Overview
The Alona Main Area hosts widespread Au-Ag mineralization hosted in deformation zones ranging from discrete 3-5m wide shear structures (New Millennium) to broad (> 200m) composite deformation zones (Alcona Main Area) possessing similar characteristic to near by +1Moz Au deposits.
Next Steps
Model the results from the 2023 drilling to further understand the structural complexity of the mineralization.
Mineralization & Alteration:
Orogenic Lode Gold
Mineralization is typically associated with several styles of quartz-carbonate (+/- sulphide) veins ranging in thickness. Vein orientations vary locally but in general reflect related and consistent structural settings at the prospect and target levels.
Geochemistry:
Multi-element data from the Alcona Area suggest a strong positive relationship between Au-Ag-Te along with positive correlations between Au and several other potential pathfinder elements.
Geophysics
Geophysical data indicates subtle folding patterns in magnetostratigraphy (e.g., mafic / felsic volcanic units) at both Alcona Main and New Millennium area, in addition to complex regional shear patterns throughout DBL. In several instances, veins and vein arrays are consistent with interpreted axial-parallel orientation and displacement. Many vein array orientations are also consistent with regional-scale structural elements that have not been previously recognized. This provides new context to historic results including more recent (e.g., 2018-2021) till geochemistry completed by previous operators.
Alcona Main: Potential Deposit
Drayton Black-Lake – Flagship
Alcona Area: Au-Ag
Advanced Stage Project
- Similar mineralization styles to Treasury Metals’ Goldlund Deposit
(+1Moz Au Resource and Reserve) - Shallow historic drilling (75m vertical depth)
- Historic holes hit high grade Au-Ag (~3,200m of drilling over 31 holes)
- 2022 and 2023 Program confirms High-Grade Au-Ag Vein Systems
- 2023 program supports mineralized deformation corridor
~200m wide, ~1km long and ~145m vertical depth remains open at depth & along strike - Fully permitted for Phase II Drilling
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2023 Drill Program
- Drilled 2023 Q3/Q4 Complete
- Drilling confirms mineralized deformation corridor
(~200m wide, ~1km length, ~145m depth as of 2023) - Multiple broad mineralized zones: +10m zones on surface from channel sampling (2022) which continue to depth with multiple +10m mineralized zones within each DDH (2023)
- Approved for Phase II Drill Program
Mineralization Styles
- Orogenic Lode Gold and VMS Base Metal Mineralization
Location
Easy access year-round, abundant water for drilling
Alcona Main: Potential Deposit (1)
2023 Drill Program – Alcona Area Photos
– Multiple Broad Au-Ag Intervals
2023 Drill Highlights
- HML23-001: 0.68 g/t Au over 8.15m
- HML23-002: 0.86 g/t Au over 11.4m and 0.34 g/t Au over 10.60m
- HML23-003: 0.77 g/t Au over 6.8m
- HML23-004: 0.91 g/t Au over 8.5m and 1.48 g/t Au over 15m
- HML23-005: 0.79 g/t Au over 10.40m
- HML23-006: 0.59 g/t Au over 11.20m
- HML23-007: 0.90 g/t Au over 10.15m
2022 Channel Samples
- CH-22-21: 1.81 g/t Au over 11.5 m
- CH-22-22: 1.41g/t Au over 7.5m
- CH-22-23: 0.57 g/t Au over 11.80m
- CH-22-01: 2.72 g/t Au over 5.10m
Alcona Bulk Mineable Potential
Company Historic Data Analysis
– Only Quartz Veins Assayed
2023 Geological model pending update
Zarn Lake Potential
- South Dipping Au-Bearing Quartz Veins
- Multiple Au-Intersections in each Drill Hole
- Drill Hole Average Depth < 75 metres
- Down-Dip Potential Untested
- Multiple Holes Terminated in Gold Mineralization
- Large-Tonnage, Low-Grade Archean Lode Gold Model
Shallow HR Series Holes Confirms Presence of High-Grade Gold
New Millennium: Potential Deposit (2) Never Drilled
2023/2022
Exploration Highlights
Alcona Main: Potential Deposit
Drayton Black-lake – Flagship
New Millennium Area: Au-Ag
Advanced Stage Project
- Similar mineralization styles to Treasury Metals’ Goldlund Deposit (+1Moz Au Resource and Reserve)
- Historic surface work hit high grade Au-Ag up to 2,330 g/t Au
- 2022 and 2023 Program Confirms High-Grade Au-Ag Vein Systems
- 2023 program supports multiple mineralized deformation corridor
- Fully permitted
2023 Drill Program
- Drilled 2023 Q4
Mineralization Styles
- Orogenic Lode Gold and VMS Base Metal Mineralization
- There are at least two mineralized deformation corridors consisting of multiple discrete zones of deformed volcanic rocks and shear parallel quartz veins.
Location
- Easy access year-round, abundant water for drilling
Next Steps
Structural understand given 2023 drill results to further understand mineralized fluid pathways to identify potential high grade feeder zone.
