Exploring for Gold in Canada’s Premier Mining Jurisdictions
This profile is part of a paid investor education campaign.*
Sunvest Minerals Corp (TSXV:SSS) is a Canadian resource company currently active with 3 projects: its Evening Star project in Nevada as well as its Clone project in British Columbia’s Golden Triangle plus the Moosehead North project in Newfoundland. Sunvest Minerals also has holdings in three additional properties located in Ontario.
Sunvest’s Clone project is located in BC’s Golden Triangle region. Previous exploration activities on the project have shown some of the highest grades in the jurisdiction and there are unexplored regions on the property where the glacier has begun to recede.
Sunvest Minerals’ Evening Star property is located in Nevada’s Mineral County and holds two historic, past-producing mines. While the property has seen minimal historical exploration activities, save for one drill hole in 1970, Sunvest Minerals kicked off a small drilling program in June 2017 which showed initial results of up to 7.45 percent copper, 1.81 g/t gold and 138.0 g/t silver.
The Moosehead North Gold Project (“Moosehead North”), comprising two claim blocks, situated near and on-trend with Sokoman Iron Corp.’s (SIC-TSXV)(“SIC”) Moosehead Gold Project in Newfoundland, Canada.
As the company has expanded its presence in North America, it has been continually supported by an excellent team of directors and advisors. This includes Vic Bradley, who was chairman for Osisko and a Yamana (TSE:YRI) founder; Don McKinnon Jr, who worked with his father in the Hemlo region; and superb geologists on the advisory side including Gerry Rayner and Bruce Durham. Sunvest’s experienced management team is also significantly invested in the company, holding approximately 15 percent of the issued shares.
- Focus on projects in mining-friendly jurisdictions including Nevada and BC’s Golden Triangle
- Initial drilling results at Evening Star Nevada project of up to 7.45 percent copper, 1.81 g/t gold and 138.0 g/t silver
- Receding glacial ice “at Clone” unlocking exciting new potential for discoveries
- Historic drilling results on Clone gold project include 17.83 g/t gold over 6.43 meters, 28.05 g/t over 0.91 meters and 16.84 g/t over 1.52 meters
- 4,200 hectares of land in close proximity to Sokoman’s Moosehead gold project in Newfoundland
- Knowledgeable management team with notable experience in mining and financial industries
Clone Gold Project
Sunvest acquired and unified the high-grade Clone gold-cobalt project in September 2017 by signing a combination of purchase and option agreements to acquire a 100% interest. Located on the southern tip of the Golden Triangle in BC, the project is 4,621 hectares in size and sits 20 kilometers southeast of Stewart, BC. Sunvest’s purchase marks the first time since 1995 that the property has been controlled by one owner.
Up until recently parts of the property have been covered by glacial ice which has been receding over the last couple of decades and now exposing previously unreachable land with exploration potential.
Historical results on the property show some of the highest grades in the Golden Triangle region. Since the acquisition, Sunvest has conducted a site visit and a second historical core evaluation session in Stewart. The first results from the program include a sample of 245 g/t gold over 1.5 meters, part of a 7.5-meter channel sample averaging 101 g/t gold. The company is actively collecting and re-interpreting historical data and looks forward to an exciting 2018 at Clone.
“We are very excited to have located high grade gold near the retreating glacier. Much of the historical work has focussed on certain select areas but with the ablation on the property (receding glacier) over the years we now can see we will have many new and prospective areas to direct our attention to as well,” stated Sunvest CEO Mike England.
Sunvest has now completed the summer field program at its Clone Gold Property (the “Property”) located in BC’s prolific Golden Triangle. Phase I exploration work, under the guidance of Ridgeline Exploration Services Inc., of Kelowna, B.C. (“Ridgeline”), was aimed at generating drill targets in new glacially ablated zones surrounding the Clone and adjacent showings where re-sampling of historic drill core by Sunvest returned assays as high as 30.3g/t Au over 4m, from 16m to 20m, in hole CL95-11. Other significant intersections which were re-sampled by Sunvest include:
2.1m of 32g/t Au from 12.9m to 15m in hole CL95-04
2.48m of 21.7 g/t Au from 27 to 29.48m in hole CL95-11
3m of 26.6 g/t Au from 38m to 41m in hole CL95-11
The program also aimed to identify new exploration targets over a recently acquired land package to the south which shares an extended border with Goliath Resources (TSX-V: GOT) Gold Digger property.
The program consisted of geochemical rock, silt and soil sampling as well as detailed geological mapping. A total of 388 soil, 61 silt and 106 rock samples were collected from the property. Two significant new mineralized veins were discovered on the property. A 1.25-meter-wide quartz vein containing semi-massive chalcopyrite, pyrite and bornite which can be traced on surface for approximately 50m was discovered 7.5 kilometers southwest of the Clone showing along the newly exposed Eastern face of a glacial valley. The second vein discovered is 1 meter in width containing massive sulfide mineralization freshly exposed by recent glacial ablation. This occurrence is located just 1800 meters from the Clone deposit. Analytical results for the soils, silts and rock samples are pending.
