Status

Tier 3 Project, available for Option

Target

Archean orogenic ("lode") gold in the famous Red Lake mining camp which has produced over 25 million ounces of gold.

Location and Setting

The Property is located approximately 20 km northeast of the community of Red Lake, northwest Ontario, and is easily accessible via an all-weather road.

Location map of the Black Bear Property and Evolution Mining Red Lake mine complex.

Land Status

The 100% owned Black Bear Property consists of 97 unpatented claims totalling 1,988 hectares.

Geology and Mineralization

The Black Bear property covers a portion of the northeast extension of the East Bay Deformation Zone (EBDZ) in the historic Red Lake gold camp. The EBDZ is a major NNE-striking structure which hosts several known gold occurrences including 3 past producers, of which the Cochenour-Willams mine with 1.24 million ounces of historical gold production is the most significant.

The Black Bear property was acquired on the basis of its strategic location on the projected extension of the EBDZ between the mineralized zones on the East Bay property (Evolution Mining) which hosts a 2005 resource estimate of 1.4 million tonnes grading 8.0 g/t gold and the Sidace Lake property (Pacton Gold / Evolution Mining JV) which hosts a 2009 resource estimate of 1.7 million tonnes grading 3.0 g/t gold, both of which are being actively explored. There had been little previous work on the Black Bear property and there were no known gold showings, which is likely due to the extensive overburden.

The Property was optioned to Goldcorp in late 2003 and it spent $1.4 million over two years on Black Bear under an option agreement which Goldcorp terminated in 2006. A detailed airborne magnetic geophysical survey was flown over the entire Property to map bedrock features that might reflect gold-bearing structures and several structures were defined by the survey. A 3,000-metre diamond drilling commenced in April 2004 to obtain basic geological information and provide an initial evaluation of the gold potential of the property.

Goldcorp's drilling produced two new gold occurrences and several prospective geological environments. The first gold occurrence was discovered on the western part of the property, where one core sample yielded a grade of 14.9 g/t Au over 0.30 m. The second gold occurrence was discovered in a shear zone on the north-central part of the property, approximately 4.5 kilometres NE of the first gold occurrence. This shear zone, characterized by strongly foliated and chloritized volcanic rocks, contained quartz stringers with 10-20% pyrite assaying 1.73 g/t Au over 1.22 metres. Three holes were drilled to follow up on this intersection. All three holes intersected anomalous gold values with the best additional assay being a value of 1.8 g/t over 0.40 m. In 2022 MetalCorp completed six holes in follow up to these previous results, with several narrow zones of anomalous gold mineralization intersected, including 1.7 g/t gold over 2.0 meters in hole BB21-22.

Geology map of the Black Bear Property

Total field magnetic map of the Black Bear Property

Proposed Exploration Program

A detailed airborne magnetic survey to facilitate a new structural interpretation. Followed by an overburden RC drilling program to outline gold trends in in till beneath the thick overburden followed by diamond drilling.

Agreement and Terms

The property is 100% owned.