The Mealy and Atikonak Properties are part of a newly developing Cu-Ni-PGM play in southwestern Labrador. In the latter part of 2013 the Company entered into an option agreement with Benton Resources to earn in for up to a 71% interest at an early grass roots stage on the 262 km2 Mealy Project located in the heart of a historically under-explored Paleoproterozoic mafic to ultramafic intrusive suite. The minor amount of exploration work completed by other operators on adjacent properties has already been successful in locating significant Cu-Ni-PGM massive sulphide mineralization that has piqued the interest of majors such as Anglo America into optioning that ground.
From the preliminary compilation of historic Government regional data, the Mealy property has elevated Cu and Ni in lake-bottom sediment samples combined with magnetic features that are similar to, or higher, than those associated with mineralization found on adjacent properties. The Pt and Pd analysis on these lake bottom sediments are being conducted to help guide future exploration work. The findings of the compilation work also prompted the Company to stake 45 km2 that makes up the 100% owned Atikonak Property. This property is located only 12 km from the Mealy property and covers ground over anomalous values and similar magnetic features within another layered mafic intrusive suite. Exploration work in 2014 is planned to realize the potential of the two properties in this exciting new Cu-Ni-PGM camp.
The Company remains active in the Lac des Illes - Thunder Bay North areas, Northwestern Ontario. Based on previous year’s findings, priority targets have been maintained and planned work programs will be assessed relative to the rest of the Company’s exploration assets.