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Overview: Launay Property
Location: The Launay property is located in northwestern Quebec, some 48 km northeast of the city of Rouyn-Noranda, Quebec (Figure 1).
|Figure 1: Location map of the Launay property in northwestern Quebec.|
Description and Ownership
The Launay property consists of 212 non-contiguous map designated claims that cover a total area of 95.8 km2 (Figure 2):
- 116 claims, 54.5 km2, were staked by and are 100% owned by Lakeside Minerals Corp.
- 29 claims, 11.7 km2 , are under option agreement to Lakeside Minerals Corp. to 100% interest, subject to property payments, work commitments and subject to a 2% NSR with buyback of 1% NSR for $1 million dollars
- 21 claims, 8.7 km2, are 100% owned by Lakeside Minerals Corp.; claims were purchased from Melkior Resources Inc. for company shares: 15 of these claims are subject to a 2% NSR with buyback of 1% NSR for $1 million dollars; the other 6 claims are subject to a 1% NSR with total buyback for $500,000
- 35 claims, 16.0 km2, are 100% owned by Lakeside Minerals Corp.; claims were purchased from Les Explorations Carat Inc. for cash payments and company shares; claims are subject to a 2% NSR with buyback of 1% NSR for $1 million dollars
- 11 claims, 4.5 km2, are 100% owned by Lakeside Minerals Corp.; claims were purchased from Jack Stoch Geoconsultant Services Ltd. for company shares, subject to a two percent (2%) GMR; the Company has the option of first refusal to buy back a one percent (1%) GMR.
- The Launay claim group is easily accessible by several secondary, gravel, and logging roads.
- The Launay property lies in the south-central portion of the Abitibi greenstone belt and is underlain by rocks of Archean age.
- The Launay property claims straddle the Macamic Deformation Zone (MDZ), also known as the Macamic Fault, a major regional northwest-trending deformation zone. Several of the gold showings in the region are associated with or in close proximity to the MDZ (Figure 2).
- Lacroix (1998) describes the MDZ as one of three major dextral-strike slip D2 faults in the south-central Abitibi greenstone belt.
- The MDZ is a steeply-dipping, brittle-ductile shear zone that has been traced over at least 150 km and is locally up to 5 km wide. The extent and width of the MDZ remains, however, poorly defined due to poor exposure (Labbé, 1994). There are several splay faults off the MDZ that remain poorly delineated. Horizontal dextral displacement may be up to 20 km. Deformation within the MDZ is generally homogeneous (Labbé, 1994).
- North of the MDZ are largely intermediate to mafic volcanic rocks of the Figuery Group. South of the MDZ are largely felsic to intermediate volcanic rocks of the Hunter Group (Figure 2).
|Figure 2: Simplified geological map of the area surrounding the Launay property. Shown are the Launay property claims: indicated claim blocks are Chavigny, Trojan, Privat, Freegold , Labreteche, and Rochette. Also shown are locations of known gold showings, collar locations of historical drill holes and approximate location of the Macamic Deformation Zone (MDZ). (Source: map from MRNF E-Sigeom Atlas; NTS map sheet 32D10; NAD83 UTM 17N)|
- The Launay property claims are largely underlain by a volcanic stratigraphy that includes mafic to intermediate volcanic rocks and ultramafic flows of the Figuery Group (Figure 2).
- Some claims (Rochette block) are partly underlain by tonalitic rocks of the Taschereau Batholith (Figure 2).
- Rock units within the MDZ are characterized by highly altered carbonate-sericite-chlorite schists cut by abundant quartz, calcite, and ankerite veinlets. Locally, in proximity to ultramafic flow, these highly altered schists are fuchsite-rich.
Several gold showings in the region of the Launay property are spatially associated with the MDZ and are of the shear zone-related deposit type (Figure 2).
On the Launay property claims, gold mineralization is reported in sheared and altered rocks within the MDZ or associated splays. The most common rock type within the MDZ are rusty highly altered carbonate-sericite-chlorite schists that are locally cut by abundant quartz, quartz-tourmaline, calcite, and ankerite veinlets. These schists are locally fuchsite-rich in proximity to ultramafic flows. Disseminated pyrite is ubiquitous. Gold also occurs in aplite dykes in the altered schists. These aplite dykes are locally cut by quartz-tourmaline veinlets, contain up to 15% disseminated pyrite and have locally undergone intense carbonate alteration.