The second vein was drill-tested using a small backpack portable drill. Holes 1 through 6 were drilled across the vein to an average depth of 1 meter, while holes 7 and 8 were drilled up to depths of 1.45 and 1.60 meters. Analytical results for the drill core are pending.
Airborne Geophysical Survey
An airborne magnetic survey covering 1592 line-km was also completed. Gold mineralization at Clone occurs within quartz-hematite/magnetite structures, with the iron oxides likely remobilized from hematite-rich andesitic volcanics that are common in the Stewart area. The airborne magnetic survey aims to delineate zones of magnetite enrichment, specifically targeting magnetite-bearing vein structures. The geophysical data are currently being processed and will be released along with the analytical results in the coming weeks.
CEO Mike England stated “The 2018 exploration program on the Clone was very successful in the discovery of two significant new mineralized veins which confirm the presence of widespread mineralization on the Property. The geochemical sampling, geophysical survey and backpacking drilling of the new discoveries has Sunvest very well positioned for a 2019 diamond drilling program to test a number of prospective targets on the Clone.
Quality assurance/quality control procedures:
All 2018 drill core was logged, photographed, cut and sampled by Ridgeline personnel. Prior to shipment to MS Analytical’s sample preparation facility in Terrace, B.C., certified reference material standards, blanks and field duplicates were inserted at a ratio of approximately one in every 20 drill core samples. Samples were prepared in Terrace by crushing the entire sample to 70 per cent passing minus two millimetres, riffle splitting off one kilogram and pulverizing the split to better than 85 per cent passing 75 microns. After preparation in Terrace, the prepared pulps were shipped to MS Analytical’s analytical laboratory in North Vancouver, B.C. The gold assays are determined by FAS-111 fire assay method which reports results in parts per million (equivalent to grams per tonne). Any samples with a fire assay that report gold concentrations equal to or higher than 10.0 g/t Au are analyzed by metallic screen method (Au-SCR24).
Base metal assays are determined by IMS-230 4-acid digestion with ICP-AES/MS finish method, which reports results as parts per million (ppm). All analyses that reach the overlimit of IMS-230 are reanalyzed with an ore-grade method. The analytical results are verified with the application of industry-standard quality control and quality assurance procedures.
Drill core from 1995 were re-sampled by quartering the core with a rock saw. In total 47 samples were submitted to ACT Labs along with 8 control (QA/QC) samples to validate the previous assays and improve the understanding of the Clone mineralization.
Discovered in 1995, Sunvest Minerals’ principal mineralized zone at the Clone Property is located 15 kilometers south of IDM’s Red Mountain Deposit. High-grade gold mineralization at the Clone project is associated with earliest-Jurassic age volcanic and intrusive rocks which formed during approximately the same metallogenic event as the Premier, KSM, Brucejack, Red Mountain and Dolly Varden gold-silver deposits in northwestern British Columbia. Gold mineralization at Clone occurs within quartz-hematite/magnetite structures, with the iron oxides likely remobilized from hematite-rich andesitic volcanics that are common in the Stewart area. Recent rapid glacial retreat in the area has exposed new gossans surrounding historic showings that have not previously been prospected.
Ed Kruchkowski, P.Geo, a qualified person under National Instrument 43-101, is the independent qualified person responsible for reviewing and approving the technical contents of this press release as they pertain to the Clone property.
Evening Star Project
Sunvest has an option to acquire a 100% interest in the Evening Star property. The property is located in the mining-friendly jurisdiction of Nevada and is made up of 820 acres, covering two historic, previously-producing mines: Evening Star and Gold Bug. It is also easily accessible through a network of dirt roads, and is only nine kilometers away from Highway 95.
The property has seen minimal historical exploration; a 1970 program was limited to partial geological mapping, rock sampling and drilling of one diamond drill hole with intercepts of 6.1 meters averaging 408 g/t silver, 14.88 percent lead, 4.7 percent zinc and 0.27 percent copper and 18.6 meters averaging 277.8 g/t silver, 9.73 percent lead, 5.36 percent zinc and 0.27 percent copper.
Sunvest began drilling on the property in June 2017, following a number of developments on the property including a Notice of Work from the Bureau of Land Management and the purchase of a data package for the property.
Sunvest announced preliminary results from the small drill program which included intercepts in one of the two holes returning values of up to 7.45 percent copper, 1.81 g/t gold and 138.0 g/t silver. Drill permits remain in place to cover multiple target areas on the property.
