Report on mineral exploration activities in Québec

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2 Report on mineral exploration activities in Québec 2006 DISCLAIMER The data compiled in this report come from several sources, including questionnaires addressed to prospectors, to directors of regional exploration funds, and to representatives of mining and exploration companies, as well as from their press releases. The accuracy and reliability of this information depend solely on these sources. The authors disclaim all responsibility for reproducing any errors originating from these sources. ACKNOWLEDGEMENTS The authors would like to thank the following people who have contributed to this report: Huguette Boucher Manon Dufour Sylvain Lacroix Ginette Lapointe Pauline Mercier Mario Melançon Sylvie Ouellette Steve Ouellet Lucie Pouliot Monique Perreault Patricia Somers

3 PUBLISHED BY THE DIRECTION GÉNÉRALE DE GÉOLOGIE QUÉBEC Director General Robert Marquis Bureau de l exploration géologique du Québec Sylvain Lacroix Direction de la géoinformation Pierre Verpaelst IN COLLABORATION WITH THE SECTEUR DES OPÉRATIONS RÉGIONALES Associate deputy minister Gilles Desaulniers Coordination James Moorhead Editing Jean Choinière Graphic design Charlotte Grenier André Tremblay 1 Cover page Graphic design: André Tremblay Photographs: Goldex mine infrastructures under construction (Agnico-Eagle Mines Ltd) (photograph from Agnico-Eagle Mines Ltd) 2 - Kiena mine headframe (Wesdome Gold Mines Ltd), where commercial production began once again in august 2006 (Photograph from James Moorhead) 3 - Ramp portal of the lac Herbin project (Alexis Mining Corporation) (Photograph from James Moorhead) Dépôt légal Bibliothèque et Archives nationales du Québec ISBN : Gouvernement du Québec, 2007 II