Gold occurs commonly associated with pyrite and as native gold. Visible gold has been observed at several locations, in trenches, in drill core and in underground workings:
- "Visible gold associated with pyrite occurs in narrow, tourmaline bearing quartz stringers cutting the aplite dykes and carbonated tuffs." (Trojan block: 1946 GM00127A)
- "Visible gold was observed by the author in diamond drill holes Nos. 13 and 20; in trench No. 5, ... at 5 points across a width of 10 ft; [and in] trench 2. ... [Visible gold] always occurs in narrow, vitreous quartz stringers accompanied by coarse crystalline pyrite and often tourmaline, either parallel to or cutting across the schistosity of the altered tuffs." (Trojan block: GM00126)
- "In trench No. 2, considerable visible gold occurs in quartz veinlets and stringers cutting a 4-foot band of rusty, carbonated tuff. In some cases the gold appears to surround pyrite crystals." (Trojan block: 1946 GM00126)
- "Visible gold is reported by the company in 11 diamond drill holes, Nos. 1, 2, 3, 5, 6, 13, 18, 20, 25, 28, and 29." (Trojan block: 1946 GM00126)
- "It is remarkable that ... 16 intersections of free gold was obtained in 22 holes over a length of 1200 feet." (Trojan block: 1945 GM13967)
- "The quartz in this trench  contained a considerable amount of free gold. ... The results obtained in trench No. 3 and the free gold being found in other pits along strike, warrant development work being continued." (Privat block: 1949 GM00622)
- "Pyrite is the main metallic mineral with a scattering of chalcopyrite found disseminated throughout the schists and in the main shear. Free gold is present, finely disseminated in veins Nos. 4 and 7." (Labreteche block: 1937 GM 07079)
Gold on the Rochette claim block is associated with a northwest-trending quartz vein and quartz-porphyry dyke hosted within a basalt and andesite volcanic sequence. Mineralization consists primarily of disseminated pyrite, chalcopyrite, and to a lesser extent pyrrhotite, arsenopyrite, sphalerite, galena and visible gold. Mineralization appears confined to schistose inclusions in the quartz vein, vein margins, and to the dyke (GM 02528).
- "Diamond drill Hole No. 2 showed fine visible gold and returned $425.25 [416.67 g/t Au] over 28 inches at a depth (inclined) of 126'7" ... " (Rochette block: 1939 GM 07112)
The style of gold mineralization on the Rochette block does not resemble the shear zone-related mineralization on the other blocks of the Launay property. It may be more akin to gold showings associated with the Taschereau Batholith (Figure 2).
Historical Exploration Highlights
- Exploration work conducted in the general area of or on Launay property claims dates back to the late 1920's and up to 2010: it includes geological mapping, trenching, drilling, minor underground work, as well as geochemical and geophysical surveys. Much of the exploration took place during two main periods: late 1930's to late 1950's; and, 1984 to 1998.
- A very brief summary of historical exploration highlights, grouped by claim block, is presented below in Table 1. This section is based on information in the public domain and is available through the Ministère des Ressources Naturelles et de la Faune (MRNF) SIGEOM website (http://www.mrn.gouv.qc.ca/).
Table 1: Selected historical drill hole gold assay highlights on the Launay property claims.
A compilation of selected historical drill hole gold assay highlights on the Launay property claims and on adjacent properties is presented in Figure 3. Detail of historical drill hole gold assay highlights on the Trojan block are presented in Figure 4.
|Figure 3: Selected historical drill gold assay highlights on Launay property claims, highlights shown in red, and on adjacent properties, highlights shown in white.|
|Figure 4: Detail of historical drill gold assay highlights on the Trojan block of the Launay property: see Figure 3 for location of Trojan block.|
In addition to drill hole assay results, selected historical grab, channel, and bulk sample results are presented below in Table 2.
Table 2: Selected historical grab, channel and bulk sample gold assay highlights on the Launay property claims.
Launay Property Preliminary Exploration Update
In late 2011, Lakeside conducted a preliminary prospecting and geochemical sampling campaign on the Launay property. The purpose of the field work was to quickly visit the property and to confirm known mineralized occurrences with reported historical gold results.
A total of 37 grab and 7 channel samples were collected and delivered for gold and multi-element analysis to ALS Minerals Laboratory in Val d'Or, Quebec. Gold analysis highlights from rock samples collected from the Rochette, Labreteche, and Privat blocks of the Launay property are presented below in Table 3:
Table 3: Selected grab and channel rock sample gold assay results from preliminary exploration on Launay property claims.
