Located approximately 80 kilometres southeast of Quebec City, Lithium One Metals has agreed to acquire 100 per cent of the Bellechase-Timmins Gold Project. Comprising of 38 claims, the project contains a historic mineral resource of 171,000 ounces of gold at an average grade of 1.83 g/t gold in the indicated category. It also includes an additional 95,000 ounces at an average grade of 1.36 g/t gold in the inferred category. As well as the Champagne VMS deposit, the Beland gold occurrence and some other assets.
The Property has been the subject of extensive geological evaluation between 2009 and 2012, resulting in the Report of SGS Canada Inc. dated June 18, 2012., released by Golden Hope Mines Ltd., on such date. The company is planning to begin work on this promising venture in partnership with GoldSpot Discoveries.
The Bellechasse area has a well-developed and fully integrated infrastructure including an excellent network of well-maintained all-weather roads, three-phase hydroelectric transmission lines, schools, clinics and hospitals. The larger villages have grocery and hardware stores with major national chain outlets in Ste-Justine and Lac Etchemin.
Delta holds 100% interest in 138 claims constituting the Bellechasse-Timmins Gold Project. The claims are in two blocks, covering 5,297.91 hectares, and include all the prospective geological environments surrounding the deposit and its strike extensions, as well as ground believed to be favorable for similar mineralization along a strike length of approximately 17 km. Also included within the claim group, but not the subjects to the report, are the Champagne Cu, Pb, Zn and precious metals deposit and the Colfax gold showing.
In addition to the mining assets, Lithium One Metals also acquired the surface rights of The Bellechasse-Timmins property which comprises cadastral lots 5-068-011 and 5-068-012 located in Range Saint Joseph of the Municipality of Saint Magloire, Quebec.
The discovery of auriferous placer deposits in the Beauce region in 1846 led to the first discovery of the Eastern Metal deposits (mag- matic nickel-copper) in 1949 in the region of the Bellechasse-Timmins property. In 1950, the Champagne deposit (massive copper-zinc mineralization) and the Ascot Au mineralization were discovered within 4 kilometres of Bellechasse-Timmins Deposit.
In 1951, auriferous quartz veins were identified on the Bellechasse-Timmins claims (CL G083581 and CL 1722453). Since then, numerous work programs have been conducted in the area of these claims to further evaluate the extent of the Au mineralization of the Bellechasse-Timmins Zones. From 2009 to 2012, Golden Hope Mines was especially proactive with several exploration campaigns down-the-hole hammer drilling and diamond drilling. All the claims are in good standing until the next renewal date February 1, 2022.
Gold mineralization occurs on the Bellechasse-Timmins Property in quartz-filled breccias in the albite diorite and in quartz-filled structures in volcanoclastic rocks into which the diorites intruded. Both brecciation and mineralization seem related to fluid injection that is likely a result of collision between the African and North American continental plates during the development of the Appalachian fold belt.
The 2012 SGS’s NI 43-101 (entitled: “Bellechasse-Timmins Property, Resource Estimate, Southern Quebec”) in situ indicated resource is of 171,000 ounces (2.905 million tonnes grading 1.83 g/t), inferred resource is 95,000 ounces gold (2 173 million tonnes grading 1.36 g/t Au) using a cut-off grade of 0.60 g/t. The 2012 mineral resource estimate is considered as a historical mineral resource estimate.
SGS Geostat tabulated the resource estimate using uncapped composites. Their findings were an in situ indicated resource of 313,900 ounces gold (2.9 million tonnes grading 3.36 g/t Au), along with an inferred resource of 102,000 ounces gold (2.17 million tonnes grading 1.46 g/t Au) using a cut-off grade of 0.60 g/t and cap- ping at 30 g/T.
SGS Geostat also estimated an in-pit resource. The selected base case in-pit indicated resource is 23,740 ounces gold (360,900 tonnes grading 2.05 g/t Au), inferred resource is 7,330 ounces gold (114, 400 tonnes grading 1.99 g/t Au) using a lower cut-off grade of 0.60 g/t based on a Whittle-optimized pit shell simulation using estimated operating costs and a gold price of CAD$1,325 per ounce.
Drill core samples and rejects will be subject to mineralogical studies and bench testing. This will help delineate alteration zones, mineralogical associations and zoning which, in turn, will help determine the migration of the original hydrothermal fluids.
