Altius

Florence Lake Nickel Project (Labrador, Canada)

The geological merits of the Florence Lake project are favorable for Komatiite-hosted nickel sulphide deposits. Several widespread Ni (± Cu-Co-PGE) sulphide surface occurrences, associated with belts of Archean ultramafic flows, mafic volcanics and sulphidic sediments, are present within the project area. Historical work has established the basis for continued exploration, while drilling has confirmed the potential for high-grade nickel tenor sulphides. A combined program of modern ground and borehole EM geophysics, in conjunction with drill testing, is recommended to advance the project to discovery.

Project Highlights

  • Altius holds a 100% interest in 50 map-staked mineral claims (license 27520M) located near the eastern coast of Labrador, Canada (refer to Figure 1).

  • The project is centered above the north-east trending Baikie sub-belt of the circa 3.0 Ga Archean Florence Lake greenstone belt (FLGB).

  • Several surface nickel sulphide mineral occurrences, with elevated Cu, Co and PGE contents, are located on the project; hosted dominantly by belts of variably altered and locally serpentinized ultramafic rocks, including komatiitic flows, interlayered with mafic volcanics and sulphidic pelitic sediments.

  • Five ultramafic-mafic belts have been mapped by the Geological Survey of Newfoundland in the project area with individual belts up to 25 meters wide and 8 km long.

  • Exploration work of the FLGB, initiated in the late 1950s, has been intermittent to present day; comprising a variety of piecemeal airborne, ground and borehole geophysical surveys (magnetics, EM, IP), mapping, geochemical surveys and drilling (approximately 6,100 m of total drill meterage in 52 diamond drill holes - majority of drill holes < 150 m).

  • The Baikie showing is the most significant Ni-Cu-Co (± PGE) sulphide occurrence recognized on the project thus far, and subsequently has been the focus of historic exploration work (refer to Figure 1 for location). Historic grab samples from the showing assayed up to 9.22% Ni, 0.49% Cu, 0.23% Co, and 1718 ppb Pd + Pt, and drill results of 2.2% Ni over 11.32 m from FLK-92-02.

  • Sulphide mineralization at Baikie, hosted by ultramafics and mafic volcanics, is characterized by "shoots or channels" of disseminated, semi-massive and massive pyrrhotite, pentlandite and minor chalcopyrite, and the continuity was proven over 110 metres of strike length and to a vertical depth of at least 150 metres but still remains open at depth (refer to Figure 2).

  • The Boomerang Showing was discovered ~4.5 km SW of the Baikie and returned 2.1% Ni and 0.14% Cu from a grab sample of sulphide gossan associated an altered ultramafic.

  • Altius' work consisted of a project-wide till sampling program aimed at determining the "indicator mineral fingerprint" for this type of mineralization and modelling all of the historic drilling to assist in future exploration programs.

Roderick Smith, M.Sc., P.Geo., Chief Geologist for Altius, is the qualified person as defined by NI 43-101 guidelines responsible for the technical data presented herein. Most information presented here is considered historic in nature. Drill hole locations are based on historical reports and their locations have not been verified by Altius.

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