Gaspésie
Grass Root Stage Gold and Copper Concession in Canada (QC)
Overall Description
Colt has entered into an Agreement with Diagnos Inc. to acquire a 100% interest in four mineral properties located in the Gaspésie Region of the Province of Quebec, namely, the Restigouche, West l’Alverne, Gaspésie-1 and Gaspésie-4 properties. These four properties, comprising 267 claims cover an area of approximately 153 km2, are located in the southwestern part of the Gaspésie region, close to St-André-de Restigouche. This sector presents stream sediment anomalies and mineral showings of interest, of both copper and gold. The four properties are located at the junction of two formations and in a structural environment favourable to gold and base metal mineralization: claims are in proximity to major NE trending faults, parallel to or prolongations of the Grand Pabos-Restigouche fault system. These properties were staked by Diagnos after review of large data sets acquired from the Québec government covering over 20,000 km2.
Mineralization
The Gaspésie Regional Project is located within the Québec portion of the Appalachian Orogen, an ancient mountain chain that stretches along the eastern part of North America for some 2,500 km, from Alabama to the Island of Newfoundland. This Orogen records a complex history of at least three major orogenies over some 200 million years. The Québec portion of the Appalachian Orogen is comprised of largely parallel belts of sedimentary and, to a lesser extent, of metamorphic and magmatic rocks. The Appalachian Orogen has been divided into four main tectonic zones: from west to east, the Humber, Dunnage, Gander and Avalon Zones. In Québec, only the Humber and Dunnage zones outcrop at surface. The Humber Zone consists of Precambrian basement of the Laurentian continent overlain by autochthonous Cambro-Ordovician platformal rocks and allochthonous ophiolitic suces. The Dunnage Zone consists of various Cambro Ordovician island-arc and ophiolitic terranes overlain by turbiditic sedirnentary cover and Iocally by late-orogenic molasses sequences.
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Mineral Potential
Colt currently has four staked properties in the Gaspésie area: the Restigouche, West l’Alverne, Gaspésie-1 and Gaspésie-4 properties.
Gaspésie-1, 48.4 km2 (64 claims), covers large arsenic stream sediment anomalies and surrounds known areas of Au mineralization. The Restigouche sector contains documented showings. The copper occurrence of Saint André is included in a hydrothermal alteration zone trending NE-SW. This alteration changed the different calcareous facies on White Head formation in marble, in calco silicated hornfels and in garnet skarn. The mineralization hold by the skarn contains chalcopyrite, pyrite, and in some alteration zone we discover pyrrhotite.
Gaspésie-4, 46 km2 (81 claims), covers a large area of CARDS (Diagnos’ methodology) Au predictions, along trend with arsenic stream anomalies, encompasses a known Ag-Au showing. On the Ruisseau Lavoie showing, the grab samples have returned the following grades (GM 57392): #l0: 0.14 g/t Au + 15.8 g/t Ag #11: 0.41 g/t Au + 58.0 g/t Ag ~1 5: 0.75 glt Au + 3.43 g/t Ag. The project also encompasses the locations of grab samples with Au results of more than 1 g/t.
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Financial Obligations
The terms of the proposed acquisition from Diagnos include a payment of $62,500 in cash and the issuance of 750,000 restricted common shares at a price of $0.25 each, on or before March 27, 2009. Additionally, Diagnos will retain a 2% Net Smelter Return (NSR) royalty on each property and Colt will have the option to buy back 1% of the NSR for $1,000,000 at any time within the first five years of an economic discovery. Colt undertakes to spend a minimum of $450,000 on exploration and drilling on the properties in the first 2 years.