Mt. Peyton Overview

The Mount Peyton property consists of 1,526 mineral claims and encompass a land area of 382 km². The properties are located along the northwest trending Mt. Peyton structural lineament within the Mt. Peyton Intrusive Suite and are accessible by traveling west on the Trans Canada Highway for 15 km from Glenwood where the Mt. Peyton property is transected by the highway. 

Highlights

  • Includes the Schooner Fault Zone Prospect, which is an interpreted secondary geological structure, striking parallel to the gold bearing Appleton Fault which hosts New Found Gold Corp’s Keats Zone, and coincident historic gold in till samples. Currently, the Schooner prospect is permitted for 13 drill holes. 
  • Rock samples on the property from angular quartz arsenopyrite breccia bearing float boulders returned values of up to 44.0 g/t Au. 
  • Base metal bearing quartz vein float from the eastern shore of Shirley Lake Assayed 25.0 g/t Au. 
  • Altered gabbro float from the southern shore of Shirley Lake assayed 1.88 g/t Au. 
  • Shirley lake hosts a highly elevated lake sediment sample of 1,010 ppm As. 
  • An IP/Resistivity survey conducted in 2005 outlined a zone of high resistivity that trends in an east-west direction, coincident with the magnetic high. The geophysical survey provides evidence that the source of the highly altered, auriferous gabbro boulders may be on the property. 
  • The Company is compiling historic data and has applied for sampling and trenching permits to test historical defined conductors where we see the opportunity to quickly advance to drill testing. 
  • The project contains high priority exploration targets and is fully permitted for mechanical trenching, geochemical sampling, and geophysical surveys. 

Exploration Activities

Exploration at the Mt. Peyton Property consisted of a VTEM airborne geophysical survey across the project, with ground geophysics and soil sample grids focused on the Schooner Fault Zone prospect, south of the town of Glenwood. The airborne VTEM survey was conducted by Geotech Ltd. with 2,185 line kilometres of flying planned at 100 metre spaced lines. The survey neared completion by the end of Q2, with the remaining lines to be completed early Q3. Two ground based magnetic geophysical surveys were completed to delineate the structural components of the target area. The surveys consisted of approximately 110 line kilometres over an area of 6 square kilometres. Two soil grids were completed over the same area as the ground magnetic survey, comprising of 106 samples taken. A Phase I drill program has been completed on the Schooner North Prospect with assays pending. A Phase II drill program at Schooner North and a Phase I drill program at Schooner south are anticipated to start in the Fall of 2021. 

Geology & Structure

The property is located within the Exploits Subzone of the Dunnage zone, which is dominantly underlain by Newfoundland Geological Survey mapped Silurian to Devonian Mt. Peyton Intrusive Suite rocks, and lesser Late Ordovician to Silurian siliciclastic sediments of the Badger and Botwood groups localized to the northern extent of the properties. The Mount Peyton Suite is predominantly gabbro, crosscut by granitic, aplitic, and tonalitic dykes. 

From 1988 to 1991, Noranda, as a result of the 1988 Government Lake sediment sample release, initiated a reconnaissance prospecting and regional till and lake/stream sampling program in the Mt. Peyton area. Initial discoveries of auriferous frost-heaved bedrock showings were made, with assays of up to 25.8 g/t Au, 15.7 g/t Au and 7.6 oz/ton Ag (Tallman, 1990). Detailed exploration (geophysics, trenching and diamond drilling) in 1990 led to the discovery of the Hurricane prospect (drilling of 2m near surface of 6.0 g/t Au, grab samples of 15.6 g/t and 7.6 Oz/t Ag) and Corsair prospect (drilling of 1m near surface of 3.6 g/t Au), along with the initial recognition of the Peyton Trend. Other showings discovered at this time include the Apache/Comanche (1.3 g/t Au in outcrop grab sample) and Sabre showings (2.1 g/t Au, 47.0 Oz/t Ag in outcrop grab sample) (Tallman, 1991). 

From 2002-2003, Rubicon Minerals completed a limited prospecting and reconnaissance soil sampling program, as well as an IP/resistivity and magnetic/VLF-EM survey over the Shirley lake area. As a result, grab sampling returned values of 17.0 g/t and 18.9 g/t Au from angular float boulders. The “SS” showing was located 2.5 km north of Shirley Lake returning values of 1.0 g/t Au and 1.26 g/t Au. The IP/resistivity survey outlined a prominent east-west conductor and the magnetic/VLF-EM survey identified an area of higher relief in the northwestern portion of the property (MacVeigh, 2005). These geophysical signatures were overlain by angular gold bearing float samples and provides potential evidence that the bedrock source is proximal. These targets remain untested by drilling. 

During the summer of 2020, the Company’s Qualified Person visited the property taking three samples on historically known anomalies, which yielded values of up to 4.10 g/t Au. The property hosts limited bedrock exposure and the sampling represents only a small portion of the interpreted 15 km long Mt. Peyton Linear. 

The only drilling done on the Mt. Peyton property area to date was in the southernmost area (Hurricane and Corsair prospects). The Mt. Peyton property hosts one of the highest recorded lake sediment samples on the island and consists of 15 km of undrilled exploration targets. Follow-up work in the form of bedrock trenching is recommended in order to properly delineate the mineralization in the Shirley Lake area. 

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