McClarty Lake

Target: Precious metals bearing volcanic massive sulphide (VMS) deposits
Location: 47 km southwest of Snow Lake, Manitoba
Property: 8 contiguous mineral claims totalling 932 ha
Ownership: 40% interest in HudBay JV (588 ha)

100% ownership in MAC claims (344 ha)

Highlights

The McClarty Lake property is favourably situated within the Flin Flon - Snow Lake greenstone belt, one of the largest Proterozoic volcanic-hosted massive sulphide (VMS) districts in the world. Twenty-seven copper-zinc-(gold) deposits within the belt have produced more than 183 million tonnes of sulphide ore.

At McClarty Lake, an extensive alteration system that locally hosts massive sulphide mineralization has been traced laterally for ~2 km (open). The degree of alteration and locally high-grade nature of the mineralization underlines the potential for the mineralizing system to host a precious metal rich VMS deposit(s). The sulphide mineralization and associated alteration system at McClarty Lake is very similar to that associated with the Chisel Lake and Lalor Lake volcanogenic massive sulphide deposits of the Snow Lake area.

Current Status

In 2015, Hudbay Minerals Inc. (“HudBay”) completed a compilation and review of all the technical data for the joint venture claims. This work resulted in the identification of new targets and the subsequent staking of three new mineral claims which adjoin both the joint venture claims and claims owned 100% by Troymet. Two of the new targets occur near the boundary between joint venture claims and 100% owned Troymet claims. Hudbay is planning ground geophysical surveys over the newly identified exploration targets. Under the terms of the Joint Venture Agreement, Hudbay must contribute $1,151,052 in joint venture expenditures before Troymet is required to fund its participating interest.

Previous Work

HudBay-Troymet Joint Venture Claims

Early exploration on the property was hampered by a lack of outcrop exposure and an overlying Paleozoic-aged sediment cover. In 1996, HudBay flew an airborne EM survey over the area, outlining a conductor that was subsequently tested with two drill holes in 1997 by HudBay and two holes in 2000 by Troymet's predecessor company. All four holes intersected a gold and silver bearing semi-massive pyrite horizon in altered felsic volcanics, tracing the horizon over a 50 m strike length (Table 1). A deep penetrating Time Domain EM survey undertaken in 2002 subsequently defined a potential massive sulphide horizon(s) over a strike length of ~600 m.

Five holes drilled by Troymet in 2007 extended the known strike length of the sulphide horizon to over 425 m. Significant zinc sulphide mineralization was intersected in two holes (MC07-04 & -06) collared 225 m south of the 1997/2000 drilling (Table 1). Along with the presence of copper sulphide, this marked the first discovery of significant base metal mineralization (the “Discovery” zone) on the property (September 26, 2007 news release).

In 2008, Troymet contracted a helicopter-borne VTEM survey over the entire property and drilled 8 holes (Table 1). This drilling campaign identified the presence of two laterally continuous massive sulphide zones: an upper pyritic horizon intersected in 1997 and 2000 drilling, and a lower base metal bearing horizon discovered in 2007. The lower zone was confirmed over a strike length of 75 m and to a vertical depth of 175 m (May 15, 2008 news release).

HudBay completed a surface pulse EM survey over the Discovery zone in 2011 and drilled three holes (Table 1). Hole MCC001 intersected the lower mineralized zone approximately 150 m below the intersection in hole MC08-10 at a vertical depth of ~300 m (January 12, 2012 news release).

In 2013, Hudbay drilled a single hole to test for the down dip and southward strike continuation of the Discovery zone. The hole was shut down prematurely at 437 m depth due to concerns of unsafe ice conditions. Two pyritic horizons were intersected but no significant precious or base metal values were reported (April 12, 2013 news release).

Troymet (100%) Claims

Troymet's 2008 airborne VTEM survey identified an EM conductor on the MAC 2 & 3 claims, situated ~1 km northeast and on trend of the Discovery zone. In 2010, a follow-up PEM survey confirmed the anomaly as a strong bedrock conductor. Troymet tested the Mac conductor over a 300 m strike length with three holes in 2011. All three holes intersected altered volcanic xenoliths in intrusive rocks, some containing strongly sulphidized zones with anomalous copper and zinc values reminiscent of the volcanic horizon that hosts the Discovery zone (April 11, 2011 news release). The dominance of xenoliths and sulphidized zones within the various intrusive bodies suggests that the volcanic horizon, where intersected, has been partially digested. There is potential for uninterrupted extensions of the mineralized volcanics along strike and to depth. Further PEM surveys and diamond drilling are required to adequately explore the Mac mineralized zone.

Geology

The massive sulphide horizons at McClarty Lake are hosted by a sequence of variably silicified, sericititized and chloritized felsic volcanics and volcaniclastics. The volcanic sequence exhibits a distinctive coarse-grained porphyroblastic metamorphic mineral assemblage that is recognized in all of the VMS deposits in the Snow Lake area, and reflects an earlier hydrothermal event that has been overprinted by amphibolite-grade regional metamorphism. The alteration assemblage is considered a highly important exploration vector to massive sulphide mineralization.

Technical Reports

NI 43-101 Technical Report on the McClarty Lake Property - June 2008 (11.9 Mb)

Quality Assurance & Quality Control Program