Goldsmith Gold Property, British Columbia
The Goldsmith Property is located west of Poplar Creek on Highway 31, 66 kilometres north of Kaslo, British Columbia. The Goldsmith Property contains several historic, small, high-grade gold workings (Lucky Jack, Bullock, Swede, Goldsmith, Gold Park, etc) throughout a 3 kilometre long belt of altered volcanic and sedimentary host rocks. The property was originally staked in 1903 when gold bearing quartz veins were discovered by placer miners working Popular Creek which flows through the northwest corner of the property.
The property is underlain by carbonaceous phyllitic rocks of the Index Formation, which are cut by Mesozoic metadiorite dikes. Many irregular quartz veins are associated with the intrusive rocks and can contain quantities of free gold. Gold content is irregular within the veins and the smaller veins appear to be higher grade than the larger veins. High-grade gold mineralization in the historic workings is found in quartz veins that range from a few centimetres to 5 metres in width. In addition there are reported historic gold values obtained from the sulphide altered wall rock between and adjacent to the quartz veins. Historical reports dating from the early 1900s describe the amount and size of free gold within these vein networks.
The Company holds an option to acquire a 100% interest in the Goldsmith property. The option agreement calls for the issuance of 200,000 common shares (issued) and cash payments totaling $110,000 ($90,000 paid) over six years. The optionors will retain a 2% Net Smelter Royalty (NSR) on all metals. The Company may acquire 50% of the NSR for $1,000,000 upon commencement of commercial production or sooner.
The Company also entered into an option agreement to acquire a 100% interest in the Lucky Jack mineral claims which are adjacent to the Goldsmith claims and shares the same history and geology. The option agreement calls for the issuance of 200,000 common shares (issued) and payments totaling $110,000 ($90,000 paid) over 6 years. The optionor will retain a 2% NSR on all metals. The Company may acquire 50% of the NSR for $1,000,000 upon commencement of commercial production or earlier.
The Lucky Jack claim groups are being worked contiguously with the Goldsmith Group and are considered to comprise the Goldsmith Property.
Portions of the Goldsmith Property were worked by Westmin Resources in 1980 and 1981. Work completed included soil sampling, geological mapping, trenching and diamond drilling. The 1981 drilling and trenching programs were concentrated on the Lucky Jack and Goldsmith areas. Trenching and/or drilling returned narrow widths of high-grade gold mineralization in both areas. No significant exploration programs were carried out on the property after 1982
Cream Minerals Exploration - Summary
Cream Minerals began exploration programs on the Goldsmith Property in 2003. Between 2003 and 2008 the Company conducted a series of exploration programs including grab sampling and chip sampling from areas of the historic workings including samples from waste dumps, adits and trenches associated with the historic workings. A geochemical soil survey was carried out over a 2.8 kilometres by 2.2 kilometres grid which included the main part of the historical workings, in particular the Bullock and Goldsmith. The program results highlighted a 2 kilometre long gold in soil anomaly. Follow-up work included detailed geological and structural mapping with additional soil sampling. The soil sampling grid was expanded to include the Lucky Jack zone. In addition, detailed geological and structural mapping and rock chip sampling was conducted in order to define trench locations within the anomalous zone. A HTEM-HELIMAG airborne geophysical survey was flown over the property in 2006. Results from the 160-line kilometer magnetic and AeroTem II Electromagnetic survey demonstrate in general that conductors line up well with the regional lithological trends. Field magnetics illustrate a large magnetic high trend averaging 800 metres in width and lying between the two conductive zones. An excavator trenching program was conducted on the property. The trenches were excavated in the area of the Bullock and Goldsmith historic workings. The trenches exposed some veins and uncovered others. All of the trenches and exposed veins were chip sampled to determine average grades.
Cream Minerals Exploration - History
In July of 2003, grab samples were taken from mineralized material in waste dumps adjacent to historic workings. In a limited number of cases where veins were exposed chip samples were also taken. Grab samples assays ranged from a low of 0.52 g/t gold to 9,901.79 g/t gold. The second highest grab sample assayed 3,881.10 g/t gold. Of the 21 samples assayed 15 ranged in values from 0.52 g/t gold to 9.19 g/t gold. The grab and chip samples were taken over a 1.2 kilometre long area. A follow-up mapping and sampling program was commenced. The objective of the program was to complete detailed mapping of the quartz veins and stockwork zones exposed in the historic Bullock #1, Bullock #2 and Bullock #4 workings. At the Bullock #1 and Bullock #2 historic workings veins containing high grade gold and or silver were located and chip sampled. At Bullock #1 a 0.8 metre chip sample returned 63.78 g/t gold and 36.2 g/t silver and at Bullock #2 a 0.5 metre chip sample returned 14.22 g/t gold.
