Explorex has entered into an agreement with Canadian Gold Miner Inc. (private) to acquire a 100% interest in 2 historic targets: high grade gold (Cobalt-Frontenac) and high-grade cobalt + gold (Paragon-Hitchcock); located near the community of Elk Lake. The Elk Lake area began as a mining boom town when native silver was discovered in nearby James township in 1906. Mining activity peaked between 1907 and 1913, when there were about 30 active mining properties in the area. While the historic focus was on silver, there is a well-established association with cobalt mineralization as the geological setting has many similarities to the more exposed and developed Cobalt camp to the southeast.
Cobalt–Frontenac lies along the projection of the Rideout fault structure, which to the west is extensively covered by Proterozoic age Huronian age sediments. The project was developed to explore and exploit a high grade, shear hosted Archean gold occurrence in from about 1904 to 1917 when a 30 metre deep shaft was sunk and 2 underground levels were completed on gold rich vein (s). Recent stripping and trenching by the vendor near the vicinity of the shaft exposed a 30 metre wide extent of outcrop of NE trending, sheared quartz feldspar porphyry. Multiple, elevated gold values have been obtained by the vendor from the outcrop, but have not been confirmed at this time by the Company.
Paragon-Hitchcock hosts 3 known zones of silver veining and before 1929, a 180 metre shaft was sunk with 30 metre levels to explore the main vein that was reported to be thickening at depth with increasing amounts of chalcopyrite and skutterudite (a key cobalt bearing mineral). All funding and operations ceased due to the collapse in the silver price during the great depression by 1930. Recent, selective, muck pile sampling has returned elevated values of cobalt, gold and silver, but have not yet been confirmed by the Company.
Explorex plans to carry out an initial prospect mapping and sampling program in conjunction a geophysical survey and compilation of historic date to define early drill targets.