Of the 44 samples collected, 11 samples assayed above 0.5 g/t Au, 5 samples assayed above 1.0 g/t Au, and 2 samples assayed above 10.0 g/t Au. The samples with the highest grades are 27.70 g/t Au, 12.55 g/t Au over 1 m, and 9.10 g/t Au.
These encouraging results confirm the presence of gold mineralization in occurrences with reported historical high grade gold assays.
The Company is currently undertaking work on the Launay project to generate drill targets.
The Launay property claims straddle nearly 16 km of the MDZ and at least 6 km of known splays off the MDZ. These 22 km of known deformation zone have the potential to host shear zone-related gold mineralization. In addition, there are other known areas of sheared, rusty, highly altered carbonate-sericite-chlorite schists located off the MDZ that remain to be clearly delineated (ex. Labreteche block).
Much of the historical drilling on the Launay property claims has been concentrated on the Trojan block, in an area 2.1 km long x 0.6 km wide straddling the MDZ. In 1945, of the initial 29 drill holes drilled, visible gold was reported in 11 drill holes.
Apart from the 2 km of the MDZ on the Trojan block, the remaining 20 km of deformation zone has sparsely been drilled, remains underexplored or has remained virtually unexplored (Figure 3).
The Launay project shows high potential for shear zone-related mineralization. Targeted historical exploration in the area of the MDZ has revealed several high grade gold occurrences in sheared, rusty, highly altered carbonate-sericite-chlorite schists that are locally cut by abundant quartz, quartz-tourmaline, calcite, and ankerite veinlets.
Much of the 22 km of deformation zone covered by property claims remains to be adequately tested for gold mineralization.
LABBÉ, J.-Y., 1994, Évolution des failles de la sous-province de l'Abitibi: exemple des discontinuités structurales de Lyndhurst et de Macamic, Québec. Ph.D. thesis, Université du Québec à Chicoutimi, 271 p.
LACROIX, S., 1998, Géométrie structurale et évolution tectonique de la ceinture de roches vertes de l'Abitibi (partie nord-ouest): l'influence des failles à faible pendage. Ph.D. thesis, Université du Québec à Chicoutimi, 450 p.
SIGEOM : Assessment Reports (GM)
GM 00622 - PRELIMINARY REPORT. 1949, Par HOUGH, A J. 6 pages. 1 microfiche.
GM 00126 - REPORT ON TROJAN PROPERTY. 1946, Par BARTLEY, C M, ROSS, S H. 2 pages. 1 map. 1 microfiche.
GM 00127-A - REPORT ON PROPERTY. 1945, Par BARTLEY, C M, ROSS, S H. 3 pages. 1 map. 1 microfiche.
GM 02528 - INSPECTION REPORT. 1937, Par ROSS, S H. 5 pages. 1 microfiche.
GM 07079 - GEOLOGICAL REPORT. 1937, Par PARKES, R E. 16 pages. 1 microfiche.
GM 07112 - REPORT ON GEOLOGY, SAMPLING AND DIAMOND DRILLING. 1939, Par CORBETT, H E. 9 pages. 1 microfiche.
GM 13967 - INTERIM REPORT ON WORKS. 1946, Par BANFIELD, A F. 9 pages. 4 maps. 2 microfiches.
These remarks may contain forward-looking statements relating to the Company's operations or to its business environment. Such statements are based on the Company's operations, estimates, forecasts, and projections, but are not guarantees of future performance and involve risks and uncertainties that are difficult to predict or control. A number of factors could cause actual outcomes and results to differ materially from those expressed. These factors include those set forth in the corporate filings.
Although any such forward-looking statements are based upon what management believes to be reasonable assumptions, the Company cannot guarantee that actual results will be consistent with these forward-looking statements. In addition, the Company disclaims any intention or obligation to update or revise any forward-looking statements, for any reason. We also do not commit in any way to guarantee that we will continue reporting on items or issues that arise.
Investors are cautioned that this presentation contains quoted historical exploration results. These are derived from filed assessment reports and compiled from governmental databases. The Company and a QP have not independently verified and make no representations as to the accuracy of historical exploration results: these results should not be relied upon. Selected highlight results may not be indicative of average grades.
This presentation may contain information concerning mineral properties in proximity or adjacent to the Company's properties. Deposits, mineralization or historical results on such nearby or adjacent properties is not necessarily indicative of mineralization or similar grades on the Company's properties.