Vatic has an option to acquire a 100% interest in a gold exploration property known as the Hansen prospect located in the Chibougamau area of northern Quebec, which consists of 20 contiguous mining claims representing a total area of 1,113.98 hectares is approximately 15 kilometers southeast of the Chapais-Opemiska Mine Complex (Springer, Perry and Cooke Copper-Gold mines). The Property is located in the northeast corner of the Matagami-Chibougamau Greenstone Belt of the Abitibi Sub province of the Archean Superior Structural Province. The geology is dominated by massive and pillowed mafic to intermediate lava flows of the Obatogamau Formation.
The Property is underlain by andesitic volcanic and altered rocks containing iron carbonate, pyrite, graphite and micro gabbro. The most prominent structural features in the area of the Property are northwest trending faults and shear zones along which the historic Hansen drilling programs intersected gold values. These structural elements provide the dominant structural control hosting most of the mineralized zones on the property. Gold mineralization and quartz veining on the property is associated with these northwest structural elements.
Previous stripping and drilling exploration programs delineated a mineralized zone (Hansen Zone) 15 meters wide over a strike length of 250 meters. The Hansen Zone was evaluated with the deepest hole intersecting the zone at a depth of 175 meters. Past and recent mineral exploration programs on the property have outlined favorable geological environments for high grade gold mineralization represented by surface showings and diamond drilling results.
Historic Hansen Prospect
The Hansen prospect is a gold prospect that was discovered in 1952, located at GPS: 519630 E- 5503278 N, NTS Map sheet 32G/10. It is a vein type deposit, marked by a mineralized zone measuring 250 meters in length and up to 15 meters in width. It is known to exist from the surface down to a vertical depth of 175 meters and is oriented at N150° with a steep dip towards the southwest.
Gold mineralization is associated with altered iron carbonatized rocks associated with northwest-southeast oriented shear zones. Mineralization is composed of visible gold in smoky quartz veins parallel to the shear and pyrite disseminated in the iron carbonate alteration zone, often within a graphitic envelope. Mineralization is associated with northwest-southeast trending shear structures of varying widths to 15 meters containing ankerite alteration zones.
Gold assay results from surface sampling and diamond drilling showed exceptional results such as a grab sample of 112.5 g/t Au by Almar Mining Corp. (Quebec Gov. Assessment Files GM.04836). Prospector Larry Desgagné reported surface grab samples of 33.25 g/t Au, 34.92 g/t Au, 31.63 g/t Au, 33.25 g/t Au, and 12.04 g/t Au in 2008. He also reported intersections of 12.8 g/t Au over 1.05 meters, 7.94 g/t Au over 1.05 meters and 75.29 g/t Au across 0.3 meters from a small diamond drill program (Quebec Gov. Assessment Files GM.64102).
The Company has filed a NI 43-101 Technical Report on the Property which can be found on the Company’s SEDAR page (NI 43-101 Technical Report: Hansen Property, Brongniart Township, Eeyou Istchee – Baie James Territory, Quebec, Canada, NTS 32G10, January 24, 2022, Mitchell E. Lavery P.Geo.).