Suffield Mine - Au, Ag, Cu, Zn, Pb Optioned
Ascot Township, Quebec (NTS 21E/5)
The property is located four miles (6 km) southwest of Sherbrooke, Quebec, Canada and consists of 12 mining claims, covering 892 hectares.
The property is owned 100% by Globex.
In 2006, Globex optioned the property to Silver Capital AG in exchange for cash and share payments, 100,000€ of exploration work over 3 years and 3% Net Metal Royalty. Silver Capital AG is in default of its obligations under the agreement.
The property is situated on the northwest flank of the overturned Sherbrooke Anticline, which is dissected by series of thrust faults. The area=s two distinctive lithological formations are the felsic to intermediate volcanics and schists of the Ordovician-aged Ascot Formation and, sediments of the Siluro-Devonian-aged Francis Group. Both units are intruded by small ultramafic, granite, diorite and lamprophyre bodies. The property=s stratigraphic sequence, from west to east, consists of a sedimentary assemblage capped by a thick sequence of sericite schists and porphyritic rhyolite.
Disseminated and volcanic massive sulfide mineralization occurs at a sediment-volcanic contact. Mineralization consists chiefly of sphalerite and pyrite, with lesser amounts of chalcopyrite and galena. Mineralization appears to be controlled in part by rolls and dips in the contact surface. A sample at the Silver Star Zone assayed 12.5% Cu, 408.1 g/t Ag and 46.3 g/t Au. A mineral resource of 540,000 tonnes grading 7% Zn, 0.9% Cu, 0.5% Pb, 91 g/t Ag and 0.27 g/t Au still exists at the Suffield Mine.
The claim group contains two past mineral producers (the Suffield King and Howard Mines) and several prospects (the Silver Star, North Howard and No.4 Shaft zones). The property experienced intermittent mining activities from 1863 to 1956. From 1949 to 1956, Ascot Metals Company developed the Suffield Mine No.3 Shaft. Production totalled 600,000 tons grading 6.5% zinc, 0.8% copper, 0.45% lead, 2.5 opt silver and 0.007 opt gold. The mine closed prior to the completion of the No.4 Shaft.
SOQUEM carried out geological, geochemical and geophysical surveys and diamond drilling in 1968 and 1969. In 1972, Lynx Canada Exploration drilled three short holes which confirmed the Suffield results. In 1985, Copper Stack Resources Ltd. completed geophysics and drill follow-up on the Silver Star zone. A total of 2,116 feet in six drill holes were put down. An IP survey was carried out by Spartan Mining Ltd. in 1987.
The property was optioned in 1989 by Noranda Exploration Company, Ltd., which completed a program of combined geophysical (magnetometer and VLF-EM), geochemical and geological surveying, trenching and diamond drilling for a total of 2,632 metres in 19 drill holes. During 1990, an additional 1,627 metres of drilling was completed with four drill holes. The Noranda=s drilling encountered significant gold and base metal mineralization.
No work has been undertaken on the claims since 1990.