The Split Lake Gold Property, acquired August 18th, 2011, consists of 2 claims totaling approximately 1,300 acres in the Patricia Mining District, in Ontario, approximately 26 km south west of Sioux Lookout. The claims are located adjacent to the highway and a railway line.
The claims cover ground reported on by Gillis of ACA Howe in 1980. He reported that the claim area was host to several zones of gold-bearing veins that were initially discovered in the early 1930′s and worked from 1935 to 1940. The claims cover two known gold bearing zones, Zone 3 and Zone 9.
The general geology of the claim area is described by Gillis as being underlain by rocks of Pre-cambrian age consisting of andesitic lavas of the Keewatin formation containing layers of dacite, rhyolite, breccia and tuff, with most of the area sheared and altered. Within the shears or fracture zones carbonate, chlorite, pyrite and quartz veins exist. Older and younger intrusive rocks are described in general geology with related shear zones again described as containing quartz. Gillis reported that gold mineralization occurs with quartz veins in fracture and shear zones, with quartz veins uncovered on surface that ranged from widths of 1 inch to 6 feet, and in areas visible gold was noted.
Gillis noted that “sampling within Zone 3 was concentrated in the areas of previous trenching, and since it proved impossible to adequately clean out many of these trenches, the sampling program was very limited. In spite of this, the samples collected do confirm the presence of gold mineralization in the area, with values ranging from trace to 0.059oz/ton. Previous work over this area indicates a zone of some 70,000 tons at 0.24oz/ton Au.
Gillis also reports that “Extensive rock sampling of a trench in Zone 9 yielded values ranging from trace to 1.08oz/ton Au. A previous drill hole in the area intersected a 10 foot zone averaging .48oz/ton. This zone has been traced on surface for 1000 feet…”Grab samples in 1959 returned 7.58oz/ton Au and 2.70oz/ton Au from Zone 9.
The general geology of the claim area is similar to past and current gold producers in the Timmins-South Porcupine, Kirkland Lake-Larder Lake, and Val D’Or- Malartic gold mining camps.
Technical information has been prepared and/or revised by Mike Magrum, P.Eng., Director and Qualified Person as defined in NI 43-101 for Soldi.
Soldi will pay a cumulative amount of $145,000 cash and issue 1,250,000 common shares over a three year period. The Split Lake Gold Property will also be subject to a 2.0% Net Smelter Royalty (“NSR”) and Soldi shall have an option to purchase 1% of the NSR for the sum of $1,000,000 at any time up to when a production decision is made.