GEOLOGY

Lucky Strike is located within the western Abitibi Greenstone Belt whose rocks have undergone a complex sequence of deformation events ranging from early folding and faulting to ductile shearing resulting in the development of two large, dominantly east-west trending, steeply dipping crustal deformation corridors (“breaks”); the regional Destor-Porcupine Deformation Zone to the north and the regional Larder Lake-Cadillac Deformation Zone (LLDCZ), approximately 5kms to the south of the southern-most boundary of the Lucky Strike Project. Two regional structures, the Misema-Mist Lake Fault, and the Mulven-Kinabik Lake Fault trend across the Lucky Strike Project in an east-northeast orientation. The Misema-Mist Lake Fault and the Mulven-Kinabik Lake Fault are speculated to be the continuation of the Kirkland Lake Main Break which controls the gold mineralization within the seven historic mines of the Kirkland Lake Gold Camp approximately 16km to the west-southwest of the western-most boundary of the Project. Past gold production in the Kirkland-Larder Lake area has exceeded 75 million ounces. The Kirkland Lake Main Break itself is considered a splay structure off the LLDCZ. The Lucky Strike Project hosts ~19km of strike length of the Mulven-Kinabik Lake Fault and ~10km of strike length of the Misema-Mist Lake Fault and considered prime targets for future exploration efforts on the Project.

 

The Project area is underlain by a succession of Archean volcanic and volcaniclastic rocks of the Blake River assemblages and later intrusives and dikes:

• 70% - Upper Blake River: 2701- 2696 Ma; Felsic to intermediate metavolcanic calc-alkaline basaltic, dacitic, and andesitic flows, tuffs, and breccias with some areas underlain by bimodal tholeiitic basalt and rhyolite. Mostly covering the north and east of the Project.

• 20% - Lower Blake River: 2704-2701 Ma, Tholeiitic mafic to intermediate metavolcanics with lesser amounts felsic volcanic rocks and turbiditic sedimentary rocks. Basaltic and andesitic flows, tuffs, breccias, chert, iron formation, minor metasedimentary and intrusive rocks and related migmatites. Mostly covering the southwest portion of the Project.

• 5% - Mafic and Ultramafic Intrusives; Gabbro, anorthosite, and ultramafic intrusive rocks. Mostly contained within the Upper Blake River assemblage or at the contact with the Lower Blake River.

• 4% - Timiskaming: 2676-2670 Ma; Syenite Intrusives +/- Porphyry: Diorite-Monzodiorite-Granodiorite Suite (saturated to oversaturated). Diorite, quartz diorite, minor tonalite, monzonite, granodiorite, syenite, mafic syenite and hypabyssal equivalents.

• <1% - Matachewan Mafic Dikes (2454 Ma) and Sudbury Diabase Dikes (1235-1238 Ma): Youngest rocks exposed on the property striking north-northwest utilizing major structural contact boundaries and faults.

 

Gold (Cu-Pb-Zn) mineralization occurs in several localities throughout the Project. The veins can range from shallow dipping (between 30 and 55 degrees) possible extensional veins (Kerr North – Norwood) to near vertical “feeder” veins (Walsh/FP) or major structural “breaks” such as at Labyrinth, vary from several centimeters to tens of meters thick, and have associated pyritized, hematized, carbonatized, and epidotized syenite, mafic volcanic, or dioritic host wall rocks.

 

Known Areas of Interest on the property include:

 

Walsh Mine Area

Between 1924 and 1929 a two-compartment shaft was sunk to a depth of 157m and lateral development consisting of 915m on four (43m, 76m, 114m, and 152m) levels was carried out. No production records have been found in the historical record, however, in 1933, two ore samples, one 1.36 tonnes and the other 0.136 tonnes were shipped to the former Ontario Government Labs in Toronto for processing by Northern Metals Limited. The samples assayed 3.12 g/t Au and 53.01 g/t Au, respectively. Historic records indicates 26.1 g/t Au over 1.4m along a strike length of 22.9m over a stretch along one of the levels (level unknown).  Surface grabs on the veins in 2021 assayed up to 65.5 g/t Au 63m southwest of the Walsh Shaft. Historic diamond drilling in 1986 and 2010-2012 included intersections up to 10.23 g/t Au over 3.0m which includes 40.3 g/t Au over 0.4m.

 

FP Zone

The FP Zone lies approximately one kilometre southeast of the Walsh Mine along the northwest-southeast trend of the mineralized Walsh veins and is currently defined by a single, high grade DDH intersection (AR-10-30) by Ateba Resources in 2010 of 6.71 g/t Au over 4.9m at a vertical depth of 195m. This intersection projects to a wide, altered, pyritic-ankerite zone on surface outlined by a large trench completed in 2018. Pyritic alteration zones along with quartz breccia contained fine visible gold. An IP survey by New Found Gold in 2017 shows a broad, high chargeability / low resistivity region corresponding to the surface mineralization suggesting the zone is much wider than surface mapping and prospecting would indicate. Composite channel sample assay highlights taken by New Found Gold in 2018 returned 81.02 g/t Au over 3.9m including 214.0 g/t Au over 1.0m.

 

Labrynthe Zone

The Labrynthe Zone was discovered by New Found Gold Corp during it’s 2021 Summer Mapping & Prospecting Program and subsequently stripped with a power excavator later that summer. The stripping program opened up a zone of intense deformation, ankeritic alteration, deformed and disrupted quartz veins and abundant fine pyrite mineralization over a strike length of 167 m with widths up 8.0m. This zone is interpreted as being the surface expression of the regional Mulven Break. Channel samples up to 2.7 g/t Au over 1.2m was returned in channel sampling of the stripped area. Seven drill holes targeted this zone in New Found Gold Corp’s 2022 Winter Drill Program with highlights including a 0.62 g/t Au over 17.45m (includes 3.27 g/t Au over 0.40m) and 1.17 g/t Au over 11.40m (includes 4.90 g/t Au over 0.20m) intersections.