The wholly owned Northshore Project is located along the north shore of Lake The wholly owned Northshore Project 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 Project 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.
Historic exploration on the Northshore Property has identified six zones of gold mineralization and several additional high-grade vein occurrences, which share geological similarities to the deposits of the world-class Kirkland Lake and Timmins gold camps in eastern Ontario. Historic drilling has identified a near surface geological resource in the Afric Zone, which along with all of the known zones of gold mineralization, remains open to depth.
In July of 2011 Balmoral optioned the Northshore Property to GTA Resources and Mining Inc. under an Option Agreement which will see GTA undertake $2,500,000 in exploration on the Property over the first three years of the Agreement.
In order to earn an initial 51% interest in the Northshore Property GTA will:
- On receipt of regulatory approval issue to Balmoral 1,000,000 common shares and make a cash payment of $10,000
- On or before the first anniversary of receipt of regulatory approval completing $350,000 in exploration expenditures on the Property and completing a NI 43-101 technical report; making additional cash and share payments of $15,000 and 500,000 shares;
- On or before the second anniversary of receipt of regulatory approval completing cumulative exploration expenditures of not less than $1,100,000; making additional cash and share payments of $25,000 and 1,000,000 shares
- On or before the third anniversary of receipt of regulatory approval completing cumulative exploration expenditures of not less than $2,500,000.
On exercise of this First Option GTA will have a second option to earn an 19% interest in the Northshore Property by making additional cash and share payments of $100,000 and 1,000,000 shares and completing an additional $3,000,000 in exploration expenditures on the Property over and additional 2 years period.
GTA will be the operator of the Property during the Option Period.