Originally acquired from Benton Resources Inc., the Panama Lake property is located 80km away from and on-trend with Great Bear Resources’ Dixie Project. The Panama Lake property has excellent exploration and discovery potential within a relatively under explored area of the camp.
A high-detail airborne magnetic survey was completed recently and interpreted leading to help identify several high-priority targets for immediate follow-up. These targets include a distinct fold approximately 250m along strike from the Panama Zone which has not been previously identified. Benton Resources has also recently discovered an old assessment file containing a visible gold occurrence in the northeast part of the project which needs to be investigated.
The Panama project is host to some of the highest unsourced gold grains (107 grains) in glacial till discovered by the Geological Survey of Canada, 1999 (Open File 3038).
• a large, highly prospective land package at Panama Lake
•80 km east and along trend with Great Bear’s Dixie Lake discovery
•Panama Zone has been drill-defined over a 1.2 km strike
•Results include 1.2 g/t Au over 15 m and 2.8 g/t Au over 4.5 m
• 2019 drill program by the previous operator (Benton Resources) confirmed mineralization at the Panama Zone
• Also intersected anomalous gold (0.18 g/t Au over 8.4 m) at the Slate Lake Zone (remains highly prospective)
The Panama Lake Property hosts one of the largest data sets in the area with data from Goldcorp, Noranda, Benton Resources and St. Anthony itself. The land package was recently surrounded by Kenorland Minerals Ltd. in a joint venture with Barrick Gold Corp. This geological zone map details the zones, features, and stakeholders’ properties within the area.
Following the high-grade gold discovery made by Great Bear Resources in 2017, a resurgence has taken place surrounding the historic Red Lake Mining Camp. There are now several dozen mining exploration and development companies working on the ground at various sites. St. Anthony Gold Corp. is well positioned within this group having gained early position through its previous exploration agreements inherited as part of its corporate structure.
The Red Lake greenstone belt is one of the most prolific gold camps in Canada, with gold production from three principal deposits: Campbell-Red Lake (>13 million oz.), Cochenor-Willans (1.2 million oz.), and the Madsen (2.4 million oz.) mines. The two major producers, Campbell and Dickenson (Red Lake) mines have produced a total of 14 million troy ounces of gold since going into production in 1948.
Past production and current reserves in the Red Lake district total approximately 23 million ounces of gold and continue to rise.
Panama Lake hosts several prospective mineralized trends. The gold within the region is hosted within a silicified shear zone within strongly deformed and hydrothermally altered metavolcanic and metasedimentary rocks. This is similar geology to the Cochenour and Madsen mines in Red Lake.
The Panama Zone was previously sampled using wide-spaced drilling over 1.2km by Noranda. The results from that drill program include 1.2 g/t Au over 15 m and 2.8 g/t Au over 4.5 m.
The Slate Lake Zone provided 107 pristine gold grains in GSC till sample and grab samples in the area. The samples returned grades of up to 6.17 g/t Au. t is characterized by arsenopyrite-rich quartz veins within a carbonate-altered shear zone