SMDI #

0733

Historical Showing Names

Elizabeth Lake Copper-Zinc Deposit, Elizabeth Lake Cu-Zn Deposit

Project Name

Elizabeth Lake

UTM Northing (NAD83 Z13)

6130740.8900

TRM (Township-Range-Meridian)

73-22-2

Associated Commodities

Gold, Iron, Lead, Nickel, Silver, Zinc

Status

Deposit: Advanced Exploration

Geological Domain

Kisseynew

Host Minerals

Pyrite

Exploration History

4/1/2021 In April 2021, MAS completed a relogging and resampling program on 20 historical diamond drill holes on the Elizabeth Lake property. The work was successful in its aim of confirming 1968 assays and identified a suite of pathfinder elements that correlate with the economic minerals of interest to aid future targeting. Geophysical and Backpack drilling field program planned for fall 2022. 8/2/1989 In 1967, C. Isbestor discovered molybdenite mineralization in a pegmatite just west of Elizabeth Lake (SMDI. 0746) and shortly later discovered copper mineralization on a small lake situated 3 miles north of the fishing lodges on Nemeiben Lake. This started a small rush to the area and ML 1 to ML 6 and CBS 1425, CBS 1431 and CBS 1476 were staked over the area for V. Studer, M. Lindsley, G. Thompson and H. Isbestor by Studer in 1968. The area of the showing was included within CBS 1425 and was transferred to Studer Mines Ltd who trenched the showing. Later in 1968, the area was optioned to Noranda Explorations Co. Ltd. A ground EM and geological mapping survey was conducted and trenching on a small peninsula on the southwest shore of the lake exposed copper mineralization (AF 73P06-0043) in 1968 to 1969. 21 holes totalling 25,000 ft were drilled over 3500 ft and returned the intersections listed. No further work was done by Noranda and they dropped their option on the property in 1969. In 1969, Uranium Valley Mines Ltd. Optioned the property for 3 years. In 1970, The prospect was still included within CBS 1425. Studer Mines retained 20% with Uranium Valley holding 30%, Canada Southern Petroleum Ltd. 30% and Great Prairie Resources Ltd. 20%. In 1970, 13 holes, totalling 8,965 ft (2732 m), were completed on the North Zone and 4 holes, totalling 3,181 ft (969.6 m) were completed on the South Zone (AF 73P06-0061). Trenching, mapping, ground EM and IP surveys were also completed (AF 73P06-0063). The UV series of drill holes resulted in a drill-indicated reserves calculation for the deposit. In 1971, probable reserves were given. In 1974, Uranium Valley Mines Ltd. Became Superstar Petroleums Ltd. And held 30% of the property, Canada Southern Petroleums Ltd. Held 50% and Studer Mines the remaining 20%. CBS 1425 lapsed on 1 January 1979. The area was immediately re-staked as S-106463 to S-106464 which became S-99538 to S-99539 soon after. Superstar transferred its ownership to Studer Mines which now held a 50% share. Upon calculation of the ore reserves, it was decided that the reserves were not sufficient to support a mining operation. More work was recommended to locate additional tonnages. A Pulse EM and magnetic survey, and detailed geological mapping in the area of the survey was recommended as well as diamond drilling of all targets located by the previous surveys. No results of this program have been released. A projected financial estimate was prepared in 1980 for the implementation of a mine but no further work has been released to the public. In 1981, Cameco entered into a joint venture agreement with Studer Mines. Studer Mines subsequently assigned its interest in the property to Benz Gold Resources. In 1981, Benz Gold flew an INPUT and magnetic survey. In 1983, Benz Gold flew a second INPUT and magnetic survey and completed limited ground geophysics near the deposit. In 1984, Cameco re-analysed selected drill core. On 1 August 1985, Prime Resources Corporation staked the showing area as CBS 6214. In 1987, Ingot Exploration completed ground VLF-EM and magnetic surveys over the deposit (Af 73P06-0127). In 1989, Benz Gold Resources completed detailed geological mapping, prospecting and rock and soil sampling of the Elizabeth Lake grid that covered the showing (AF 73P06-0132). CBS 6214 lapsed on 1 February 1991. On 1 February 1991, Claude Resources Inc. staked the deposit as S-103570. In 1994, Claude completed prospecting and rock sampling over the showing to check for possible gold zoning in the host rocks (AF 73P06-0145). The deposit is hosted by a series of sheared, silicified, and sericitized biotite schists which may represent tuffs of dacitic-felsitic composition. Significant concentrations of gold or copper were not located by this work. In 1996, Claude Resources completed a core petrographic study using Noranda drill holes S-9, S-12, and S-19 (AF 73P06-0149). S-103570 was allowed to lapse on 1 July 1996. In the same year, core petrographic studies were completed on drill holes S-9, S-12, and S-19 (AF 73P06-0149). At this time, Claude released the drill indicated reserves of the 300 m (984.3 ft) long northeast-trending deposit which is open at depth. Gold values range from 0.35 to 15.0 g/t. In July of 1999, S-103570 was allowed to lapse.

