The IP survey on targets 1 and 2 defined conductors that may be associated with the soil anomalies. This has defined a more limited area of investigation for trenching and drilling of a mineralized source:
In 2019, Abitibi Metals acquired the Bonanza project which resides in the Urban-Barry Gold Camp. The project adjoins Osisko Mining Inc., Bonterra Resources and Melkior Resources Inc.’s properties along strike and adjacent to Osisko’s Black Dog Project. Two interesting boulders were discovered on the properties conductive trend running 9.2 g/t Au + 1.8% Cu and 6.2 g/t Au + 0.85% Cu. Both bordering companies (Osisko & Melkior) have seen strong gold results in till which has been a leading indicator for discoveries in the area.
The Urban Barry Gold Camp is one of the most active exploration camps in the world. The camp currently hosts 8 million ounces of gold with area investment by a major (Kirkland Lake Gold) in both Osisko Mining and Bonterra Resources.
Target 1 to Target 3 and are all located on a 15km long iron formation that is locally conductive. The iron formation is also most likely the source of 2 boulders found approximately 100m outside of the Property, on Osisko Mining’s claim and right on the iron formation. The presence of gold in the boulders indicate that the 15km long iron formation may contain gold in its system. Further details about the potential of the iron formation can be found in NR dated July 8th, 2020. The soil anomaly thus indicates to the Company specific targets along the iron formation to further investigate. Targets 1 and 3 are also associated with local conductor anomalies (see Figure 1: Targets).