SAVANT LAKE GOLD PROJECT JV
Savant Lake Gold Project
Ethos Gold - Capella Minerals JV
Targeting High-Grade Gold Deposits in NW Ontario
The Savant Lake gold project is located 240km NW of Thunder Bay, Ontario, and covers 22,900 Ha (229 square kilometres) of underexplored but highly prospective stratigraphy for the discovery of high-grade iron formation- and shear-hosted gold deposits. Exploration activities to date have focused on seven known iron formation-hosted gold occurrences, with the highest gold grade showings (Horseshoe, Snowbird, L28) having never been drill tested and the remainder inadequately tested by historical drilling (see Company New Releases dated November 21, 2018 and December 2, 2019) . Airborne magnetic data also indicate that 60km of cumulative strike length of prospective, folded iron formations remain to be evaluated (with 90% of this strike length having either limited or no surface exposure). Shear-hosted gold occurrences have also been identified within flanking bimodal volcanic rock sequences.
On September 21, 2020, the Company announced the signing of an earn-in JV with Ethos Gold Corp. (TSX.V: ECC) in which Ethos has the option to earn-in to a 70% interest in the Savant Lake property in return for a combination of cash and share payments to Capella and work commitments totalling $2M over a 3 year period. An additional payment will be made to Capella upon the reporting of a National Instrument 43-101 (“NI 43-101”) compliant mineral resource of greater than 1 million ounces of gold. Final TSXV approval for the JV was received on October 22, 2020.
Project Snapshot
| Location | 240 km NW of Thunder Bay, Ontario |
|---|---|
| Ownership | 100% Capella Minerals Ltd. Ethos Gold Corp. option to earn 70%. 2% NSR to underlying vendors, 1% may be acquired for CAD 1M |
| Status | Exploration stage, drill ready |
| Deposit types | Primary targets are high-grade, iron formation- and shear-hosted gold Secondary targets are base metal-rich VMS deposits |
| Property Size | 22,900 hectares (229 square kilometres) |
| Host Rocks | Warclub (iron formation) and Jutten assemblages for Au targets Handy Lake and Jutten assemblages for VMS targets |
| Age | Precambrian |
| Commodities | Gold & base metals (Cu-Zn) |
| Access | All weather road and within 25km of CNR main rail line |
Other significant iron formation-hosted gold deposits in the broader Savant Lake district include Newmont’s Musselwhite mine and Centerra/Premier’s Hardrock deposit. Great Bear’s recent Dixie discovery is located in the nearby Red Lake district.
Location Map
Location of the Savant Lake mineral claims