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OUR PROJECTS

Northshore Project

The Northshore Project is located on the Hemlo-Schreiber Greenstone Belt about 70 kilometers west by paved HWY to Barrick’s open pit and underground Hemlo Mines which have produced over 21 million ounces of gold to-date and produce more than 200,000 ounces annually.

The Property is 771 contiguous hectares and comprises 229 hectares of patented claims and 542 hectares of unpatented claims. The Property is located within the Priske Township area, Thunder Bay Mining Division, Ontario.

The project hosts a number of known zones of gold mineralization including: the former producing North Shore Mine, the Gino Zone and the Afric Zone, the latter being the recent focus of the bulk of all exploration activity over the last 15 years. The structurally controlled, intrusive-hosted gold mineralization on the Northshore Project shares similarities with gold deposits in the Kirkland Lake and West Timmins areas of Ontario.

Location & Infrastructure

The Northshore Property is well located for access and potential development with abundant infrastructure including rail, power and its located just 4 kilometers south of the town of Schreiber in Ontario and approximately 70 kilometers west along the Trans-Canada Highway from the Barrick’s Hemlo gold deposit in the Schreiber-Hemlo greenstone belt. The Hemlo Mine is a producing mine, has been in production for thirty years and is currently forecasted to produce between 200,000 – 220,000 in 2021. The Hemlo Mine 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.

Northshore is readily accessible via a four-wheel drive gravel ‘Worthington Bay’ road which joins Trans-Canada Highway No. 17 approximately 4.4 kilometres east of the town of Schreiber. The Worthington Bay road leads 5 kilometres south to the shore of Lake Superior where the old Northshore mill was located. The nearby city of Thunder Bay has the closest commercial airport to the Property. There are regular daily flights to Thunder Bay, and it is a 260 km, or a 3-hour drive, from Thunder Bay to Schreiber.

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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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JUNE 2014

Historic Estimate

Category
Tonnes
Average Grade
Cut off Grade
Ounces Au
Indicated
12,360,000
0.99 g/t Au
0.50 g/t Au
391,000
Inferred
29,580,000
0.87 g/t Au
0.50 g/t Au
824,000

Notes to Historic Estimate:

  1. the resource estimate, prepared by Giroux Consulting Ltd. and Minorex Consulting Limited as a National Instrument (NI) 43-101 Technical report for GTA Resources and Mining Inc. (GTA) dated June 30, 2014 (available on sedar.com under the company profile for GTA Financecorp Inc.).
  2. the Company considers the historical estimate to be relevant since it was prepared to NI 43-101 standards at the time and as such gives an insight into the Afric zone, its mineralization and grades, but cannot comment on the reliability of such historical estimate as the historical estimate has not been independently verified by a QP for the Company. However, under NI 43-101 it is considered a “historical estimate”, as it was prepared for GTA Resources and, as such, once the property changed hands and has not been independently verified by a QP for the Company, it became a “historical estimate” which has to be disclosed as such.
  3. the historical estimate was prepared for GTA using the following key assumptions, parameters and methods to prepare the historical estimate: (i) Gemcom software to compile vertical and horizontal cross-sections at 25 m spacing using 100 drill holes and 13,777 gold assays; (ii) A block model with blocks, 10 x 10 x 5 metres, was superimposed over the geologic solids with the percent below topography, percent below bedrock, percent inside mineralized solid and percent inside dykes recorded in each block. (iii) Based upon specific gravity analyses conducted by AGAT Laboratories in Mississauga, Ontario an average bulk density value of 2.74 g/cm3 was used to convert volumes to tonnes. (iv) the gold grades were interpolated into blocks using Ordinary Kriging; and an Indicator approach (v) the mineral resource estimate was located above the -100 AMSL elevation using a 0.5 g/t gold cut-off.
  4. the classification of the 2014 Mineral Resource Estimate (MRE) as Indicated and Inferred MRE was consistent with CIM Definition Standards for Mineral Resources and Mineral Reserves at the time it was done.
  5. there are no other recent estimates or data available to the Company in respect of the historical estimate.
  6. the Company believes the following work will be required to upgrade and/or verify the historical estimate to a current mineral resource:
    1. Add the data from 54 drill holes, completed by GTA from 2016 to 2018, to the database;
    2. Verify the assay data, related QA/QC procedures and locations for the 54 drill holes;
    3. Update the resource model wireframe to incorporate the new data;
    4. Consider any technical implications of the 2016 metallurgical work for GTA on the mineral resource estimate;
    5. Add any data from drilling and other exploration now being carried out to the database; and
    6. Ensure that a future mineral resource estimate has reasonable prospects for eventual economic extraction.
  7. a qualified person (QP) employed by the Company has not done work to classify the historical estimate as a current mineral resource and the Company is not treating the historical estimate as a current mineral resource.
HISTORY TIMELINE

