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Hemlo Eastern Flanks

The Hemlo Eastern Flanks Property is located just 7 km east of Barrick’s Hemlo Mine near Marathon, Ontario. The Hemlo Mine has seen >21 M oz of gold produced.

The Project is large in size and consists of two separate claim blocks for a total of 4,453 hectares and is one of the most strategically located due to its proximity to Barrick Gold Corporation. The two claim blocks border a land package recently optioned by Barrick Gold for $7.5 million – $3 million in upfront cash payment to the vendor and $4.5 million in funding expenditures over 3-years.

The Hemlo Eastern Flanks project is underlain by similar geology as that associated with the Hemlo Deposit and is located along the same Greenstone Belt corridor. The Property is located within Brothers, Laberge & Oskabukuta Lake Township areas, Thunder Bay Mining Division, Ontario.

Location & Infrastructure

The Hemlo Eastern Flanks Property is located approximately 50 km E-SE of Marathon, Ontario. The Property has excellent infrastructure, located proximal and within 4km’s to the Trans-Canada Highway No. 17 and Canadian Pacific Railway (CPR). The nearest community to the project is the Pic Mobert First Nation. The city of Thunder Bay has the closest commercial airport to the town of Marathon and the Property. There are regular daily flights to Thunder Bay, and it is a 300 km, or a 3.5-hour drive, from Thunder Bay to Marathon. Accessibility to the Property is variable, a network of forest roads provides truck access to the Property, which lead to numerous four-wheel trails. Additionally, some of the more remote claims are accessed by boat via the White River and chain of lakes.

Barrick operates the Williams and David Bell Gold Mines and have announced plans to extend the life of the Hemlo GoldMine by upgrading it to a Tier Two asset. The Hemlo Mine is forecasted to produce between 200,000 to 220,000 ounces of gold for 2020.

The Hemlo Mine is a producing deposit, has been in production for thirty years and is currently forecasted to produce between 200,000 – 220,000 in 2020. The Hemlo Mine current has 1.3M ounces of Proven and Probable Gold Reserves, 3.1M ounces of Measured and Indicated Gold Resources, and 1M ounces of Inferred Gold Resources.

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Ready Set Gold is focused on high grade gold exploration and development in prolific mining jurisdictions in Ontario, Canada. Our strong executive and exploration teams have a strong track record of building growth companies towards profitable exits.

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Geology

The Property is located approximately 7 km to the southeast of Barrick Gold Corp.’s Hemlo Mine. The Property overlies a portion of the Schreiber-Hemlo greenstone belt of the Wawa Subprovince of the Superior Province, Ontario. The Property is located along strike of the overall structural trend of the Hemlo shear zone that hosts the Hemlo Deposits. Similar geological stratigraphy as that noted at the Hemlo Deposit, are inferred to exist within the northern block of the Property. Whereas, the southern block is thought to contain geological stratigraphy and structures similar to the Gouda Lake Deformation Zone.

MOVING FORWARD

Drilling & Exploration

The Hemlo Eastern Flanks Property has seen limited exploration over the past 40 years. There are several base metal showings of zinc & copper, and geochemical anomalies in the area that are associated with regional topographic lineaments, and structural trends in the regional magnetic data. This is an underexplored land package with room for discovery. A historical VLF-Electromagnetic survey completed in 1983, has identified linear trending conductors that are sub-parallel to the Gouda Lake Deformation, which is located within the southern block of claims. This series of conductors has no indication of drill testing. The northern block of claims is situated along the Hemlo North and Hemlo South Deformation zones which have been traced through the Egg Lake zone and is believed to be part of the Hemlo Fault zone that controls mineralization at the Hemlo Deposit.

Ready Set Gold is planning exploration in 2021 to focus:

  • Preliminary geological and prospecting work to evaluate the known showings and follow up on the regional structural trends
  • Property scale soil sampling program
  • High-resolution airborne magnetic survey
  • Detailed compilation, data integrations, and geological re-interpretation
IMAGES

Maps & Diagrams

Northshore Project is notable for its high-grade mineralization associated with quartz veining with multiple high grade intersects that continue to high grade intersections at depth indicating potential for the zone to continue.