Discovery of a new vanadium- and titanium-rich mineralized magnetite layered gabbro:

• Another highly prospective 2 x 3 km² area of anomalous and well mineralized granodiorite and magnetite layered gabbro
• Two large gold-in-soil anomalies with magnetic and chargeability anomalies
• Multiple anomalous outcrops over 2 km strike length (three highest values listed):
  • Fe₂O₃ (T) – 20.10%; 20.07%; 19.65%
  • TiO₂ – 6.18%; 5.67%; 3.26%
  • V₂O₅ – 1.11%; 1.08%; 1.05%

Potential Deposit Type – Intrusion-Related Fe-Ti-V (Au) deposit

The Caledonia Mountain project represents a newly discovered mineralized layered gabbro.  It was originally identified by Falconbridge Ltd. when they uncovered a 4-meter-wide zone of sub-massive magnetite during their exploration for Ni-Cu-PGE in the early 1990’s. In 2019, the area was explored for its Fe-Ti-V potential with samples returning values ranging up to 1.10% V₂O₅ and 6.18% TiO₂.  A significant zone of Fe-Ti-V mineralization was identified with six outcrop areas ranging from 0.49% to 1.05% V₂O₅ that highlights a 600 m wide by 2000 m long zone of magnetite layered gabbro with ore grade titanium and vanadium (purple line in Figure 1). Additionally, this newly discovered layered gabbro also has a significant Au soil anomaly. The unmapped gabbro is believed to be another Precambrian-aged gabbro paralleling the previously known gabbro/granodiorite that also contains a significant gold-in-soil anomaly and 1.10% V₂O₅.

The early GSC airborne magnetometer survey was further defined by a more detailed NBDNR magnetometer survey that resolved the GSC magnetic anomaly over the Caledonia gabbro. It clearly shows three distinct, parallel, northeast-trending magnetic anomalies (NBDNR Map Plate 80-100d). The limited two-line soil survey that was carried out over each gabbro unit also highlighted two significant gold-in-soil anomalies overlying the middle and southern parallel magnetic anomalies. These gabbro units also have significant sized VLF in-phase conductors (Figure 1.1). Additional follow-up work was recommended at the time but has never been followed up until now.