4 Highlights Québec s investment climate for mineral exploration has been very favourable for many years. As of November 1 st, 2006, more than 175,000 active mining titles were recorded throughout Québec, a record high for the past decade. Moreover, exploration and deposit appraisal expenditures in Québec broke the 200 million dollar mark in each of the last three years ($227M in 2004, $205M in 2005, and $234M in 2006 [based on company spending intentions]). In 2005, exploration and deposit appraisal activities were largely focussed on precious metals, primarily gold ($115.6M), base metals ($53M), diamond ($22.8M), and uranium ($4.3M). The breakdown by commodities should be fairly similar in Many gold and base metal exploration projects, some of which are in the advanced stages, were carried out in the Abitibi and Pontiac subprovinces. At the Casa Berardi project north of La Sarre, Aurizon Mines Ltd. continued shaft sinking, underground development as well as exploration and definition drilling. Commercial production is slated to begin in early 2007, at an annual rate of 185,000 ounces of gold. West of Matagami on the Estrades property, Cogitore Resources Inc. intersected 3.90 metres grading g/t Au, 370 g/t Ag, 1.27% Cu, 28.76% Zn, and 3.9% Pb in drillhole H-165W. The company released a new resource estimate for the Main Zone of 561,000 tonnes at an average grade of 0.72% Cu, 10.25% Zn, 0.94% Pb, 5.22 g/t Au, and g/t Ag. On the Kistabiche property, Cancor Mines Inc. and SOQUEM Inc. intersected 9.50 metres grading 0.34% Cu, 14.61% Zn, and g/t Ag. A feasibility study is currently underway on the deposit. In Matagami, Xstrata Zinc (formerly Falconbridge Ltd.) announced the start-up of the Perseverance mining project. Construction is expected to last two years, with a projected mine life of five years at an annual output of 228,000 tonnes of zinc concentrate. East of Lebel-sur-Quévillon, Breakwater Resources Ltd. commenced construction of an access ramp in order to extract a 15,000-tonne bulk sample from the Grevet B deposit. Further east on the Windfall Lake property, in the central part of the Urban-Barry Belt, Noront Resources Ltd. intersected in drillhole a gold-bearing PY-QZ stockwork in altered felsic volcanic rocks (e.g. in drillhole NOT-06-83: 27.3 g/t Au over 14.4 metres). Murgor Resources Inc., on a contiguous property to the north, also encountered high-grade gold mineralization in drillhole (e.g g/t Au over 5 metres in drillhole WIN-06-90). In the Chibougamau area, Cogitore Resources Inc. reported interesting drill results from the Scott Lake property. Drillhole SC-06 intersected 2.53 metres grading 0.36% Cu, 9.08% Zn, 0.22 g/t Au, and g/t Ag. In the same area, Campbell Resources Inc. commenced construction of a ramp to access ore zones at the Corner Bay deposit. A resource estimate was also recently completed. Measured resources were established at 671,400 t grading 5.13% Cu, indicated resources at 295,400 t grading 5.53% Cu, and inferred resources at 792,900 t grading 6.60% Cu. Near Cadillac, Agnico-Eagle Mines Ltd. announced the start-up of work to bring the LaRonde II mine into production, deep below existing infrastructure at the LaRonde mine. An internal shaft will be used. Production is slated to begin in 2011, and probable reserves on the order of 3.6 million ounces of gold should secure a mine life of at least ten years. On the Lapa property, Agnico-Eagle Mines Ltd. reported shaft sinking would continue to a vertical depth of 1,370 metres. Gold production is expected to begin in late 2008, at an annual rate of 125,000 ounces of gold. A few kilometres west of Lapa, on the Wood-Pandora project, joint venture partners Globex Mining Enterprises Inc. and Queenston Mining Inc. intersected in drillhole W06-26 a gold-bearing pyrite zone, dubbed the New Gold Discovery, with grades reaching 8.94 g/t Au over metres (estimated true thickness). Further west, IAMGOLD Corporation (formerly Cambior Inc.) continued eastward development of an exploration drift from the 14 th level at the Doyon mine, to reach gold zones discovered on the Westwood project. Exploration drilling testing below the drift hit a new gold zone with grades reaching 10.7 g/t Au over 5.5 metres in drillhole R Near Malartic, Richmont Mines Inc. announced in January the start-up of mining operations at the East Amphi gold mine, where measured and indicated resources stand at 1.39 Mt grading 5.4 g/t Au. On the Canadian Malartic property, Osisko Exploration Ltd. continued its definition drilling program, the results of which were used to define inferred resources of 171 Mt grading 1.2 g/t Au, using a cut-off grade of 0.5 g/t Au. East of Malartic on the Midway project, Northern Star Mining Corporation erected a new headframe and began dewatering the former Malartic Goldfields mine, which straddles the Cadillac Tectonic Zone. A very deep drillhole below existing infrastructure intersected a number of gold-bearing zones (e.g g/t Au over 5.3 metres in drillhole MGFD0601). In the Val-d Or area, Agnico-Eagle Mines Ltd. advanced construction of surface installations, sinking of the production shaft and underground development at the Goldex mining project, which hosts reserves estimated at Mt grading 2.4 g/t Au. Production is expected to begin in 2008, at an annual rate of 170,000 ounces of gold. At the Kiena mine complex, Wesdome Gold Mines Inc. commenced mining operations on July 24, 2006, and expects to produce 50,000 ounces of gold in Exploration and definition drilling continued in the VC, 388, and Martin zones in Alexis Minerals Corporation extracted a 15,000-tonne bulk sample within the scope of an underground exploration program on the Lac Herbin project, where resources total 1.07 Mt at a grade of 7.3 g/t Au. A production decision should be announced in early III

