Under the direction of industry veteran Ed Morrow GLLK’s VP of Mining Exploration, the Company plans to be on the property presently to ascertain the areas and targets to commence its aggressive drilling program.
The Big Monty lies within the prolific Porcupine-Destor Fault Zone “PDFZ” (110 Million ounces of Au produced to date and adjacent to the North and Northwest borders by St. Andrews Goldfield’s Holt Property (SAS: TSXV) which has 2.8 Million Ounces of measured and indicated resources and 1.1 Million Ounces of inferred resources as of December 31, 2013.
GLLK management intends to prove that the Holt property gold system continues onto its claims.
The 2,846 acre Big Monty was acquired by GLLK in a deal with Flex Mining Ltd. A November 2012 Airborne Survey noted a variety of features characteristic of gold bearing fields within the seven claims making up the property.
Initially, the Company plans to do extensive groundwork and rock sampling, once the current geological report is interpreted, Eventually, an NI-43-101 report will be commissioned to delineate the indicated and reserve figures.
The Company fully intends to explore financing and JV opportunities with potential partners within the Abitibi Greenstone Belt.
Gold Lakes plans to conduct extensive geophysical work and a minimum 2000 metre drill program once financing is secured. The Porcupine-Destor fault system is believed to run generally East-West through the Big Monty property with numerous North East-South West cross faults providing several possible intersecting structural features which could possibly host economic mineralization.
The Abitibi Greenstone Belt area is also noteworthy for impressive grades:
• Bonterra Resources north of Val D’or Quebec, Gladiator Project in a recent announcement generated a high-grade intersection of 137.4 g/t over 2.5 m with coarse visible gold having been observed in the core.
• Oban Mining Corporation in a recent announcement genereated 41.8 g/t Au Over 2.5 Metres at Windfall Lake gold project located in Urban Barry Township, Québec.
• The Hislop mine reported 5.2 g/t of gold in ore. Hislop mine located in the prolific Timmins gold mining district, which lies within the Abitibi Greenstone Belt.
• Macassa gold operations owned by Kirkland Lake Gold Inc., is part of one of Canada’s oldest and richest systems. The Kirkland Lake Main Break system boasts production of 24 million troy ounces of gold over a span of 86 years and average historic grade of 16.5 g/t.