Up Town Gold

General Description

The Up Town Gold Property (the “Property”) is a high grade Archean lode gold prospect adjoining the Giant Mine in Yellowknife, Northwest Territories. The Property consists of 6 claims covering 3,227 hectares and borders the west side of the Giant Mine leases. The Property centre is approximately 6km north from downtown Yellowknife, and adjoins TerraX Minerals’ Yellowknife City Gold Property. The Property is road accessible year round via the Ingraham Trail (Territorial Highway 4) which runs through the eastern portion of the claims. Gold was discovered on the Property in 1960 and two targets were explored intensively from 1963 to 1966. Small scale high grade mining was conducted at the Rod Vein in 1979. In 2011, the Property was restaked by Panarc Resources Ltd. and since then has been explored by Panarc, Manson Creek Resources Ltd. and North Sur Resources Ltd. who mapped, sampled, conducted geophysical surveys and drilled nine shallow (Winkie) drill holes into three of the targets. Silver Range Resources purchased the Property in 2016 and completed systematic property-wide lithogeochemical sampling, alteration mapping and airborne total magnetic field and radiometric surveys pior to optioning the Property to Rover Metals. In Q2-2021, Rover Metals re-optioned a 75% interest in the project to Melius Capital Corp. Rover Metals retains a 25% interest in the project.

2021 Exploration Plans

Melius Capital Corp. (“Optionee”) has planned a GeoPhysics and LiDAR mapping program as well as a diamond drill program at historic zones reporting high-grade gold. The drill targets will focus on three historic zones on the property.

NI 43-101 Report

For a a copy of the of the Up Town Gold NI 43-101 Report please access the SEDAR filings for Melius Capital Corp.

Mineralization

The Property covers eleven gold showings, collectively defining two corridors of structurally hosted high-grade gold mineralization sub-parallel to the shear zone hosting the Giant Mine Deposit (7.2MM oz Au averaging 16.0 g/tonne Au). The Fox South Shear is 1,100m west of the Brock Shaft at Giant Mine and consists of a reverse shear zone 10 to 70m wide mapped over a strike length of 500m. Grab samples from this zone have assayed up to 30.3 g/t Au and sawn channel sample results have returned up to 1.1m @ 2.20 g/t Au. Six drill holes have been drilled into the Fox South Zone with highlights including:

  • 4.14m @ 2.62 g/t Au
  • 2.13m @ 4.67 g/t Au
  • 9.10m @ average 0.32 g/t Au (incl. 1.0m @ 2.16 g/t Au)
  • 7.10m @ average 0.62 g/t Au (incl. 0.3m @ 5.12 g/t Au)

Further west, ten showings define a 4.5km long, 500m wide corridor of structurally hosted gold occurrences. Recent work and historic high grading focused on the Rod Vein. This is a laminated quartz vein carrying disseminated pyrite, galena, chalcopyrite and free gold hosted in a NNE striking, moderately SSE dipping reverse shear. The vein is 100m long at surface, up to 3.0m wide and rakes moderately NNE in the plane of the shear. It has been drill tested to approximately 20m. In 1979, 11.02t of hand-sorted ore grading 56.2 g/t Au was mined from the top of the vein. Recent surface sampling along the vein has yielded grab samples assaying to 318 g/t Au and best channel sample results of 1.20 m @ 17.27 g/t Au. Ten drill holes have been drilled into the Rod Zone with highlights including:

  • 2.22m @ 27.47 g/t Au
  • 1.84m @ 7.91 g/t Au
  • 3.30m @ average 3.73 g/t Au (incl. 0.3 m @ 35.00 g/t Au)
  • 3.40m @ average 3.30 g/t Au (incl. 0.3 m @ 32.60 g/t Au)
  • 5.40m @ average 4.28 g/t Au (incl. 0.9 m @ 22.10 g/t Au)

The other showings along the western zone are similar in structural style and type of mineralization.

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