5 In the Rouyn-Noranda area, First Metals Inc. obtained the required approvals to dewater the ramp and open pit at the Fabie Bay-Magusi River project. The company plans to extract a 50,000 t bulk sample. Hole FMI drilled on the property intersected 25 metres grading 2.9% Cu. Rocmec Mining Corporation Inc. began underground drilling and development on the Russian Kid gold project. Typhoon Exploration Inc. completed a series of drillholes on the Fayolle property, some of which intersected high-grade gold zones (e.g. 4.5 metres grading 25.2 g/t Au in drillhole FA-06-19). In the Témiscamingue region in the Pontiac Subprovince, Fieldex Exploration Inc. and Aurora Platinum Corporation intersected in drillhole MR a 10.6-metre interval grading 0.91% Cu, 0.62% Ni, 0.08 g/t Au, 0.28 g/t Pt, and 0.80 g/t Pd. The James Bay region continues to garner attention for gold, especially along the Eastmain River Greenstone Belt. Goldcorp Inc. continued definition drilling program of the Roberto gold system on the Eleonore property, northeast of Opinaca Reservoir, to assess the potential of the deposit and collect additional data for an upcoming technical and economic scoping study. The Roberto system has now been traced over a strike length of 1.9 km and to a vertical depth of 900 metres. An initial mineral resource estimate should be released during the first quarter of Sirios Resources Inc. and Dios Exploration Inc. announced the discovery of a polymetallic occurrence on the PONTAX property. A surface channel sample collected in a felsic pyroclastic unit yielded grades of 821 g/t Ag, 1.31 g/t Au, 0.56% Pb, and 0.18% Zn over 4.36 metres. Everton Resources Inc. and joint venture partner Azimut Exploration Inc. carried out follow-up exploration along a 1.7-km gold-bearing structure that namely hosts the Inex Zone (3.03 g/t Au over 1.5 metre in drillhole OP-06-03) on the Opinaca Block A property. The two partners also discovered the Claude target (1.0 g/t Au over 21.5 metres in drillhole OP-06-07) and the Manuel showing (12.01 g/t Au over 4.6 metres on surface) on the Opinaca B and Wildcat 5 properties. In the sedimentary Otish Basin, Strateco Resources Inc. reported several uraniferous drill intercepts, including 1.12% U 3 over 10.5 metres (drillhole MT-06-10). Uranium concentrations occur within a vertical fault that has been traced over a strike length of about 7 km. North of the Monts Otish, Ashton Mining of Canada Inc. and SOQUEM Inc. commenced extraction of a bulk sample of at least 10,000 tonnes of kimberlitic material from surface trenches at Renard 4 and from underground excavation via a ramp at Renard 2 and 3 on the Foxtrot property. During the fall, the joint venture partners built a dense media separation facility on site to begin processing ore extracted in late The joint venture expects to recover at least 6,000 carats of diamonds from the bulk sample. Exploration work on the property also led to the discovery of a new diamond-bearing kimberlite dyke within the Southeast Anomaly. In Nunavik, Canadian Royalties Inc. continued exploration and development work on properties of the Raglan South project in the Ungava Trough. The company completed a drilling program totalling 24,380 metres, launched a feasibility study as well as an environmental and social impact study. Indicated resources for the Mesamax, Ivakkak, TK, Mequillon, and Expo (in partnership with Ungava Minerals Corporation on this property) deposits amount to an aggregate Mt at an average grade of 1% Ni, 1.2% Cu, and 3.1 g/t PGE. In the Lac Gayot area, Strathmore Minerals Corporation prepared a new resource estimate for the Dieter Lake deposit based on 1984 drilling data from Uranerz Exploration and Mining. Strathmore Minerals estimated mineral resources at 21.4 Mt grading 570 ppm U 3, using a cut-off grade of 200 ppm. Near Kangiqsuluajjuaq, Azimut Exploration Inc. and Northwestern Mineral Ventures delineated a radiometric anomaly extending for more than 3.3 km. Follow-up ground prospecting led to the discovery of nearly a dozen uranium occurrences, with grades as high as 0.59% U 3 from grab samples. In the Labrador Trough, the Nunavik Mineral Exploration Fund and Virginia Mines Inc. reported grades of 2.97 g/t Au over 2.90 metres from trenches on the Willbob zone. Gold mineralization occurs in quartz veins (visible gold) and arsenopyrite-bearing differentiated gabbros. For the second consecutive year in the Grenville Province, there was an increase in the number of exploration projects for iron and uranium. In the Côte-Nord region, Quinto Technology Inc. completed 21 drillholes totalling 2,538 metres on the Peppler Lake iron project. The drilling program was designed to delineate the extent of the deposit as per NI guidelines and to conduct a feasibility study. North of Fermont, Consolidated Thompson Iron Mines Ltd. continued exploration and assessment work on the Bloom Lake deposit. The company announced encouraging results, identified resource categories and released a NI compliant resource estimate (measured resources of Mt grading 29.91% total Fe, indicated resources of Mt grading 29.29% total Fe). In the uranium sector, two companies were very active in the Basse-Côte-Nord (Baie-Johan-Beetz area). Entourage Mining Ltd. conducted extensive exploration work on its Doran uranium property. Several zones yielded grades up to 0.76% U 3. Overall, uranium appears to be associated with pegmatite dykes and granitic intrusions. In the same area, Starfire Minerals Inc. conducted fieldwork, namely geophysical radiometric and magnetic surveys and sampling on its Cross Structure property. The best assay results from grab samples reach 0.09% U 3. Uranium occurrences are primarily associated with pegmatite dykes cross-cutting rocks of the Aguanish Gneissic Complex. In the Hautes-Laurentides, Nova Uranium Corporation drilltested uranium-bearing pegmatites; best results include 0.098% U 3 over metres. Drilling on the Bornite Hill property held by Quinto Technology Inc. and Ressources Appalaches Inc. encountered significant copper mineralization, namely 0.57% over 22.8 metres, and 1.27% over 3.8 metres, as well as gold- IV

