Hemlo Gold Belt
TRI has acquired over 18,000 acres (100% optioned) of prospective claims in the Hemlo gold camp during 2014-2015 know as Hemlo South, Hemlo West, Hemlo North and Black River. Hemlo South is situated approximately 1 km from Barrick’s 23 million oz. Au Williams Mine and open pit property, located approximately 46 km east of Marathon, Ontario. Hemlo West and Black River claims are situated approximately 2.9 km west of the open pit and Hemlo North is approximately 7.6 kilometres north of the pit. These properties have substantial recorded history, are readily accessible for field work without having to spend money building roads and infrastructure, and they are close to a previous mine – thereby meeting TRI’s primary acquisition criteria requirements.
Barrick has recently (2015-2016) conducted extensive drilling on their additional Hemlo property, acquired from Newmont Mining Corporation during the 1st quarter of 2015 for approximately $47 million.
Barrick’s Q3 2015 regulatory filing states: “An illustration of the optionality that exists within our portfolio is the recent drill program at Hemlo. In the first quarter, Barrick completed the acquisition of surface and mineral rights adjacent to the Hemlo property in Ontario from subsidiaries of Newmont Mining. These claims included an area of geological potential adjacent to Barrick’s existing underground workings. Barrick is currently undertaking an underground diamond drilling program in this area to evaluate its potential. To date, drilling has encountered a number of high grade intercepts with significant potential. These results highlight the ongoing potential of mineral deposits such as the Hemlo camp, even as they become mature operations.”
As a result, there is renewed activity in the Camp with claim staking by several junior companies, including TRI. TRI has issued a contract to conduct a 790 km T-DEM airborne survey conducted in August 2016. This is in addition to its previously completed 327 km airborne geophysics program on the Hemlo South property, which detected drill targets of interest. A combination of previous gold anomaly in soil, potassium anomaly from radiation, and inferred fault structure, further supports various drill targets of interest. This initial airborne survey was conducted within 1 km of Barrick’s Williams Mine property boundary that along with the adjacent Golden Giant and David Bell Mines produced over 21 million oz. Au.