All data posted was accurate at the time of the posting, but may be superseded by subsequent disclosure.
Date Updated: August 13, 2010
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Savant Explorations Ltd. has an agreement with Globex Mining Enterprises Inc, a TSX and Frankfurt listed public trading company to acquire an 100% interest in the 220 ha Parbec Gold Property located along the prolific Cadillac Break, 20km east of the Cadillac Gold Camp, Quebec's largest gold producing district, and 5km west and along strike from the historic Malartic Gold Camp where Osisko Mining is currently developing the large open pittable Canadian Malartic Gold Project estimated to contain a total in-pit measured and indicated resource of 9.17 Million ounces(Osisko December 14, 2009 press release).
Acquisition Terms
Savant will acquire a 100% interest in the Parbec Property through cash option payments totalling $525,000 payable over 4 years, work commitments totalling $3,850,000 over 4 years and the issuance of 750,000 Savant common shares to the vendor over a period of 3 years. A gross metal royalty (GMR)on gold production, will be payable to the vendor as follows: 1.0% GMR when gold is US$1,000 per ounce or less;1.5% GMR when gold is greater than US$1,000 per ounce but less than US$1,200 per ounce and 2.0% GMR when gold is greater than US$1,200 per ounce. The initial option payment is $25,000 and issuance of 100,000 common shares. The acquisition of an interest in the Parbec Property by Savant is subject to receipt by the parties of required regulatory approvals and to completion of final documentation.
Parbec Property
The Parbec Property, covers a 1.3km strike length of vertically dipping units within the Cadillac Deformation Zone (CDZ),a 150 to 250m wide zone comprised of locally intensely deformed mafic and komatiitic flows (talc-chlorite-biotite schists)of the Piche Group intruded by mafic and felsic feldspar porphyry sills and dikes hosting sulphide bearing auriferous quartz-carbonate vein systems.
Historic exploration drilling within the CDZ at Parbec with few exceptions has been confined to a vertical depth of 200m. To this depth and across nearly the full width of the Property, previous drilling has encountered various, generally narrow, multiple sub parallel gold bearing vein systems. At one locality on the property referred to as the Camp Zone, based on the results of the drilling from1986 to 1988, Ste. Genevieve Resources Ltd reported a historical mineral resource estimate for the Camp Zone of 400,000t grading 4.6 gpt gold. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
The lithologic, structural and alteration features associated with the gold mineralization described at Parbec are notably similar to those described at Agnico-Eagle's newly producing, deep seated (below 400m depth),high-grade underground Lapa Mine(3.8Mt @ 8.8 gpt Au: 1.1 million ounces: Agnico-Eagle web page under "Operating Mines:Lapa", January 4, 2010),located 10km NW of Parbec along the CDZ. Osisko Mining's potentially open-pittable East Amphi deposit(43-101 compliant in-pit inferred resource of 1.4Mt @ 1.47 gpt Au: Osisko's Canadian Malartic Project of the "Geology & Location of main Mineralized Zones with Priority Drill Targets" Map, November 23, 2009)),located 2.5km SE and along strike from Parbec, is hosted by the same lithologies and deformation zone as the Parbec Camp Zone.
The resurgence of the Rouyn-Cadillac-Malartic gold districts located along the regional Cadillac Break, is credited to the recognized exceptional vertical continuity of many of the ore bodies including:
- LaRonde II,Quebec's largest and deepest gold producer, which also has the largest gold reserve of any operating mine in Canada (35.8Mt grading 4.3 gpt Au (5.0 Million ounces) to a depth of 3,000m:Agnico Eagle's web page under "Operating Mines:La Ronde", January 4, 2010 )
- the Lapa Mine (3.8Mt grading 8.8 gpt Au from a depth of 400m and extending vertically for over 1,300m)
- the more recently recognized potential for large, bulk minable (open pit) gold resources such as the Canadian Malartic deposit.