6 bearing (1.1 g/t over 1.2 metre) and platinum-bearing (0.8 ppm over 1.06 metre) intervals. In the architectural stone industry, the number of exploration projects was fairly low relative to previous years. Granicor Inc. conducted exploration and development work on a series of limestone exposures of the Deschambault Formation, near the renowned Saint-Marc-des-Carrières quarries. Maurice Houle commenced operations at a past-producing quarry of green slate north of Kingsbury. The green slate will be used to produce floor tiles, cobblestone and curbstone. A. Lacroix et Fils Granit ltée acquired the mining rights for three of the six quarries held by Granit Aurélien Tremblay Inc. who permanently ceased exploration and extraction operations in In the industrial minerals field, Junex Inc. finished drilling a new brine well in Bécancour. The brine output capacity of the well is currently being tested in a production run. Near the Daniel-Johnson dam in the Côte-Nord region, drilling by Quinto Technology Inc. on the Lac Guéret property intersected a series of high-grade graphite zones. The results confirm the continuity of the high-grade graphite horizon defined in previous exploration campaigns. Northeast of Murdochville in the Gaspésie region, Exploration Orbite VSPA began characterization studies on red aluminous clay samples from the Grande- Vallée property. An exploration program is currently underway to determine the volume and tonnage of the deposit. V

7 Figure 1. Geological subdivisions and contact persons. VI

8 Table of Contents Chapter 1: Base and precious metals A - Northern Superior Province (including the eastern part of the Opatica Subprovince) Serge Perreault B - James Bay Region, Central Superior Province (Opatica, Opinaca, Nemiscau, and La Grande Subprovinces) Patrick Houle C - Southern Superior Province (Abitibi and Pontiac Subprovinces) Pierre Doucet, James Moorhead, Suzanne Côté D - New Québec and Torngat Orogens, Southeast Churchill Province (Core Zone), and Ungava Orogen Serge Perreault, Abdelali Moukhsil E - Grenville Province Suzie Nantel, Abdelali Moukhsil F - St. Lawrence Platform and Appalachians Suzie Nantel Chapter 2: Architectural Stone, Industrial Minerals, Industrial Stone and Peat Yves Bellemare, N golo Togola, Charles Gosselin, Pierre Buteau Appendix I: Location of producing mines and architectural stone quarries in Québec Appendix II: Legend of abbreviations Appendix III: References VII