Parbec Deposit - Gold Optioned
Malartic Township, Quebec (NTS 32D/01)
Updated August 2016
The Parbec Gold property consists of 11 cells (229 hectares) covering the south half of lots 9 to 11 and lots 12 to 15 inclusive on Range 2, Malartic Township, Quebec.
Globex owns 100% interest in the property. In January 2015, Globex optioned the property to Renforth Resources Inc. for $550,000 in cash, $4 million in exploration work and 2 million Renforth shares over 4 years. Should Renforth earn 100% interest in the Parbec Property, Globex will retain a sliding scale Gross Metal Royalty of up to 2%. (See February 4, 2015 Globex press release)
The property is easily reached via a gravel road extending westward for 3 miles from the town of Malartic, Quebec.
The Parbec property is favourably situated within the Malartic Val d'Or gold mining camp of northwestern Quebec. It is located in close proximity to former gold producers such as the East Malartic and Barnat mines.
The main mineralized zones occur throughout a series of stratigraphically continuous mafic lapilli tuff horizons lying south of the northern contact of the Cadillac Break and within fractured, quartz veined and silicified areas of the dioritic and feldspar-porphyry intrusive bodies. Mineralization has also been noted in silicified, brecciated and bleached sections of the greywacke along the southern contact of the Break. Further indications of mineralization occurring along the sheared northern contact of the volcanic sequence may represent a major splay fault off of the main Cadillac Break.
The mineralized tuff horizons have been correlated east and west of the Camp Zone Area along a strike length of approximately 600 m. The average width of the mineralized zones is 1.9 m. The bulk of mineralization intersected by drilling is contained in the Camp Zone area, over a strike length of 150 m and to a depth of 150 m and within the Discovery Zone area over a strike length of approximately 90 m to a depth of 90 m.
Exploration and Development.
Drilling completed in 1989 indicated that there is a good possibility of establishing continuity among the known zones, investigating them at depths below 150 m and testing the strike extensions of the western portion of the Camp Zone Area and the eastern portion of the Discovery Zone Area. This potential was confirmed with a later drill program consisting of 5 holes for a total of 1,470 m within the Camp Zone Area. Assays returned values at 190 m depth including; 0.11 oz/ton Au over 1.5 m, 0.25 oz/ton Au over 1.4 m and 0.181 oz/ton Au over 3.5 m.
A 580 m long underground ramp was completed at the property by previous operators. It was designed to intersect Zones 1, 2, 3 and 4 of the tuff horizon in the Camp Zone Area at an approximate vertical depth of 100 m. A parallel drive to the mineralized tuff horizon within the mafic volcanics on the north side of the Cadillac Break was recommended at the time but not undertaken.
In 2007-2008, Globex conducted a Mag and VLF survey and initiated a drilling campaign totalling 3,722 m. This drilling revealed numerous intersections in the order of 1-3 gpt over 1 to 1.5 m, the best intersections were 2.35 gpt Au over 4.35 m and 7.34 gpt Au over 1.5 m.
Savant Exploration Limited completed an 8 hole diamond drilling program in 2010. Highlights of this program included; 19.25 gpt Au over 2.9 m (Camp Zone) in hole 1; 3.68 gpt Au over 1.45 m (Central Veins) in hole 2; 1.82 gpt Au over 38.9 m including 28.8 gpt Au over 1.5 m and 2.28 gpt Au over 12.4 m including 5.7 gpt Au over 3.0 m (both in Central Veins) in hole 5; and 16.2 gpt Au over 1.5 m (Central Veins) in hole 8.
In 2015 Renforth completed field examinations, data compilation and re-interpretation at the Parbec project, announcing an Exploration Target which modelled a mineralized zone comprising a range of tonnes between 1,200,000 and 1,700,000 t at a gold grade range of 4 to 6 gpt Au, for a range of potential contained of gold between 176,400 oz and 360,000 oz. Renforth stated that the potential quantity and grade is conceptual in nature and insufficient exploration work has been done to date to define a mineral resource and it is not certain that future exploration will define all or part of the target as resource. The exploration target is situated in the known Camp Zone and a small portion of the #2 Zone. See Renforth Resources Inc. press release, Sept. 8, 2015.
Later in the year Renforth redefined mineralization at Parbec and identified 5 mineralized zones of interest characterized by structural and intrusive or volcanic lithological features. In December Renforth reported results of a sampling program to identify new mineralized zones at Parbec. Renforth describes sampling “designed to confirm the presence of gold at surface in rock types not previously considered in the historical resource for the property.” The historical resource is defined largely in the Camp Zone, whereas the new samples were taken from porphyry-, diorite- and felsite-related mineralization on surface. Renforth tested samples with fire assay and Bottle Roll cyanide leach to comparatively highlight the presence of free (coarse) gold. 7 samples were obtained from mineralization in felsite, porphyry and diorite lithologies at 6 different surface locations on the Parbec Property, reporting anomalous mineralization ranging to 0.99 gpt Au.