The Munro-Croesus Gold Project is located approximately 75 kilometers (47 miles) east of Timmins, Ontario along Highway 101. This large, 100% owned land package includes the past-producing Croesus Mine, which yielded some of the highest grade gold ever mined in Ontario. The highly-prospective geology is proximal to the Porcupine-Destor Deformation Fault Zone and Pipestone Fault and located approximately three kilometers (1.9 miles) northwest and along trend of the Tahoe Resources Inc.’s Fenn-Gib gold deposit.
||Matheson, Ontario, Canada
||Exploration Planning for Future Drilling
||340 hectares (840 acres)
||Porcupine-Destor and Pipestone Faults
||Ultramafic sequences and Porcupine sediment-volcanic contact with high angle, north to northeast cross structures
|Main Economic Elements
Geological and Structural Setting
- The Project is associated with the Porcupine-Destor Fault Zone , a significant regional feature, which traverses northern Ontario and Quebec and has collectively produced over 110 million ounces of gold.
- The historic Croesus Mine, located on the project property, is famous for its bonanza grade gold production and five Croesus mine gold specimens currently held by the Royal Ontario Museum in Toronto, Canada which, collectively, weigh 85 pounds and contain 480.7 ounces of gold or 11,310 ounces gold per short ton (387,771 grams per tonne).
- Prior to acquisition by Constantine, the Croesus mine property had been in private hands since its discovery in 1914 except for a few brief option periods to publicly traded companies.
- In 2007, Constantine acquired a 100% interest, subject to a net smelter interest, in the 13 patented mining claims, two Crown mineral leases and two unpatented mining claims of the high-grade gold property, including the past-producing Croesus Mine.
- The main structural feature in the region is the Porcupine-Destor Fault Zone that extends for approximately 200 kilometers (124 miles) westward from Destor (Quebec) to Timmins (Ontario) and has an area of influence up to 10 kilometers wide. In the region of the Project, the Porcupine-Destor Fault Zone exhibits a large-scale flexure or bend associated with two major splays referred to as the Pipestone Fault and the Munro Fault.
- Detailed mapping of the Munro-Croesus property in the 1970s by Constantine President Garfield MacVeigh has set the stage for the current understanding of controls on the exceptionally high-grade mineralization.
- Drilling by Constantine in 2008 and 2009 (approx. 2,800 meters total) identified key alteration and new high-grade gold veins at depth below the mine workings and across the Croesus fault.
- Further drilling by Constantine in 2011 (7,280 meters) identified several new zones of high-grade gold mineralization and key alteration in the immediate Croesus mine environment as well as, the greater Croesus property which shares many geological similarities which classic Archean gold systems. Results include:
- 4.10 meters grading 18.79 g/t gold
- 1.24 meters grading 18.03 g/t gold
- 1.34 meters grading 11.87 g/t gold
- 0.22 meters grading 43.00 g/t gold
- These intersections highlight the potential for more high-grade ‘Croesus type’ ore that was mined historically to a depth of only 40 meters which could be accessible by a shallow (< 50-meter-deep) open pit.
First Nations Agreement
- Constantine Metal Resources Ltd. and the Wahgoshig First Nation (“Wahgoshig”) maintain an Exploration Agreement on the Company’s Munro-Croesus Project, which lies within the Wahgoshig Traditional Territory.
- The primary purpose of the Agreement is to establish the foundation for ongoing communication with the Wahgoshig community during the exploration process while respecting their culture and heritage.