- Under option to Rover Metals (see news release dated August 30, 2016)
- High grade Archean lode gold adjacent to the Giant Mine on structures parallel to the Giant Shear Zone
- 3,387 hectare land package 100%-owned by Silver Range
- Excellent access & infrastructure
- Multiple drill ready targets
The Up Town Gold Property is a granitoid-hosted Achean lode
gold prospect located adjacent to the Giant Mine Property only 5 km from
downtown Yellowknife NWT. The project is
on the western boundary of the Yellowknife Greenstone Belt within a package of
Archean granitoids, metavolcanics and metasedimentary rocks. 8 gold bearing quartz veins and shear systems
have been identified on the property with historic resources and small scale
production at 2 sites. Recent drilling
has confirmed the high grade nature of the mineralization: 2.22 m @ 27.47g/t Au at the Rod Vein in 2013.
In 2015, Panarc Resources Ltd. conducted mapping; sampling including channel sampling; total magnetic field and very low frequency electromagnetic (VLF‐EM) surveys; and diamond drilling (4 holes).
At the Fox South Zone, work consisted of total magnetic field and VLF‐EM surveys on two grids (North and South) (20.7 line‐km), geological mapping and prospecting. The geophysical surveys mapped several rock units based on their apparent magnetic susceptibility and response character. Mapping and sampling established that the shear zone that it is approximately 60 m wide; and has a defined strike length of 500 m, open to the north but truncated to the south by an apparent diabase dyke. The best sample results were 30.3 g/t Au from the northern portion of the Fox South Zone and 12.05 g/t Au from a sample in the central part of the zone.
Four holes were drilled at the Rod Vein, three of which each intersected the vein and one was abandoned before hitting target depth. These results extended the known strike of the vein 35 m north of the edge of the 1979 production pit. Best results were 1.84 m @ 7.91 g/t Au from 15RD‐03 in the centre of the drill spread. The 1979 production pit was dewatered during the course of drilling operations and the Rod Vein was channel sampled in the north wall of the pit. All four channel samples returned grades in excess of 10 g/t Au with the best result being 1.20 m @ 17.27 g/t Au.