Reserves and/or Resources

2003-01-01 Geological Resource of 4,985,938 tonnes grading 0.73% Cu. Summary: Historic reserve (unspecified) of 4,985,938.00 tonne - Copper: 4,958,938.00 tonne @ 0.73 % 1996-01-01 Drill indicated reserves 6,700,500 tons grading 0.68% Cu including 1,500,000 tons grading 1.56% Cu and 14.9 g/t Ag. Gold values range from 0.35 to 15.0 g/t. Summary: Historic indicated resource of 6,700,500.00 ton - Copper @ 0.68 % - Copper: 1,500,000.00 ton @ 1.546 % - Gold @ 7.765 g/ton - Silver @ 14.9 g/ton 1971-01-01 Uranium valley Mines – Canadian Southern Petroleum – Great Prairie Res Probable drill reserves: ZONE CUT-OFF TONS % Cu North 0.60 892,500 0.61 South 0.60 3,447,000 0.64 TOTAL 0.60 4,340,000 0.63 North ---- 183,500 1.12 South ---- 972,500 1.08 TOTAL ---- 1,156,000 1.09 North ---- 106,000 1.48 South ---- 495,000 1.52 TOTAL 601,000 1.51 Summary: North Zone: Historic probable reserve of 892,500.00 ton - Copper: 892,500.00 ton @ 0.61 % (Cutoff: 0.6) Total: Historic probable reserve of 4,340,000.00 ton - Copper: 4,340,000.00 ton @ 0.63 % (Cutoff: 0.6) South Zone: Historic probable reserve of 3,447,000.00 ton - Copper: 3,447,000.00 ton @ 0.64 % (Cutoff: 0.6) Historic reserve (unspecified) of 1,156,000.00 ton - Copper: 1,156,000.00 ton @ 1.09 % Historic reserve (unspecified) of 601,000.00 ton - Copper: 601,000.00 ton @ 1.51 % 1970-01-01 Drill outlined probable reserves of 4,340,000 short tons grading 0.63% Cu or 2,158,000 short tons grading 0.89% Cu or 725,000 tons grading 1.86% Cu, 0.44 oz/ ton Ag over an average width of 11.3 ft. Summary: Historic probable reserve of 725,000.00 ton - Copper @ 1.86 % - Silver @ 0.44 oz/ton Historic probable reserve of 2,158,000.00 ton - Copper: 2,158,000.00 ton @ 0.89 % Historic probable reserve of 4,340,000.00 ton - Copper: 4,340,000.00 ton @ 0.63 % 1970-01-01 6,700,000 tons grading >1.5% Cu. Summary: Historic reserve (unspecified) of 6,700,000.00 ton - Copper: 6,700,000.00 ton @ 1.5 %