Opinaca Gold Camp
The Opinaca area in James Bay, Quebec features Goldcorp’s Éléonore mine currently in production (5.35 million oz. Au proven and probable and 2.28 million oz. Au inferred as of 2015). TRI has a 50% interest in approximately 18,600 acres acquired in 2014 from Markinch Resources Inc. (“MRI”) and is presently in negotiations to acquire a 100% interest in an additional 4,500 acres surrounded by its current holdings. In addition to its proximity to the Éléonore mine, TRI’s property is surrounded by properties held by Osisko Mining Inc., Sirios Resources Inc. and Beaufield Resources Inc. An airborne T-DEM survey covering 1,400 km was conducted in 2012. This survey indicated good potential targets for winter drilling, which is now set to commence in 2016.
The Opinaca property comprises 144 mining claims in two blocks, located 16 kilometres southwest of Goldcorp’s Roberto gold mine on its Éléonore property. The Roberto mine is one of Canada’s newest gold mines. It commenced production in October 2014, with a planned ultimate production rate of 600,000 oz. of gold per year. The Roberto deposit has proven and probable reserves of 5.35 million oz. Au at 5.87 g/t and 2.28 million oz. Au inferred at 7.11 g/t as of December 2015, according to Goldcorp’s 2015 Mineral Reserves and Resources report.
As indicated above, TRI’s Opinaca property is surrounded on three sides by Virginia Mines, the Québec-based company that discovered the Éléonore-Roberto gold deposit in 2004. On the fourth (east) side, the Opinaca claims are adjoined by a claim block held by a 3-way joint venture between Goldcorp, Exploration Azimut and Eastmain Resources, as well as the Cheechoo property of Sirios Resources Inc., which has reported surface grab samples assaying up to 209 g/t Au.
Prior to the discovery of Éléonore-Roberto in 2004, the area was essentially unexplored, and there is no record of any exploration on the Opinaca property before it was staked by MRI in 2010. Preliminary prospecting on the Opinaca property has located boulders assaying up to 1.36% copper and 0.8 g/t Au. Boulder prospecting is a proven and effective method of exploration in glaciated terrains and in fact, the Éléonore-Roberto gold deposit was discovered by tracing mineralized boulders back to their source.
An airborne magnetic-electromagnetic survey of the property has delineated several clusters of anomalies that line up along an interpreted deformation zone that runs west and southwest from Éléonore-Roberto and crosses the whole width of the Opinaca property. Deformation zones represent generally favourable sites for gold mineralization in greenstone-type geological environments.
TRI’s Opinaca properties have drawn attention from investment institutions and discussions are ongoing with regard to financing TRI’s drilling and exploration program during the balance of 2016.