Engineering & Mining Journal

MAY 2019

Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr

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Page 57 of 83

56 E&MJ tMAY 2019 MINING IN QUEBEC Golden opportunities: the juniors hunting for the next major deposit Since winning discovery of the year at the ;SORU FRQIHUHQFH IRU LWV IODJVKLS Cheechoo gold asset, located in James Bay DPHUHNPIURP*ROGFRUSnV£OÃRQRUHPLQH Sirios Resources has continued conducting LQWHQVHH[SORUDWLRQUHDFKLQJPHWHUV of drilling on the property. By the middle of 6LULRV ZLOO SURGXFH LWV ILUVW UHVRXUFH estimate, and capacity at the camp is being LQFUHDVHG IURP WR SHRSOH ZLWK LP- provements to road access allowing machin- ery to be transported to the site directly any- time of the year. Dominique Doucet, founder and CEO of Sirios, believes Cheechoo has the potential to host at least 3 million oz of gold, and is bullish on its chances of becoming a VLJQLILFDQWPLQHLQWKHIXWXUHo,FRQVLGHUWKH probability of a mine being developed from WKHSURMHFWWREHJUHDWHUWKDQZKLFKLV UHPDUNDEO\ KLJK FRQVLGHULQJ WKDW WKH SURE- ability of a grassroots project moving into SURGXFWLRQLVIDUEHORZp Another junior with ties to Goldcorp in James Bay is Eastmain Resources, which operates three different projects in northern 4XÃEHF(DVWPDLQnVIODJVKLSDVVHWLVWKH(DX Claire project on the Clearwater property, for which a preliminary economic assessment 3($ZDVLVVXHGLQ0D\(DVWPDLQnV VHFRQGDVVHWWKH£OÃRQRUH6RXWKSURMHFWLV held in a joint venture agreement with Gold- corp and Azimut. Describing the six targets WKDW WKH FRPSDQ\ LV FXUUHQWO\ ZRUNLQJ RQ &ODXGH/HPDVVRQ(DVWPDLQnVSUHVLGHQWDQG &(2VDLGo:HDUHWUHQFKLQJVWULSSLQJDQG GULOOLQJ 7KH YLVLRQ LV WR FRQWLQXH ZRUN RQ these targets, leading to further discoveries, and advance the project itself through pre- GHYHORSPHQWp 2QHRIWKHODUJHUPDUNHWFDSMXQLRUVRSHU- DWLQJLQ4XÃEHFLV3UREH0HWDOVIRUPHGDV a result of the sale of Probe Mines Limited WR*ROGFRUSLQ0DUFKIRURYHU& PLOOLRQ,Q3UREH0HWDOVDFTXLUHGDOO of the outstanding common shares of Ad- YHQWXUH*ROGWRFUHDWHDZHOOIXQGHG4XÃEHF and Ontario-focused gold explorer and devel- oper. The aim of the acquisition was to at- WDLQILQDQFLQJWRUDSLGO\DGYDQFHWKH9DOGn2U East project, which Probe Metals has real- ized, with a shareholder base consisting of SOD\HUVVXFKDV*ROGFRUS/D&DLVVHGHGÃSÎW HWSODFHPHQWGX4XÃEHFDQG6,'(;DPRQJ others. Marco Gagnon, executive VP of Probe Metals, detailed the mineralization found at 9DOGn2U (DVW o:H KDYH DOUHDG\ LGHQWLILHG numerous gold zones, which are character- ised by sulphide-bearing, quartz-tourmaline veins typically associated with mineralized GLRULWHG\NHVp $GGLQJWRWKHOLVWRI9DOGn2UVXFFHVVVWR- ries is Golden Valley Mines that has applied a unique and demonstrably successful fund- LQJ VWUDWHJ\ IRU LWV SURMHFWV o2XU EXVLQHVV model is quite different as we do not spend our own money on exploration, with the joint venture partner having the obligation and UHVSRQVLELOLW\ WR SURYLGH DOO RI WKH IXQGLQJp stated CEO and president Glenn J. Mullan. *ROGHQ 9DOOH\ 0LQHV KDV DERXW projects and focuses on gold, precious met- als, energy minerals and base metals. The company has projects across Canada and abroad but mostly focuses on Ontario and 4XÃEHF ZLWK SURMHFW H[SHULHQFH IURP WKH 1XQDYLNUHJLRQWR/DEUDGRU-DPHV%D\DQG the Abitibi region. Brownfields: capitalizing on old merits The prospects of the next major discovery will always be seductive enough to guaran- tee a level of greenfield exploration, but re- VRXUFH FRPSDQLHV DQG LQYHVWRUV DOLNH KDYH become more cautious with their dollars and PDQ\IDYRUEURZQILHOGSURMHFWVDVDORZULVN option. With the mining sector still recover- ing from the latest dip in the cycle, and with cannabis as well as cryptocurrency diluting the investor wellspring, brownfield explora- WLRQZLOOEHFULWLFDOLQPDLQWDLQLQJ4XÃEHFDV a leading mining investment destination. ([SORUHU &DUWLHU 5HVRXUFHnV VLJQDWXUH business model is to acquire projects that has demonstrated their mineralized endow- ment at a time when drilling was conducted ZLWKLQD]HURWRPHWHUUDQJH2QFHKDY- ing acquired these projects, the company upgrade the database into a digital platform to better understand the characteristics of the mineralization in order to design an ap- propriate and modern exploration program. &DUWLHUnV VWUDLJKWIRUZDUG EXVLQHVV PRGHO has been successful and attracted much at- WHQWLRQIURPLQYHVWRUVo,Q'HFHPEHU -RKQ%XU]\QVNL&(22VLVNR0LQLQJ

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