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Black Fox Property, Thunder Bay Mining Division, Ontario
Opportunity: Lund Gold is focused on the search for gold deposits within the Schreiber-Hemlo Greenstone Belt, host to the 25-million-ounce Hemlo gold deposit located 70 km east of the Black Fox Property. Gold mineralization at Hemlo averages 8 grams per tonne, occurs in several zones totaling greater than 95 million tonnes, extends over a 3.7 km lateral extent and is greater than 1.5 km deep.
Location: The 1,216-hectare Black Fox Property consists of nine contiguous mining claims (76 units) within Tuuri Township, situated about 225 km east of Thunder Bay, Ontario, and about 70 km west of the Hemlo gold camp. The Trans-Canada Highway and a national railway cross the southern portion of the property.
Ownership: Lund Gold holds an option to acquire 100% of the Black Fox Property from a syndicate of Thunder Bay area prospectors by making cash payments totaling $85,000 over three years and issuing 300,000 common shares in stages, concluding with 100,000 shares upon a final feasibility study. The prospectors retain a 2.5% Net Smelter Royalty, 1% of which can be purchased for a $1-million cash payment.
Exploration Programs: The Phase 1 Exploration comprised detailed geological and geochemical sampling and mapping, prospecting, line-cutting and detailed ground magnetic surveying. In total, 2116 soil and 320 rock samples were collected and 52 line kilometres and ground magnetic we're completed.
Geology: The Black Fox Property encompasses extensive zones up to hundreds of meters wide characterized by intense quartz/sericite/pyrite and quartz/fuchsite/pyrite schists associated with shearing that is parallel and sub-parallel to regional structures, and locally associated with gold mineralization.
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