Hickey’s Pond is a gold showing within the Burin Gold Project, a Neoproterozoic high-sulphidation gold system located on the Burin Peninsula, Newfoundland. It is host to a folded, zoned alteration system exposed over 250 m with newly demonstrated significant grades and widths. The zone is located within a large north-east trending >10 km alteration system that has received limited historical exploration. Hickey’s Pond is the only prospect to have been drill-tested in the district, and only with 8 holes (1983 & 1990) over a few hundred metres of strike length.
In April 2018, Bonavista Resources staked 356 km2 and optioned 20 km2 to become a controlling entity on the Burin Peninsula. The company owns a large landholding totaling 636 claims (15,900 ha), 70 claims of which are under option from a local prospector. Bonavista has an option to acquire 100% subject to NSR and cash payment of $100,000.
In follow up of historical grab sampling that returned up to 58 g/t Au. Bonavista sawed 52 linear metres of 1 m channel samples; large volume samples (~HQ core equivalent) and discovered high-grade mineralisation over significant widths (20.0 m at 9.34 g/t Au in channels).
A ‘proof-of-concept’ 75 m diamond drill hole was drilled in late February and early March 2020. 52 m of 0.68 g/t Au mineralisation was intersected from 16.00 to 68.00 m downhole, with best sub-intervals of 10.19 m at 1.63 g/t Au and 4.64 m of 1.5 g/t Au.
A 1,000 m program was started in early September 2020 to discover and delineate the mineralised alteration system from surface to over 250 m. This program is part of a larger ~5,000 m methodical grid-based drill pattern designed to test the bulk of the chargeability anomaly interpreted as representing alteration associated with mineralisation.
David Clark, MSc., P.Geo., President, Bonavista Resources, is the Company’s designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and validated that the information contained herein is accurate