Ace Project, Newfoundland, Canada
Property | Ace, mineral claims cover 2,500 hectares |
Location | The Ace Project is located at the northern end of the Exploits Subzone (Dunnage Tectonic Zone) of north-central Newfoundland, Canada. Excellent access and logistical infrastructure, paved highway and high voltage electrical power lines bisecting the project which is accessible by 20-minute vehicle ferry departing hourly. |
Summary | Highly prospect exploration project underlain by Exploits Subzone rocks (Dunnage Zone); favoured lithologies that host significant gold mineralization across central Newfoundland. |
Ownership | An Option to Acquire a 100% interest in all mineral exploration licenses making up the project, subject to a 1.5% NSR. The Company has the right to purchase 1.0% of the NSR for $1.0M and a Right of First Refusal on the balance. |
Latest News from Ace
In November 2021 the Company announced the completion of a first phase prospecting and rock sampling program from the Ace Gold Project. Experienced local field crews successfully identified five new areas of compelling surface mineralization to augment the recently discovered Ace Zone where rock grab samples report up to 5.4 g/t gold. Much of the first-pass prospecting, geological mapping and rock sampling work was carried out on easily accessible coastlines and roads, as these areas have ample rock exposures. A total of 127 rock samples have been shipped to the laboratory for multi-element analysis.
The Ace Project's mineralized areas are hosted in mixed felsic volcanic and sedimentary rocks that are cut by variably gossanous shear zones, that are up to 20 metres wide and traced on surface to distances exceeding 400 metres, disappearing under overburden. Observed alteration includes sericite, carbonate and quartz veins/breccias/flooding, with associated pyrite and arsenopyrite, with lesser sphalerite and galena sulphide mineralization. Late-stage quartz (carbonate) veins up to 0.3 metres wide are also noted, having modest sulphide mineralization.
Ace Project Highlights:
- Along trend about 13 kilometres Northeast from (i) Ethos Gold Corp’s Toogood Property (reported high grade grab samples included: 7,877, 1,276, 1,113, 226 g/t Au) and (ii) Exploits Discovery Corp’s Quinlan Veins (reported sample results include: 61.3, 59.0, 14.4, 14.2, and 12.6 g/t Au) (1)
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Historical reported visible gold and select rock grab samples up to 164 g/t gold in ‘Change Islands’ mineral occurrence about 1 kilometer to northeast of property border.
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Recent new discovery of the Ace Zone; a 10-20 metre wide alteration and shear zone with select grab rock samples up to 5.4 g/t gold.
- Ace Zone trends northeast-southwest and is situated along the projected trends of numerous high grade gold occurrences of nearby exploration projects.
- Underlain by Exploits Subzone rocks (Dunnage Zone); highly prospective lithologies that host significant gold mineralization across central Newfoundland, including Marathon Gold Corp’s Valentine Project which hosts 3.14 Moz M&I at a grade of 1.72 g/t gold.(2)
- Paved highway and high voltage electrical power lines bisects island in a north-south direction.
- Accessible subdued topographical terrain, with excellent outcrop exposure on seashores and local hill tops.
- Accessible by 20-minute Newfoundland government vehicle ferry departing hourly.
For reference: g/t = grams per tonne, Au = gold, m = metres. Moz = million ounces
Ace Location and Geology
Ace Property Option Terms
Date | Cash | Precipitate Common Shares |
On closing | $15,000 | 200,000 |
12 month Anniversary | $20,000 | 250,000 |
24 month Anniversary | $25,000 | 300,000 |
36 month Anniversary | $30,000 | 350,000 |
48 month Anniversary | $40,000 | 500,000 |
The property option agreement is subject to TSX Venture Exchange approval.