2011 Highlights

"Recognized as a TSX-Venture
Top 50 Company."

Awards of Distinction:

  • Recognized as a TSX-Venture Top 50 Company.
  • Awarded the Ontario Business Achievement Award for Corporate Governance by the Ontario Chamber of Commerce.

Financial:

  • Completed $10 million private placement financing, January 2011.
  • Completed $8.6 million charitable flow-through financing, January 2011.
  • Received an aggregate of$3,875,000 from Lake Shore Gold Corp. (“Lake Shore”) from the exercise of warrants and private placement investments.
  • Received an aggregate of $2,300,000 from Rainy River Resources Ltd. (“Rainy River”) from property option agreement and private placement investment.

Ti-pa-haa-kaa-ning (TPK):

  • Completed (Rainy River – April 13th, 2011) a second phase, 2,900 m diamond drill program.
  • Completed camp upgrades, fall 2011.
  • Completed a second phase reverse circulation drill program, defining eight priority targets.
  • Initiated a 7,500 m diamond drill program.

New Growth:

  • Signed an Early Exploration Benefits Agreement with Neskantaga First Nation.
  • Completed a first phase prospecting and overburden sampling program highlighted by the recovery of a large boulder that assayed 12.60 g/t gold, 111 g/t silver and 4.05% copper.
  • Completed a high resolution airborne geophysical survey.
  • Completed a second phase prospecting and overburden sampling program highlighted by:

a) Recovery of 100 mineralized boulders, 83 of which contain anomalous gold values, one containing coarse visible gold (727 g/t gold); and

b) Definition of the Keely Lake gold grain-in-till dispersal corridor (minimum width of 3.5 km).

  • Defined the extension of the TPK gold-bearing shear zone onto the New Growth property (23 km long) through three, independent collaborating lines of evidence (geophysics, gold grain distribution and soil Arsenic values) and 5 associated gold diamond drill targets.
  • Completed additional staking to capture head of the Keely Lake gold grain-in-till dispersal corridor and a new greenstone belt, source of the gold grains and mineralized boulders.
  • Completed grid cutting and ground geophysics (induced polarization and magnetic).
  • Initiated a 3,000 m 6-10 hole diamond drill program.

Croteau Est:

  • Signed option agreement to acquire 100% of the Croteau Est property.
  • Completed first phase exploration, reporting channel sample assays of 92.57 g/t gold over 1 m (or 12.8 g/t gold over 7.9 m) and 1.9 g/t gold over 33.8 m.
  • Completed a 1,271 line kilometre heliborne airborne total field magnetic and gradient survey. 
  • Initiated a 5,000 m diamond drill program.
  • Initial results: intersected significant gold-bearing shearzones, assays included 12.74 g/t gold over 5.85 m; 12.76 g/t gold over 8.75 m; and 3.05 g/t gold over 3.0 m.


Download entire 2011 annual report