Lying in the northeast extent of the Exploits subzone (Dunnage zone) of central Newfoundland, this enticing project is underlaid mostly by the Ordovician Dunnage Melange and Badger belt. The Exploits subzone area trends 200 km northeast/southwest across the island of Newfoundland and hosts most of the province’s significant gold deposits.
This includes Marathon Gold’s Valentine project, which hosts 3.09 million ounces measured and indicated at 1.75 g/t. The Parkview/Knights Melange projects’ gold mineralization are hosted by rocks of the Badger Group. Gold mineralization is associated with arsenopyrite, pyrite, stibnite, chalcopyrite, galena within quartz+/- carbonate-sericite-altered shales, greywacke’s, conglomerates, felsic dykes and mafic volcanic rocks.
The Company will earn 100% interest in the 5575-hectare (223 map staked claims) Knights-Melange claims. The projects are adjacent to the Ethos Gold’s Too Good Arm property and to King Global Venture’s Golden Nugget Property.
The Parkview project covers 4.5 sq km’s of prospective geology that host numerous gold occurrences on New World Island. Gold mineralization is present in quartz +/- carbonate +/- sulphide +/- visible gold veining and stockwork fracturing of conglomerates, greywacke’s, black shales, mafic volcanic and felsic dykes.
Rubicon Minerals, Manson Creek, and Candente Resources worked the area from 2002 until 2011. The companies discovered numerous (29 documented MODS) gold showings in outcrop throughout the whole 28 km long prospective trend. 11 of the 28 showings contain spectacular coarse and fine gold in outcrop or subcrop which assayed up to 510g/t Au.
Multiple other gold showings have been found throughout the area but have never been named or documented. Assays from these other showings have assayed up to 12oz/t Au.
Historic work adjacent (within 180m) to the Parkview claims include grab and chip sampling, with a one metre chip sample of silicified felsic dyke assaying 1699 ppb gold.
Adjacent silicified greywacke returned 2423 ppb gold. Narrow centimetre wide quartz veining is present with coarse and fine arsenopyrite present in both rocks (Quinlan, 2001). In 2003, Howse reported that a grab sample (Sample no. 13356) of silicified siltstone containing 4 to 5 percent arsenopyrite and pyrite returned a gold value of 1897 ppb gold.
Stefan Kruse of Terrane Geoscience (in Quinlan 2012 [002E/10/1839] describes the prospect as follows; “The DZ Zone is characterized by sparse quartz + ankerite veins hosted in an approximately 10 m wide late brittle fault zone. Minor faults within the zone strike both 0-180 degrees and 120-300 degrees. The main fault zone appears to follow the 120–300-degree orientation.
Other grab samples taken nearby returned the following results.
| Sample No. | EAST | NORTH | Gold(ppb) | Description |
| 13355 | 662812 | 5488682 | 642 | qtz breccia; sil. siltstone |
| 13352 | 662808 | 5488673 | 770 | altered siltstone |
| 13361 | 662779 | 5488692 | 806 | silicified siltstone |
| 13362 | 662779 | 5488689 | 546 | silicified siltstone |
| Sample No. | North/East | Gold (ppb) |
Description |
| 13355 | 5488682 N 662812 E |
642 | qtz breccia; sil. siltstone |
| 13352 | 5488673 N 662808 E |
770 | altered siltstone |
| 13361 | 5488692 N 662779 E |
806 | silicified siltstone |
| 13362 | 5488689 N 662779 E |
546 | silicified siltstone |
The Knights-Melange Project covers 55.75 sq kms of the very prospective Dunnage Melange within the Dunnage Zone. The Knights-Melange property has seen limited exploration. The limited sampling by the vendors include assays from outcrop assaying up to 4.5g/t Au within the Melange. Other samples in the area have assayed from 1.5g/t Au to 3.5g/t Au. Sampling from the southwest end of the claims have assays up to 0.90g/t Au in a sediment-porphyry contacts.
Altima Energy Inc. Corporate Office
Box 4, Suite 303, 595 Howe Street, Vancouver, BC V6C 2T5 Canada
T +1-604-336-8610 • F +1-604-718-2808
Investor Contact:
Email: info@altimaenergy.com • Toll Free: +1-855-584-0258
© Copyright – Altima Energy | Site Design by NextPhase Strategy Marketing
