Not bad! At gold explorer Ready Set Gold Corp. (CSE: RDY), which has been listed on the Canadian stock exchange since Tuesday of this week, the phrase fits literally: The previous owners of Ready Set’s flagship project Northshore in Ontario were the well-known companies Balmoral Resources (44%) and GTA Resources (56%). Ready Set managed to consolidate the fragmented ownership structure last year. This is the first time in a long time that Northshore is united under one hand – a great advantage. And, so much for the previous owners / parents: both companies stand for serious and extremely successful exploration.
However, one can easily imagine that Northshore was never a core project for either of them due to a lack of 100% control, despite the promising geology and a historical resource of around 1.2 million ounces. Ready Set has it better now. Their focus is 100 percent on Northshore. Ready Set recently raised approximately CAD 3 million in fresh capital. A good part of it is available for exploration.
Already in autumn, months before the IPO on Tuesday of this week, the Ready Set team carried out high-resolution airborne magnetic and lidar surveys and examined the 2.5 square kilometer property with the latest technologies lithologically and structurally.
Figure 1 – Overview map of the Afric deposit on the Northshore project with highlighting of the Afric zone (shown in red), the historical underground infrastructure, the interpreted structural corridors and the known significant veins
Among other things, grab samples were taken over a distance of 40 meters to follow up previous surface and rock sampling results from earlier this year with channel samples taken from exposed veins. The results confirm the gold mineralized system in the # 4 vein and indicate a possible expansion of the # 5 vein. (see overview map)
Table 1: Selected trench samples from Ready Set Gold’s Fall 2020 exploration program
ABOUT THE NORTHSHORE GOLD PROJECT:
The Northshore gold project is located in the Hemlo-Schreiber greenstone belt, home to the world famous Hemlo gold deposit, south of the former producing copper-zinc-gold-silver deposit of Winston Lake. The property is located approximately 4 kilometers south of the town of Schreiber, Ontario and along the Trans-Canada Highway approximately 70 kilometers west of the Hemlo gold deposit. The Northshore Project hosts gold mineralized zones including the former producing North Shore Mine and the recently defined Afric Zone, some of which contain spectacular visible gold associated with multiphase quartz / quartz-carbonate veins.
In a July 2, 2014 report entitled “Technical Report on the Mineral Resources of the Northshore Property”, GTA Resources reported that the Afric Zone had 391,000 ounces of gold in 12,360,000 tonnes a grade of 0.99 g / t gold in the Indicated Category and 824,000 ounces of gold in 29,580,000 tonnes grading 0.87 g / t gold in the Inferred Category with a cutoff grade of 0.50 grams Gold per ton was used. Ready Set plans to further explore the ability to expand this deposit in all directions and at depth.
Highlights of the past drilling campaigns:
Table 3 – Historic diamond drilling in the Afric Zone as reported by GTA Resources Note: GTA data is on SEDAR.
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