Moosehead North Project
The Moosehead North project consists of 165 claim units covering 10,230 acres (4,215 hectares). These tenures are to the southeast of, and on-trend to the northeast of SIC’s recently announced discovery hole (Sokoman Iron Corp. news release, Sokoman Assays Confirm High-Grade Gold Intersections at Moosehead Project, Newfoundland dated July 24, 2018)(“Sokoman News Release”) and are on-trend and adjacent to the claims recently announced by Pivit Exploration Inc. (CSE:PIVT).
A map of the Moosehead North Gold Project is available at
The northeastern claim block covers a NE-SE regional trend defined by a magnetic low that indicate prospective geological units. The northeastern claim block is interpreted to be underlain by Late Ordovician to Early Silurian-aged greywacke, conglomerate and sandstone, and greywacke intruded by granites and gabbro.
The southeastern claim block boundary is within 2.2 kilometers of Sokoman’s recently announced discovery drill hole. This block is interpreted to be underlain Late Ordovician to Early Silurian aged greywacke, conglomerate and sandstone, and grewacke intruded by granite and gabbro. Early to Late Silurian aged sandstone, siltstones and conglomerate (Botwood Group) also are interpreted to be intruded by younger (Early Silurian to Devonian) granite, granodorite and gabbro.
The Sokoman News Release disclosed an assay result of 44.96 g/t over 11.90 meters by way of drill hole MH-18-01 from 109.00 metres to 120.90 metres. True thickness is believed to be 80% of core length (see above referenced Sokoman News Release).
Alongside the Evening Star and Clone projects, Sunvest also has holdings in an additional three properties located in the mining-friendly jurisdiction of Ontario.
Roy mine project
The Roy mine project is a 288-hectare cobalt-silver property that sits 11 kilometers northwest of Elk Lake, Ontario. The mine was discovered in 1912 and it has produced silver, cobalt and copper since then. Recent exploration work on the property uncovered a vein nearby one of the three existing shafts. Samples taken included cobalt results varying between 0.45 percent to 7.19 percent cobalt and copper results of between 0.014 percent to 10.20 percent copper.
In February 2017, Sunvest granted an option to acquire an 80 percent interest in the project to Battery Mineral Resources Ltd.
McKinnon Hemlo-West project
In late March 2017, Sunvest acquired their McKinnon Hemlo West property, which is made up of five claim blocks adding up to 384 hectares sitting in the center of the Hemlo gold camp in Ontario. The property is directly adjacent to Barrick Gold’s (TSE:ABX,NYSE:ABX) open-pit mine in the region. The property is also supported by nearby infrastructure that includes the Trans-Canada Highway, a railroad and a powerline.
The Hemlo-West project is intersected by the renowned Hemlo Shear Zone, which is associated with gold mineralization that has seen mines produce 22 million ounces since 1985. Previous exploration has been conducted on the property and assay results included two gold intersections of over 1.0 g/t gold in diamond-drill core.
Foster cobalt project
The 512-hectare Foster project is a cobalt property that sits within the Sudbury mining jurisdiction in north-central Ontario. Historical grab samples returned 9.16 percent cobalt and 3.56 percent nickel.
Victor Bradley—Chairman and Director
Vic Bradley is a chartered accountant with more than 50 years experience in the mining industry, including more than 15 years with Cominco Ltd and McIntyre Mines Ltd in a wide variety of senior financial positions from Controller to Chief Financial Officer. Over the past 30 years he has founded, financed and operated several mining and advanced stage exploration and development companies, including Yamana Gold Inc, Aura Minerals Inc and Nevoro Inc (sold to Starfield Resources). He founded Yamana in early 1994, and served as President and CEO and then Chairman of the Board and Lead Director until 2008. He served as Chairman of Osisko Mining Corp from November 2006 up to its sale for $3.9 billion to Agnico Eagle and Yamana in June 2014. Osisko unlocked the porphyry gold target at Malartic and, in 6 years from first drill hole to commercial production, created the largest open pit gold mine in Canada.
Don McKinnon Jr—Director
Don McKinnon has been involved in the mining exploration industry since a very young age. Son of Don McKinnon Sr, of Hemlo fame, he has been actively exploring mining properties in Ontario and internationally. This includes having been involved in managing all aspects of exploration from property acquisition and grass roots exploration, to seeing projects through to the development stage. He also has an extensive network of business associates throughout Canada as well as internationally.
Mike England—CEO and Director
Mike England has been involved in the public markets starting in 1983 working on the floor of the Vancouver Stock Exchange as a floor trader after successfully completing the Canadian Securities, Options and Futures Courses. Since 1995 he has been involved directly with public companies serving various roles including investor relations, CFO, directorships and presidencies and has raised in excess of $50 million to date for exploration and acquisitions.
John Masters—CFO and Corporate Secretary
John Masters brings over a decade of experience working with public companies to the board. He is a Director, CFO and Secretary of Alix Resources Corp, CFO and Secretary of Ashburton Ventures Inc and a Director of Sienna Resources Inc.
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