Advanced Exploration - Gold - Hemlo-Schreiber Belt, Ontario
- Located in the Hemlo-Schreiber Greenstone Belt, Ontario
- 4 kilometres south of, and road accessible from, the Trans-Canada Highway.
- Project hosts multiple high-grade vein systems in a geological setting analogous to the large high-grade gold deposits of the Kirkland Lake and Timmins gold camps
- Historic near surface geological resource* of 2.0 mT grading 2.20 g/t gold for an in-situ resource of 135,000 ounces of gold -- Afric Zone.
- 6 known zones of gold mineralization, including one former producing system, all remaining open to depth
- 51.4% / 48.6% participatory joint venture between GTA Resources and Mining Inc. (TSXV:GTA) and Balmoral with GTA acting as project operator.
The Northshore Property is located along the north shore of Lake Superior and is home to one of the oldest known gold discoveries in Ontario. In 1898 prospector Peter McKellar discovered no fewer than 14 gold bearing veins on the Northshore Property. A small high-grade (16-20 g/t) gold mining operation was centered on the McKellar discoveries during the 1930's.
The Northshore Property is located along the southern margin of the Hemlo-Schreiber greenstone belt, approximately 60 kilometres west of the 20+ million ounce high-grade Hemlo gold deposit and 12 kilometres south of the former producing Winston Lake copper-zinc-gold-silver deposit. Road accessible and located only 4 kilometres south of transcontinental road and rail access the Northshore property also controls surface rights along the shore of Lake Superior.
The Property was acquired by Balmoral in late 2010. Geologically the project shares affinities with certain other Archean aged gold deposits in the Kirkland Lake and Timmins camps. The property is located within the municipal limits of the town of Schreiber and within the traditional territory of the Pays Plat First Nation.
On July 27, 2011 Balmoral announced the signing of an Option Agreement with Ontario based GTA Resources and Mining Inc. (TSXV:GTA; “GTA”) whereby GTA could earn up to a 70% interest in the Northshore Property by spending $5.5 million dollars on the Property over 5 years, issuing 3.5 million shares to Balmoral and making cash payments totalling $150,000.
In July of 2014 GTA and Balmoral announced that GTA had vested its initial 51% interest in the Northshore Property and that a participatory joint venture would be formed between the parties to advance the project. GTA remains the operator of the Northshore joint venture.
*The Company has reported above a historical geological resource estimate defined by Noranda Exploration in 2002 based on near surface drilling of approximately 17 holes. The estimate is historical and not in compliance with NI 43-101, and the category of "geological resource" does not conform to current CIM definitions. The historical estimate is not supported by a technical report. A qualified person has not done the work necessary to verify the historical estimate as a current estimate under NI 43-101 for the Company and the estimate should not be relied upon. In 2014 GTA produced an unconstrained NI43-101 resource for the Afric Zone which supports Noranda’s earlier work but which Balmoral does not recognize as current to the Company due to the unconstrained nature of the resource. Details are available through the GTA website.