Option Agreement: Stillwater Critical Minerals
Option Agreement Signed November 25th, 2021 Totaling 680 Claims covering ~14,092 Ha
| Terms | Payments (C$) | Shares** | Project Spend (C$) | Option % Stillwater Critical Minerals |
| Drayton – Black Lake (Binding LOI Deposit) | $20,000 | |||
| IPO/Go Public Transaction* | 2,800,000 | |||
| First Anniversary (2022) | $150,000 | 1,100,000 | $500,000 | |
| Second Anniversary (2023) | $150,000* | 1,100,000 | $1,000,000 | |
| Third Anniversary (2024) | 1,100,000 | $1,000,000 | 51% | |
| Fourth Anniversary (2025) | 1,100,000 | $2,500,000 | 90% | |
| Total Acquisition | $300,000 | 7,200,000 | $5,400,000 | 90% |
* Stillwater Critical Minerals converted C$150,000 option payment into equity valued at C$300,000
Note 1
- Discovery payment based on C$1.00 per oz capped at C$10M
- Stillwater Critical Minerals has the option to maintain a 10% interest in the project through a joint venture agreement or take back a royalty described below:
- 2% NSR on unencumbered land – Buyback 1% for C$2M
- 1% NSR on Drayton, Black Lake Claims – Buyback 0.5% for C$1M
- Paul Riives retains a 2% NSR on the property with a buy back of 1% for $1,000,000 and an advanced royalty payment of $1,000 per year after the Company earns 100% of the option agreement.
Option Agreement: Stillwater Critical Minerals
Option Agreement Signed November 25th, 2021 Totaling 680 Claims covering ~14,092 Ha
| Terms | Payments (C$) | Shares** | Project Spend (C$) | Option % Stillwater Critical Minerals |
| Drayton – Black Lake (Binding LOI Deposit) | $20,000 | |||
| IPO/Go Public Transaction* | 2,800,000 | |||
| First Anniversary (2022) | $150,000 | 1,100,000 | $500,000 | |
| Second Anniversary (2023) | $150,000* | 1,100,000 | $1,000,000 | |
| Third Anniversary (2024) | 1,100,000 | $1,000,000 | 51% | |
| Fourth Anniversary (2025) | 1,100,000 | $2,500,000 | 90% | |
| Total Acquisition | $300,000 | 7,200,000 | $5,400,000 | 90% |
* Stillwater Critical Minerals converted C$150,000 option payment into equity valued at C$300,000
Note 1
- Discovery payment based on C$1.00 per oz capped at C$10M
- Stillwater Critical Minerals has the option to maintain a 10% interest in the project through a joint venture agreement or take back a royalty described below:
- 2% NSR on unencumbered land – Buyback 1% for C$2M
- 1% NSR on Drayton, Black Lake Claims – Buyback 0.5% for C$1M
- Paul Riives retains a 2% NSR on the property with a buy back of 1% for $1,000,000 and an advanced royalty payment of $1,000 per year after the Company earns 100% of the option agreement.
Location - Excellent
The Project is located in Northwestern Ontario, Canada, multiple access avenues exist by either airplane from two international airports to Sioux Lookout (Airport – YXL) or drive:
- Thunder Bay, Ontario, Canada: ~390km drive or 50 min flight (YQT – YXL)
- Winnipeg, Manitoba, Canada: ~450km drive or 1.5-hour flight (YWG – YXL)
From Sioux Lookout, Ontario to site is approximately 15km (20min) drive via paved highway (ON-642) to the center of the project. All weather-maintained logging roads allow for easy access to all primary target areas.
Strategic Location to Existing Infrastructure includes:
- Sioux Lookout Airport (Fly in from two international airport: Thunder Bay or Winnipeg)
- Paved Highway
- Railway (CN Rail)
- Industrial/Commercial Power Access
- Abundant Water for operations
- Maintained logging road provide direct access to exploration target points
Ownership
The Drayton Black Lake Project is partially optioned (2 Optionors) and partially 100% owned (Split Lake Area) Optioned from Two Optionors:
Heritage Mining owns 100% of the “Split Lake Property”: 50 Claims totalling ~336Ha
Sioux Lookout Airport
Sioux Lookout Train Station
In addition to airport and paved highway access. CN railway passes through the top portion of the project as well as ~15km drive by paved highway to the Sioux Lookout train station.
This is the main transcontinental Canadian National (CN) rail line
Sioux Lookout Train Station
Sioux Lookout Train Rail Lines
Power
Established residential and commercial scale power passes through the property providing a strategic advantage to future operational developments.
New Powerline Through DBL Project
Access for Exploration - Excellent
2023 Exploration
Photos
Drayton Black-Lake – Flagship
Alcona Area: Au-Ag
The DBL project provides easily accessing water for exploration activities nearby to all priority target areas on the property.
Maintained logging roads provide drive up access to all priority areas for exploration.
All priority targets have excellent access ~10km from Sioux lookout by paved highway and the 5-15km of maintained logging roads.
Priority and grass root target areas have benefited from recent logging activities minimizing environmental impact on exploration activities and improving the operational efficiency for our exploration programs
Maintained logging roads totarget areas