In a news release dated November 29, 2021, Group Ten announced the Company had signed a definitive agreement with Heritage Mining Ltd. (“Heritage”) whereby, subject to the earn-in requirements specified therein, Heritage can acquire up to a 90% interest in the Black Lake - Drayton project.
- 137 km2 land package adjoining Treasury Metals’ Goliath Gold Complex which hosts 2.1 million ounces of gold and 3.5 Moz silver (M&I)
- 30km of underexplored Archean greenstone strike
- High-grade gold demonstrated in 127 drill-hole database, historic bulk samples
- 100% owned, low carrying cost, direct road access, close to rail and power
- Discovery and development of Rainy River lead the district in the 1990s, which is now over 10Moz and growing
The 100%-owned Black Lake–Drayton project was consolidated by the Company in five parcels as four option deals plus direct staking, providing Group Ten with 100% earn-in or ownership on more than 137 km2 and over 30 km of underexplored strike length in in the Abrams‐Minnitaki Lake Archean greenstone belt, along the northern margin of the Wabigoon sub-province. This highly-active gold belt is host to a number of well-known deposits including Goldlund-Goliath (Treasury Metals) and Rainy River (New Gold), both of which have seen substantial recent expansions.
Black Lake–Drayton Claims Map
*Goliath Gold Complex NI 43-101 mineral resource estimate as reported April 14, 2022 - https://www.treasurymetals.com/news/treasury-metals-announces-updated-mineral-resource-122752/
**References to adjoining properties are for illustrative purposes only and are not necessarily indicative of the exploration potential, extent or nature of mineralization or potential future results of the Company’s projects.
Group Ten’s work has distilled over 13 exploration target areas from the geophysical and geological work to date which includes 127 drills holes, multiple historic trenches, and more recent geophysical and geological work by the Company. The area is generally underexplored due in part to persistent but shallow ground cover that limited past exploration efforts. A 2013 airborne survey by Group Ten at Drayton was very effective in addressing this and revealed several compelling targets including a potential dilation zone.
Over 20 million ounces of gold have been discovered in the past ten years in the area with the Rainy River Gold Project and Osisko’s Hammond Reef leading the way. Within the region, Group Ten is focused on the Wabigoon (Rainy River) greenstone belt, an Archean greenstone belt, which hosts recent discoveries including Rainy River, Bayfield Ventures, Treasury Metals, Manitou Gold, Coventry Resources, Kesselrun, and Tamaka Gold. Archean greenstone belts in South Africa, Ontario, Quebec and elsewhere host some of the world’s largest and highest grade gold mines, including the neighbouring Birch–Uchi belt which hosts Evolution Mining’s Red Lake Mine.
While the Birch–Uchi greenstone belt saw development in the 1920s with the discovery of the Red Lake mine, the Wabigoon greenstone belt––parallel to and immediately south of the Birch–Uchi––was underexplored into the 1990s due to heavy ground cover, limited road access, and a lack of large discoveries. However, improved exploration techniques and new roads have brought attention to the area, led by the discovery and development of the Rainy River Gold Project.