THE FAY LAKE PROPERTY

By Stephen Masson, MSPDA President

Boreal Gold is a private company with two main properties: Fay Lake in Manitoba and Melgurd Lake located in the Shotts Lake Area in Saskatchewan. Only the Fay Lake Property is presented here. Boreal Gold plans to apply for a listing on the CSE this year after completing certain milestones.

Boreal Gold’s Fay Lake Property is located at the boundary of the Kississing Domain and the Flin Flon main camp. It’s a large property strategically situated between and contiguous with Hudbay’s Vamp Lake Deposits to the south and the Puffy Lake Gold Mine to the northeast.

The geology is arc terrain volcanic rocks containing significant rhyolite and mafic amygdaloidal basalt intruded by various granitic and gabbroic intrusions. Volcanogenic massive sulphides (VMS) and alteration stratigraphically lie between the felsic rhyolites and mafic basalts, locally with abundant chert. Metasediments of the younger Burntwood and Missi formations lie stratigraphic above the volcanic terrain, mainly occupying the Kississing high-grade metamorphic terrain which lies mainly north of volcanic terrain of the main Flin Flon camp.

In this area, there are two main types of metal deposits: VMS similar to the Cu-Zinc-Ag-Au deposits of Hudbay’s Vamp Lake and the shear-hosted gold deposits similar to the Puffy Lake Gold Mine, which generally lies proximal to the basal conglomerates of the Missi Formation. Both deposit types lie on Boreal’s Fay Lake Property. The Redwin Horizon and Sundown Horizon represent a 4.5-kilometre semi to massive sulphide horizon hosting VMS deposits at the contact of rhyolite and basalt and a separate nine-kilometre-long Fay Lake structure hosting gold mineralization similar in character and mineralogy to the Puffy Lake Gold mine which claims the Fay Lake project adjoins.

Redwin

Historically, the Redwin-style mineralization dates to the late 1920s, where a 2.6-metre-long section of solid sulphides in the shaft area reportedly assayed 2.5 per cent Cu, 0.1 g/t Au, 30 g/t Ag and a small amount of zinc. Later, in 1931, Brownel of the GSC reported a 1.1-metre section of quartz vein containing 22 g/t Au with a subsection of 53g/t Au across 45 centimetres.

In 1932-33, three shipments totaling 229 tonnes of massive sulphides containing some chalcopyrite along with quartz vein material within or near the sulphides were sent from the Redwin Deposit to Hudbay Mining and Smelting. The material assayed too low in copper (less than one per cent) but averaged up to 15g/t gold in two shipments and 4.5 g/t gold in a third. Hudbay Mining rejected the project based on the low copper grade which averaged approximately 0.5 per cent Cu/t. Gold was only worth $25/oz/ton at the time.

• 1st shipment 42.6 tonnes of 14.6 g/t Au, 50 g/t Ag and 0.2 per cent Cu

• 2nd shipment 40 tonnes of 15.7 g/t Au, 7.9 g/t Ag and 0.65 per cent Cu

• 3rd shipment 147 tonnes of 4.5 g/t Au, 4.5 g/t Ag and 0.51 per cent Cu

Sampling by the S. Masson revealed that pyritic and chalcopyrite-rich portions of the massive sulphides had significant gold values, whereas the pyrrhotite rich portions assayed poorly.

Quartz veins cutting the massive sul- phides have significant gold values, with one sample collected in 2021 assaying 58.99 g/t gold, with grab samples collected historically to up eight oz/t Au.

Fay Horizon

The Fay showing lies just east of the railroad east of Fay Lake in an arsenopyrite quartz veined shear zone in silicified mafic volcanic rocks just to the south of a quartz pebble basal conglomerate of the Missi Formation. This conglomerate stretches nine kilometres to the NNE up to the Puffy Lake Gold Mine Property, and it appears that the Fay Lake shear also continues

Milestones

• In 2022, a National Instrument 43-101 was completed on the Fay Lake Property

• In the fall of 2022, Boreal flew an airborne electromagnetic survey over the entire Fay Lake and Melgurd Lake Properties, which outline a number of known conductors as well as new conductor targets. A grid over the Redwin stratigraphy was begun in 2022 and finished in 2023.

• In the summer of 2023, the Redwin grid was mapped and sampled in detail and the large Fay Lake grid initiated.

• Geophysical conductors are presently in the process of being evaluated for drill targets in the context of geology, with drilling planned for this fall subject to permitting.

• A submission to the CSE for listing is planned for late fall.

• Upon listing, further drilling is planned for 2024 upon raising further funds in an offering. ✘

LEGEND

Gabbro-picritic, high-Al

Ultramafic sills and dykes

Intrusive rocks - pegmatitic granite

Intrusive rocks - quartz-phyric tonalite

Intrusive rocks (orogenic)

Intrusive rocks - gneissic granodiorite

Diorite-tonalite intrusion border phase

Burntwood metasedimentary rocks

Missi arkose

Missi metasedimentary rocks area of no outcrop or mapping limit fault

Missi metasedimentary rocks - basal conglomerate

Synvolcanic intrusions, high Ti gabbro

Mafic schist - fine-grained metasedimentary rock

Volcanic metasedimentary rocks and tuffs, chert

Felsic volcanic rocks

Dacitic heterolithological volcaniclastic rocks

Mafic volcanic rocks

Mafic volcanic rocks - dyke complex

Mafic volcanic rocks - komatiitic (?)

Minnova - Puffy Lake

Hudbay Minerals - Vamp Lake

Wetland or area of no outcrop

The Manitoba Chambers of Commerce (MCC) is midway through a three-year agreement with the Government of Manitoba to deliver the Manitoba Mineral Development Fund (MMDF). The aim is to support strategic projects that contribute to increased mineral exploration and development, including projects that increase Indigenous participation, and sustainable economic growth in Manitoba’s mineral supply chain.

Since the $20-milllion program launched