Golden Hope – Kraken Pegmatite Field

Project Summary

  • A large district -scale project consisting of 3,146 claims (78,650 hectares) accessed by the Burgeo Highway in Southwestern Newfoundland.
  • Covers extensions of two major structures linked to significant gold prospects and deposits in southern Newfoundland.
  • Rock units and structures on the Property are also related to those associated with new orogenic gold discoveries in central Newfoundland, including Sokoman’s 100%-owned Moosehead Project and New Found Gold’s Queensway Project.
  • Area is host to at least two significant gold deposits including the past producing Hope Brook Gold Mine (First Mining - Big Ridge Gold) and the advanced Cape Ray Project (Matador Mining).
  • Property covers NE extension of Hope Brook structure which cuts rock units correlated with rocks further NE in the Central Newfoundland Gold Belt.
  • Property extremely underexplored, despite known occurrences of gold, the presence of unsourced till, soil and stream sediment geochemical anomalies (> 5000 ppb Au), and the first-order commonalities and linkages between southern and central Newfoundland.
During the summer 2021 reconnaissance gold exploration program at Golden Hope, the Alliance discovered a swarm of lithium-bearing pegmatite dykes, now named the Kraken Pegmatite field with two of three initial samples returning grades of 1.95% Li2O and 0.49% Li2O. This is believed to be the first discovery of significant lithium mineralization on the island of Newfoundland. In the fall of 2021, the Alliance conducted a multi-phase prospecting, mapping, and sampling program over a 0.85km x 2.2km area and further confirmed this discovery with many assays yielding lithium values greater than 1% Li2O and the best sample grading 2.37% Li2O. Assay results from the final phase of prospecting are still pending.

The Alliance has now completed detailed geological mapping and a high-resolution drone survey that includes imagery, Lidar (Light Detection and Ranging) to assist in the mapping and targeting of the dyke system. The Alliance has also completed a 5,709 line-km Heliborne High-Resolution Aeromagnetic & Matrix Digital VLF-EM Survey flown by Terraquest Ltd., with the final data currently being processed. These surveys will enhance our understanding of the structural/lithological setting and help identify gold-bearing structure extensions, as well as any unrecognized structures including those potentially related to the lithium-bearing pegmatites.

Following receipt of all the data accumulated during the latter portion of 2021, including the outstanding sample assays, they will be compiled and interpreted with the objective of undertaking an initial drilling program on the Kraken dyke swarm as soon as possible in 2022.
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