Overview
The Newman Todd Property located in the northwestern Ontario’s Red Lake Greenstone Belt, so named for the green minerals that dominate the metamorphic rocks of the region. The Red Lake Greenstone Belt hosts several large gold deposits including those of the Red Lake mines for which they are named. The project is 100% owned by Renegade Gold. The project is in the advanced exploration phase of development.
Regional Geology
Archean Rocks are the oldest known rocks on Earth, dating from 4 billion to 2.5 Billion years old. Along the Canadian Shield, these rocks, an assemblage of metamorphosed volcanic, intrusive and sedimentary rocks, are exposed at the surface due to erosion by glaciers. Structural deformation of these rocks and subsequent hydrothermal activity is thought to be responsible for the gold mineralization.
Project Geology
The Property is centered around the “Newman Todd Structure, a narrow structural body bounded by regional faults. The rocks of the structure are hydrothermally altered and brecciated (composed of broken fragments of rock). Gold mineralization is associated with the altered breccia zones and occurs as both free gold and as gold-bearing pyrite (iron sulfide).
Discussion
The project is located in a politically stable mining-friendly district with reasonably good access. Drill programs undertaken over the past few years have shown some interesting and promising results including grades of 100’s g/t over <1 m lengths. By comparison, the Red Lake mine ore grades at 20+ g/t, while San Gold’s rice lake mine to the east grades from 5-10 g/t. The big question for this project is whether the results of recent drilling will be enough to prove up a decent sized deposit. While the company has reported some rather spectacular drill results, these occur over a very narrow intervals and should be digested with due caution.
Red Lake is known for very large, high grade gold deposits, but it’s also known for being a challenging place to mine. In recent years a number of small miners such as Rubicon and Pure Gold have gone bankrupt after going into production without a thorough understanding of the region’s complex geology and nuggety, inconsistent gold grades.
Further Reading
- Renegade Gold: https://www.renegadegold.com (website)
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