The Company owns 100% of this property and will be launching new exploration programs in the near future.
- Property consists of the Osikonmäki and Pirilä minerlalised trends
- Majority of work has been done on the Osikonmäki trend, a +3 km long shear zone hosted gold deposit
- 8,350 metres drilling completed by the former JV partner during 2011 and 2012.
- Discovery cost of €4.69 ($6.35)/oz of gold
- Excellent exploration potential
- “Up Ice” boulder and till geochemistry indicate further shears to be discovered
- 30 km long gold geochemical anomaly on Pirilä structure
The Project lies within early Proterozoic age rocks of the Fennoscandian Shield that forms the cratonic basement of northern Europe. The project area lies within the Ladoga-Bothnian Bay Zone, a suture zone that trends parallel to the Archaen craton margin (northwest-southeast) and is the product of extensive Paleoproterozoic subduction and collision processes. The bedrock consists predominantly of metaturbidites intruded by a variety of granitoids. The oldest supracrustal rocks are metasediments, overlain by a succession of volcanic lithologies. The oldest volcanics are felsic pyroclastics, followed by intermediate, mafic and ultramafic units.
The deposits are structurally controlled and hosted in tonalite at Osikonmäki and in a contact zone between mica schists and volcanic rocks at Pirilä. They are associated with the major NNW trending crustal scale Kolkonjärvi Shear Zones (Pirilä) and 2nd order E-W trending structures (Osikonmäki). Mineralisation is pre-syn peak metamorphism and occurred between 1.88 and 1.82 Ga. The gold is associated with arsenic and bismuth in quartz veins. At Osikonmäki, gold is concentrated at both the eastern and western parts of the footwall to the shear zone, which dips to the south at about 45°, and plunges towards the east.
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The NI 43-101 Technical Report “Mineral Resource Estimate of the Rantasalmi Gold Project in Finland” was filed on SEDAR 19th October, 2011. The Technical Report and mineral resource estimate was prepared by Golder Associates (UK) Ltd under the supervision of Alexandra Akyurek (CSci, MSc MIMMM) acting as an Independent Qualified Person according to NI 43-101. The mineral resource estimate has an effective date of 6th October, 2011 and the results were first disclosed in a press release dated 11th October, 2011.
The Osikonmäki database includes 199 diamond drillholes totalling 24,271 metres drilled. These include 79 drillholes for a total of 7,809 m of core drilled by Belvedere and 120 drillholes for 16,462m of core drilled by the GTK (Geological Survey of Finland) between 1986 and 1991. The database includes 1,135 Au assays from within the modelled wireframes. Drill core sample lengths vary between 0.01 and 4.06 metres but were generally 1.0 metres (average 0.85 metres). All assays were composited to a “best fit” 1m for use in the interpolation. No topcutting was employed.
The mineralisation was divided into three domains: Main Lode, Offset Lode and Top Lode. Wireframe models were delineated using a gold cut-off grade of 0.5 g/t Au. The mineral resource was calculated using block modelling to a maximum vertical depth of 220 metres, made up of 10m x 10m x 10m blocks (x:y:z) constrained by the modelled wireframe. Sub-blocks of 5m x 5m x variable (z) were created to better outline the mineralised lodes.
To account for undulations in the topography of the Lodes, Golders employed an “unfold” strategy using Datamine’s UNFOLD technology. Composite samples are “unfolded” and all subsequent data manipulation, including variography and estimation is performed in the transformed coordinate system.
Block grades were interpolated using a three pass, ordinary kriging estimate for the three lodes. For the Main Lode the minimum number of samples was 12, and the maximum 32, with a maximum of 5 samples permitted from one hole. For the Offset and Top Lodes the minimum number of samples was 7 and the maximum 32, with a maximum of 5 samples permitted from one hole (maximum of 4 for the third pass). The dimensions of the search ellipses were as follows:
Bulk density of the mineralisation was based on actual specific gravity data collected during exploration. A total of 227 recent density determinations from within the mineralised rock as defined by the wireframe model, were used in establishing an average bulk density of 2.69 tonnes/m3. Specific gravity of the blocks was estimated using inverse distance for the Main, Offset and Top Lodes.
Indicated mineral resources are defined as those portions of the deposit estimated in the first estimation pass, using only Belvedere samples, and using more than 15 samples. Inferred mineral resources are defined as those portions of the deposit outside of the indicated resources and contained within the mineralised wireframes. Indicated resources are separate from Inferred resources.