.

The technical information contained on this section of the website has been reviewed and approved by Dr. Peter Born, P.Geo. who is a Qualified Person with respect to Academy Metals Inc.’s Phillips Arm Gold Project as defined under National Instrument 43-101.