At Parbec, Savant is assessing the potential for the discovery of gold deposits similar to the Lapa Mine and the Malartic deposit settings by undertaking systematic exploration drilling to locate high grade gold mineralization at depth in the down plunge extensions of the known near surface gold zones as well as other areas within and peripheral to the Cadillac Deformation Zone on the Property.
In the first half of 2010, Savant completed an eight hole drilling program totalling just over 4,000 metres. The program tested the Cadillac Deformation Zone at roughly 200 metre centres along the 1.3 km strike length. The drilling confirmed the presence of both high-grade gold mineralization in the main camp zone as well as locating new, thicker zones of gold mineralization near surface associated with feldspar porphyry intrusions. Significant intersections included 19.25gpt over 2.9 metres and 1.36gpt gold over 28.6 metres.
CORE PHOTOGRAPHS
Camp Zone
Photo 1: Parbec -10-01: Camp Zone: weakly magnetic, gold anomalous light grey talc-chlorite-carb schist(TCS)(top 3 rows) hangingwall to the strongly magnetic darker, biotite altered(patchy-psuedo-breccia) ,silicified sulphide rich auriferous TLS of the Camp Zone. Mineralization found in interval 173.4 to 183.0m. Note presence of trace scheelite @ 178.45m
Photo 2: Par-10-01:Camp Zone-Close up of finely dissem. f.g.Ap & Py & Po (strongly magnetic zone) in silicified & biotitized segment of the talc-chl-carb schist.
Photo 3: Highest grade segment of Camp Zone in Hole #1 coincides with high Asp mineralization
Hole Par-10-07: Close up of black tourmaline quartz-carbonate vein with 4-5% fine grained lacey pyrite, trace arsenopyrite and strong biotite alteration in adjacent host schist within Camp Zone (108.15-110.4m) grading 2.9gpt/2.25m including 14.05 gpt/0.40m.
Central Veins-Broadly Mineralized Zones
Hole Par-10-02: Alteration changes grading from chlorite rich in the top rows to silica rich in the lower rows. Low but uniform gold mineralization averages 0.33 gpt Au/ 29.25m over the full width of the intrusion positioned within the talc-chlorite-carbonate schists near the north edge of the CDZ at a vertical depth of 170m in the drill interval 184.35 to 213.6m.
Hole Par-10-02: Close up of feldspar porphyry hosted gold mineralization showing fracture controlled fine grained pyrite distribution in the chloritizedand silicified groundmass of the very commonly pink coloured felsic intrusion. Note tourmaline rimming the semi-translucent quartz veinlet in upper right hand corner.
Hole Par-10-02: Close up of both finely disseminated & coarse grained fracture/vein controlled Py/Po mineralization in a feldspar phyric felsic intrusion (FP) grading 1.0/8.5m (or 0.74 gpt Au/ 13.0m) encountered between 60.2 m to 68.7m at a vertical depth of 60m within the talc-chlorite schist of the CDZ. Note weak strain fabric in massive intrusion.
Hole Par-10-05: Feldspar porphyry related mineralization grading 1.03 gpt Au/ 9.95m from 291.15 to 301.10m at a vertical depth of 225m. Here, strong silicification is seen overprinting an earlier phase of chloritization in a feldspar porphyry hosting 2-4% disseminated fine grained pyrite. Sample H906626 returned 2.66 gpt Au/1.6m. Porphyry intrudes the Pontiac greywackes near the south limit of the CDZ.
North Veins
Hole Par-10-05: Close up of andesite hosted gold mineralization grading 2.23 gpt Au/ 1.45m from 644.55-646.0m associated with thin halo of very fine grained pyrite to a pinkish quartz-carbonate veinlet and elsewhere more coarsed grained euhedral pyrite in weakly chloritized and moderately deformed mafic volcanic 50m north of the main band of talc-chlorite-carbonate schists of the CDZ. Intercept located 510m from surface.
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