The Company announced on September 10, 2019 the signing of a binding letter of intent to acquire 100% of the Panama Gold Project from Benton Resources Inc.
The property is located in the historic Red Lake mining district in Ontario, Canada which has produced more than 28 million ounces of high-grade gold. The Panama Gold project is located 50km away from and on trend with Great Bear Resources Dixie Project and has excellent exploration and discovery potential within a relatively underexplored area of the camp.
Recently, a high-detail airborne magnetic survey was completed and interpreted leading to help identify several high priority targets for immediate follow up. These targets include a distinct fold approximately 250m along strike from the Panama Zone which has not been previously identified. Benton Resources has also recently discovered an old assessment file containing a visible gold occurrence in the northeast part of the project which needs to be investigated. In addition, the Panama project is host to some of the highest unsourced gold grains (107 grains) in glacial till discovered by the Geological Survey of Canada, 1999 (Open File 3038).
Regional Geological Map
Minimal exploration has been done on the claims but the Panama Zone has been the main focus of all pre-exploration activities and the Panam Zone was previously drilled by Noranda Exploration Ltd. in 1988. Results from this drill program of 8 widely spaced diamond drill holes over a 1.4 km strike length yielded results of up to 2.8 g/t Au over 4.5 m within a 20-30 m wide mineralized shear zone.
As well, the regional glacial till sampling survey (Geological Survey of Canada, 1999 – Open File 3038) that collected a sample on the Panama Lake claims, contained 107 gold grains, the highest count in the survey which covered the Red Lake mine trend that has produced over 25M ounces of gold .
Great Bear Resources Ltd.’s new discovery in the Red Lake district (see Great Bear’s press release dated August 22, 2018), made this project exciting to pursue for the Company.