- Seven iron formation gold occurrences
- Located 70 km east of proposed Grays Bay Road
The Happy Thought Property consists of 3 claims covering 2,596 hectares located 555 km NE of Yellowknife and 270 km SE of Kugluktuk (Coppermine). It is accessible by float or ski plane using a lake in the southwest portion of the claim block. The property is approximately 70 km east of the proposed Grays Bay to Contwoyto Lake road.
The Happy Thought Property is underlain by Archean Yellowknife Supergroup rocks of the Hood River Sedimentary Belt. These consist of greenschist to amphibolite grade metamorphosed turbidites, iron formation and rare tuffaceous sediments. Exploration in the property area includes work by Roberts Mining Company in 1963 and programs by Echo Bay Mines Ltd. and Silver Hart Resources Ltd. in the 1980’s. The property covers seven NUMIN gold occurrences, hosted primarily in sulphide-facies iron formation embedded in at least three regional-scale silicate facies iron formation units. The iron formation ranges from 5 to 20 m thick and sulphide iron formation is intermittently developed within it over strike lengths of up to 1.1 km. Gold occurs with pyrrhotite, pyrite and arsenopyrite, with historic sampling typically grading from 1 to 5 g/t Au. The PTS showing (NUMIN showing 076KNW0009) is hosted in a 20 to 100 m thick felsic tuff, traced for 6 km and sulphidized for much of its length with up to 30% pyrrhotite, pyrite and arsenopyrite. Historical grab samples of this material returned assays up to 13.44 g/t Au. Cursory sampling here by Silver Range during staking recovered arsenopyrite-rich iron formation samples grading up to 3.10 g/t Au.