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Duvay Zone Project - Gold Royalty
Duverny Township, Quebec (32 C/12)
Updated May 2015
Property Description and Location
The Duvay Project consists of 8 claims (347 ha) situated in Duverny Township, Quebec, covering lots 10 to 13 inclusive, range 8 and lots 2 to 4 inclusive and lot 13, range 9. The claims are located approximately 17 km northeast of Amos, Quebec and are accessible by an all-weather gravel road which joins directly to St. Maurice-de-Dalquier, 5 km to the south.
In November, 2011 the property was optioned through a third party to Tres-Or Resources Ltd. (‘Tres-Or’) subject to certain payments and retains a Gross Metal Royalty of 1.5% where the price of gold is at US$800/oz or less and of 2% when gold is over that price.
On January 6, 2015 Tres-Or announced that Secova Metals Corp. (“Secova”) had executed a term sheet to option up to a 90% interest in the Tres-Or’s Duvay Gold Project, comprising 105 claims including Globex’s Duvay property. Under the provisions of the term sheet and pending a definitive acquisition agreement, Tres-Or grants to Secova the sole and exclusive right and option to acquire a 65% right, title and interest in and to the Duvay claims by paying to the optionor the sum of $500,000 and incurring $3,750,000 in exploration expenses over a four (4) year period. Secova can earn the full 90% of the property (an additional 25% ownership) by funding a pre-feasibility study and making aggregate expenditures of $12 million to bring the property towards production.
On April 15, 2015, Globex provided consent to Tres-Or for the transaction, subject to the assumption of Tres-Or's obligations to Globex by Secova. Payment and royalty obligations to Globex must be maintained under the agreement.
History
Surface mineralization was first found between 1936 and 1939. Visible gold in quartz veins with minor chalcopyrite, pyrite and sphalerite was observed in both vertical and sub-horizontal vein systems associated with a large shear zone called the Duvay Fault. In 1947, a shaft was sunk to 35 m and 275 m of underground drifting was completed in order to further study the spectacular gold mineralization first encountered at surface. In 1985, Société Minière Sphinx Inc. acquired the property and in 1986 completed 17,000 m2 of stripping, 1,500 m of diamond drilling and took 3 bulk samples totalling 3,302 t which returned results at an average grade of 5.67 gpt Au. Due to difficulty in assessing the erratic free gold and vein systems, Sphinx completed another 65,700 m2 of stripping, performed 3,200 m of percussion drilling (1,040 holes), 7,718 m of diamond drilling (40 holes) and a series of 75 bulk samples, totalling approximately 20,000 m3, in 1987. In 1990, Sphinx mined and processed by heap leach, a 40,000 t bulk sample which was reported to grade 1.7 g (unconfirmed) from an open pit located just north of the Globex-optioned claims but within the same geological horizon. 11.3 kg of gold was recovered. An historic mineral resource estimate published by Sphinx reported approximately 6.5 Mt grading 2.06 g^pt Au. This estimate was completed prior to the application of NI 43-101 and is considered an historic resource..
Geological Setting
The property is underlain by the Harricana and Amos groups and composed principally of volcanic and volcaniclastic units varying in composition from mafic to felsic. Sedimentary units intercalate with the volcanics. Intrusive units consist of dykes and sills varying from ultramafic to mafic composition and batholiths of granitic to granodioritic composition. The local lithology is isoclinally folded with axial planes trending west-northwest and plunging 50o either north or northwest. Pillow tops indicate tops to the south showing that the property is on the south limb of the Soma anticline.
The principal zone of faulting and the parallel North Fault zone are both oriented at 300o and are the most important structural features on the property. The faults are 5 m to 20 m wide and are visible on surface over a strike length of at least 700 m. A zone of intense dolomitization, silicification, paragonitization and albitization coincides roughly with the fault zones giving the rocks an orange rusty appearance.
The most import gold mineralization is found associated with the principal fault and within the alteration halo. The mineralized zone averages 60 m in width, has a minimum length of 350 m and has been drilled to a depth of 200 m. Gold is principally in native form, is erratic and often forms spectacular occurrences in thin quartz veins, or can occur as small specks.
Property and Economic Geology
The property is principally underlain by mafic to intermediate flows and to a lesser extent pillowed and massive flows of the Amos subgroup. The principal schistosity strikes from 070o to 090o with sub-vertical dips. Small faults trending ENE, sub-parallel to S2 are also present. Pillow tops indicate tops to the south showing that the property is on the south limb of the Soma anticline.
Two systems of orthogonal tension fractures occur within the altered fault zones and contain auriferous quartz veins particularly at the intersections of the two fracture systems.
One vein system consists of vertical north-south veins while a second consists of shallowly dipping east-west veins. The two vein systems are interconnected, contemporaneous and form an envelope about 30 m wide on either side of the principal fault. Individual veins range from 0.02 m to 0.75 m thick and occur at a rate of 1 to 3 per m of unit thickness. Gold is found in the quartz veins as free gold as well as being associated with pyrite, chalcopyrite, sphalerite and rarely galena.
The most important gold mineralization is found associated with the principal fault within the alteration halo. The mineralized zone averages 60 m in width, has a minimum length of 350 m and has been drilled to a depth of 200 m. Early work returned values up to 469.8 gpt Au over 0.35 m, 76.8 gpt Au over 0.48 m, etc. Work by Sphinx returned similar results, 16.7 gpt Au over 1.30 m, 5.1 gpt Au over 1.3 m, etc.
Native gold is erratic and often forms spectacular occurrences in thin quartz veins, or can occur as small discrete spots of native gold. This deposit is difficult to evaluate owing to its considerable size, multiple vein structures and erratic free gold. Three bulk samples taken by Sphinx in 1986 clearly illustrate the difficulty in establishing a reliable grade estimate.
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SPHINX - 1986 BULK SAMPLES
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Sample 1
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Sample 2
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Sample 3
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Size (t)
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1,194.42
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1,007.99
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1,099.53
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Analysis 1 (Au gpt)
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30.00
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1.20
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2.81
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Analysis 2 (Au gpt)
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5.42
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1.50
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4.05
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Analysis 3 (Au gpt)
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1.13
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0.60
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1.55
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The average grade is 5.67 gpt Au for the total of 3,301.04 tonnes. A 36.3 t bulk sample taken in 1946 by Duvay Gold Mines graded 7.1 gpt Au.
In December, 2010 Tres-Or Resources reported results for the following chip and grab samples collected during structural mapping on the property:
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Sample #
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Au gpt
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Ag gpt
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% Cu
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% Zn
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3647
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199
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4.55
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0.75
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3643
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130
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45.8
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0.23
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0.03
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DVLLD#2
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3.01
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5.2
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1.31
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1.61
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3633
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1.20
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0.6
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0.03
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0.02
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3632
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1.07
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1.5
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0.01
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0.05
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DVLLD#1
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0.84
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1.0
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0.01
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0.01
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3642
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0.39
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0.5
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0.00
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0.00
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Conclusion
The Duvay Project contains a large gold localizing fault structure which after significant work has proven to be difficult to evaluate yet presents significant gold potential. Spectacular gold analyses have been produced from surface, diamond drilling and bulk samples. Due to the coarse, free nature of the gold, results are difficult to reporduce or evaluate with confidence.
Bulk sampling in the mineralized zone, milling tests as well as heap leaching testing have proven to be equally challenged in defining an average gold grade for the deposit.
The property merits further work in order to determine an overall gold grade and tonnage as well as continued exploration of the hosting structures.
arcoxia for pain
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