AU – GOLD
Bonavista Resources Corp. (the “Company”) is an early-stage newly-incubated private gold exploration company focused on Newfoundland. The company was able to stake acquire a large land package on the Burin peninsula via staking and option agreements. The target will be low and high sulphidation epithermal gold deposits in this prospective but under-explored belt.
Discover economic epithermal deposits similar in style to the Hope Brook Mine, a high sulphidation deposit located in SW Newfoundland, in the same rock sequence as the Burin Peninsula. Hope Brook is hosted by rocks of the same age as the Burin, the age and type of alteration are both the same, and it is a high-sulphidation deposit of 11Mt @ 4.54 g/t Au (> 1.5 Moz Au).
1. Highly respected exploration team will be led by exploration geologist David Clark. David held most recently the position of Chief Geologist of Radius Gold and has experience in mineral exploration since 1999 on a wide range of deposits including epithermal precious metal deposits.
2. Exploration is heating up in Newfoundland as our neighbours to the Northwest, primarily Marathon Gold, are conducting significant work programs.
3. Highly prospective geology with little exploration, yet well recognised for its potential for hosting low and high sulphidation epithermal deposits.
4. Big land package (356km2 + 20km2 under option), covering most of the prospective geology on the Burin peninsula, and targeting significant known geochemical and geological anomalies.
5. Excellent jurisdiction: Strongly supportive provincial government with a rebate system in place for mineral exploration activities. The alteration systems on the Burin Peninsula are all close to the highway, power lines and tide water.
6. Low valuation means high leverage to success.
7. Strong financial backing by Plethora Private Equity.
8. Follow-up field program starting January 2019
A public listing (or private transaction) is envisioned for mid-2019.
Bonavista Resources is a newly incubated company by Plethora Private Equity. The company staked and optioned 376 km2 of claims in April. The exploration target is a high sulphidation epithermal gold deposit akin to the Hope Brook mine located in the same province. This mine was mined during 1987-1997 for a total of 750,000 ounces of high grade gold. Current owner First Mining Gold reports remaining resources close to a million ounces of gold.
Field crews were mobilized on the Hickey’s Pond area late September of 2018 in order to obtain channel samples. Results of these samples are highly significant with 20 meters of 9.34 grams per ton gold as best result. Other highlights are 5.8 meters of 18.47 grams per ton gold and 16 meters of 6.15 grams per ton gold. These results point to a powerful high sulfidation epithermal system with a significant high grade component. As significant is the observation that the quartz-alunite enveloppe surrounding the higher grade gold mineralization found in massive silica also hosts potentially economic gold mineralization.
A previously unknown body of mineralization was discovered under a thin layer of sedimentary cover. is breccia body shows significant copper mineralization: 7 meters of 3.68% copper. Early October a structural geologist of consultant SRK came to site to help us figuring out the possible geometry and structural controls of the mineralization. This data greatly enhanced our understanding of the structural controls and late stage deformation on a deposit and as well on a regional scale.
As the successful field program for 2018 came to a conclusion all efforts are now focused on preparing for the field program slated to start by late January of 2019. Work will encompass a large scale 3D IP program in order to outline more discrete massive silica bodies along trend and secondly the continuity of the broad quartz-alunite enveloppe surrounding these. On a regional scale a form of overburden drilling (pionjar) will be used to obtain geochemical information below boggy areas.