In 2004, a follow-up sampling program was conducted . The objective of the program was to define the mineralizing structures and horizons which host the high localized gold mineralization found throughout the property. In the historic workings (Bullock, Goldsmith, Lucky Jack and Crown King) quartz vein systems were located and where accessible sampled. In several instances the workings are located within areas with sub parallel quartz veins. In some cases a series of smaller vein networks is visible crossing the main vein systems. Very high grade gold values can be obtained at the intersections of the smaller veins and the larger veins. The limited sampling appears to support reasonably consistent zones with gold values ranging up to 5.0 g/t gold within the larger main veins.
Based on the above results a small soil sampling grid consisting of four short grid lines spaced 50 metres apart with soil samples collected at 20 metre stations along the lines was conducted between the historic Crown King and Goldsmith workings. It was believed that the mineralized structures extended between the two historic workings. The purpose was to test the viability of soil sampling in areas with limited outcroppings. Good gold values in the soil samples were obtained along the projected strike of the mineralized structures. Of the 20 soil samples taken 7 were greater than 199 ppb gold, with the highest values being 1,676 and 2,145 ppb gold. Based on the soil sampling results an expanded soil survey grid covering an area of 2.8 kilometres by 2.2 kilometres was put in over the main portion of the historical workings. Lines were spaced at 100 metres and soil samples were collected at 20 metre stations along the lines. Results from the expanded geo-chem program were encouraging along the projected strike of the mineralizing structures. A total of 1,155 soil samples were taken with approximately 5% of the samples (53) returning greater than 100ppb gold. Of the samples taken, the highest was 19,662 ppb gold located along strike from an outcrop containing quartz veining.
In 2005, detailed geological and structural mapping was carried out with additional soil sampling. The soil sampling grid was expanded to include the Lucky Jack zone. In addition in order to define trench locations within the anomalous zone detailed geological and structural mapping and rock chip sampling was conducted on the Lucky Jack and Bullock Zones.
In 2006, a HTEM-HELIMAG airborne geophysical survey was flown over the property. Results from the 160-line kilometer magnetic and AeroTem II Electromagnetic survey demonstrate in general that conductors line up well with the regional lithological trends. One strong conductor is continuous through the mineralized area for a distance of two kilometers. The north end of this conductor which contains the Bullock and Goldsmith workings and gold geochemical anomalies offsets to the West. A second strong conductor runs parallel to the first conductor and is located 1.2 kilometres to the East, trending along the southwest side of the Lardeau River Valley. The conductor trends strongly for the length of the property and contains the Lucky Jack workings. The magnetometer survey shows a large, 800 metre wide magnetic high lying between the two conductive zones.
In the fall of 2007, an excavator trenching program was undertaken. A total of six excavator trenches were completed in the area of the historic Bullock and Goldsmith workings. Two of the trenches were aligned to cross-section the geology between historic adits and trenches. One trench exposed the historic Goldsmith V2 vein for 64 metres along its strike and three short trenches opened areas where prior surface sampling from a road cut returned good gold assay results. The soil anomaly is strongest in the area of the historic Bullock and Goldsmith workings and is in the area tested with by the trenching program. At the Bullock area, a 134 metre long trench was put in to cross the area of quartz veining between adits 3 and 4. This trench encountered 48 (generally sub-parallel) quartz veins ranging in width from a few centimetres to 2 metres. The quartz veins were chip sampled, as was the intervening wall rock for the length of this trench. At the Goldsmith workings, a second, long cross-sectional trench was put in to intersect the stratigraphy and encountered nine separate quartz veins. A well-mineralized (galena, pyrrhotite, chalcopyrite, arsenopyrite) vein, that ranged in true width from 30 to 400 centimetres was exposed for a length of 64 metres and was chip sampled every 2 metres along its strike in order to determine the average grade for this vein. In addition two short trenches were put in and chip sampled, 250 metres away from the above described trench, to better expose veins which had previously returned good gold values from grab samples collected in 2006. Trench results showed numerous narrow high grade quartz veinlets within wide zones of low grade gold mineralization averaging about 1.0 g/t gold.
Cream Minerals Work in Progress
In the summer of 2009 the company began a review of all data gathered on the Goldsmith property with a view to determining the next step in the properties exploration. When completed the Company hopes to initiate the next step in the properties exploration.
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