our story

1898
Discovery of gold in quartz veins
1930s
Main Vein mined producing ~2,400 oz Au at an avg grade of 21.80 g/t Au
1988-1992
Initial discovery and work on Afric Zone by Noranda/Hemlo Gold
2002-2007
Cyprus Canada/American Bonanza – trenching/drilling at Afric Zone
2010
Balmoral acquires American Bonanza’s Canadian assets including Northshore
2011
GTA Resources options the Northshore project – ownership becomes fractured (56% GTA/44% Balmoral)
2014
Initial NI 43-101 mineral resource estimate based on 100 holes + 19,000m of drilling for the Afric Zone - indicated resources of 391,000 oz and inferred resources of 824,000 oz
2015-2018
Additional 54 drill holes and 3,171 meters of drilling completed – discovery of Gino Zone
2016
Study of the Afric Zone higher grade, near-surface gold mineralization - Results outline two proposed shallow pits labeled West Pit & East Pit.
2020
100% property acquisition by Ready Set

Geology

The Northshore Project is located along the southern landward edge of the Hemlo-Schreiber greenstone belt, along the western projection of a series of major regional structures which to the east host the multi-million-ounce Hemlo gold deposits.

The project is underlain by a complex assemblage of felsic intrusive rocks which intrude into a sequence of felsic to intermediate intrusive rocks. A broad zone, over 2 kilometres across, of alteration and disseminated sulphide mineralization hosts the Afric Zone and occurs within and surrounding a quartz-feldspar porphyry unit. A major regional syenite body occurs along the northern and western margin of the property and several different intrusive phases ranging from mafic to felsic in composition are seen to be associated with this body.

Gold mineralization within the Afric Zone is associated both with quartz-carbonate veining and with extensive zones of disseminated to blebby pyrite hosted by a quartz-feldspar porphyry body. The mineralization is associated with pervasive iron-carbonate alteration and variable sericite and potassic alteration, the latter particularly prevalent in proximity to the syenite body. Gold mineralization and alteration is typically most heavily concentrated at the intersection of NE and NW trending structures.

Locally spectacular visible gold mineralization is observed in association with multi-phase quartz and quartz-carbonate veins located along several prominent structures – the Audney and Caly vein systems. These two veins systems trend E-NE and appear to be conjugate dilational structures (“ladder-type veins) located within the broader Afric Zone. Gold mineralization within these veins are commonly in the form of relatively coarse native gold mineralization. The veins can host lesser pyrite, traces of arsenopyrite, tourmaline and chalcopyrite. The veins themselves range from 10 cm to over 2.5 metres in width and are commonly surrounded by a number of narrower veins, veinlets and fractures which also appear to be gold bearing.

The high-grade quartz veins which host the historic Northshore Mine are roughly east-west trending, roughly parallel to the trend of the Afric Zone. These veins have seen relatively limited modern exploration but in general terms appear similar to the Audney and Caly systems.

Gold mineralization is also found on the project associated with base metal sulphide veins which locally carry strongly elevated silver values. Previous workers have suggested that this style of mineralization may be related to volcanogenic massive sulphide mineralization like that one at the former producing Winston Lake Zn-Cu-Ag-Au system located north of the town of Schreiber.

MOVING FORWARD

Drilling & Exploration

Historic drilling has been largely focused on testing the gold mineralization within the Afric Zone. Results show that this zone underlies an area measuring at least 500 by 350 metres and the gold bearing mineralization has been shown to extend vertically to at least a depth of 350 metres beneath the surface. The Afric Zone remains open for expansion both at depth and to the northeast. In addition, the newly discovered Gino vein structure hosts significant gold-bearing mineralization and is situated 250 m north of the Afric Zone. This warrants additional follow-up to determine how these structures may be related.

Ready Set Gold has budgeted $1.75M for exploration between Q4 2020 and Q3 2021 as follows:

  • Geological compilation of the current database, claim package, and update current 3D interpretation for specific planning purposes
  • Surface stripping and channel sampling of the Afric Zone and other potential targets on the Property
  • Detailed geological and structural mapping of the stripped areas
  • Detailed structural logging of recent drill core (2011-2018); mapping vein structures
  • Approximately 6,000 metres of drilling, split between drilling the Afric Zone, and drilling zones/new targets outside of the Afric Zone. The focus of the drilling on the Afric Zone will be on extending the limits of known mineralization along strike and at depth
  • Revised mineralogical model based on geological and structural mapping and new drilling
  • Revised Mineral Resource Estimate (MRE) and Technical Report in support of a revised MRE, to include results of drilling completed in 2016 and 2018 by GTA and current drilling completed by Ready Set
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.