Pipestone Bay Property

With our focus on the West Madsen Project, we entered into an option agreement whereby Rockland Resources can acquire a 100% interest in the Pipestone Bay property that adjoins their Cole Gold Mines property,” Michael Romanik, president of GoldON. 

Located within the Red Lake Greenstone Belt (RLGB) approximately 32 kilometres (km) west of the town of Red Lake, the 1,015-hectare Pipestone Bay Property (the "Property") lies in an area of numerous significant gold occurrences including two past producers and four developed prospects. The most active neighbour is West Red Lake Gold, who drilled 20,211 metres in 2023 at their Rowan Mine property that adjoins the property’s eastern boundary.

Figure 1: Pipestone Bay location and the numerous gold mines, past producers, and prospects of the RLGB.

The Property has many similar geological characteristics that make the Red Lake Greenstone Belt such a prolific gold camp. These include deformation zones, thrust faults, folded iron formation, Balmer Assemblage ultra-mafic lithologies, an unconformity, alteration (potassic, silicic, carbonate), high-grade gold veins, and disseminated copper mineralization.

Previous work by GoldON includes a property-wide heliborne high-resolution magnetometer (MAG) survey by Prospectair Geosurveys and a reinterpretation study by Orix Geoscience to incorporate the new MAG survey data with all known lithological and mineralogical information and structural measurements.

The results of the Orix study are a greater understanding of the geological and structural framework of the Property as summarized below:

1. A wide zone of low magnetic intensity occurs at the contact of mafic-ultramafic units with northern felsic intrusive rocks is the western continuation of the Pipestone Bay - St. Paul Bay Deformation Zone with possible dextral shearing.

 2. Two phases of deformation (D1 and D2) are identified in the surface reinterpretation causing F1 and F2 folds.

 3. Late faults and shear zones dominantly strike north-northwest and north-northeast, crosscut and locally displace the early structures.

 4. The 991 Showing is possibly controlled by an early E-W structure that is likely a second-order structure to the Pipestone Bay - St Paul Bay Deformation Zone.

 5. Other notable mineralization occurs in iron formation units or proximal to fault intersections.

The Property's primary target is the 991 Zone which consists of narrow pyrite, chalcopyrite bearing quartz veins within a brecciated felsic volcanic unit in contact with a folded ultra-mafic horizon.

Work on the Property by a previous operator, Redstar Gold Corp., confirmed visible gold occurs in several veins with grab samples yielding 22.27 grams per tonne (g/t) Au. In 2004, Redstar drilled a single hole (RGC-004) that was collared into an ultramafic unit north of the 991 Zone and drilled to the south. The hole intersected a 200-metre-wide zone of strongly quartz and sericite-altered felsic stratigraphy with pyrite and chalcopyrite stringer mineralization and anomalous (>100 ppb) gold values.

Sampling completed on the 991 Zone by GoldON confirmed high-grade gold mineralization with seven grab samples ranging in value from 0.006 g/t Au to 44.9 g/t Au. Grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property. Orix recommended two priority drill holes to target the 991 Zone mineralization and related structure.

Under the cumulative terms of the option agreement, Rockland Resources can acquire a 100% interest in the Property in return for cash payments of up to $60,000, and the issuance of up to 1,000,000 common shares of RKL, and RKL will incur qualified exploration expenditures of up to $1,000,000 within 48 months. Under an underlying agreement on the Property dated June 10, 2019, EMX Royalty Corporation owns a 1.5% net smelter returns royalty, of which the Parties may repurchase 0.75% for $400,000.

Mike Kilbourne, P. Geo, an independent qualified person as defined in NI 43-101, has reviewed and approved the technical contents of this webpage on behalf of the Company.