The Urban Barry Gold Project (“the UB Project”) is located approximately 200 kilometers northeast of Val D’Or, Quebec. The UB Project covers an area of 1,297 hectares and is ~18 kilometers east of, and lies in the same geological district as, Oban Mining’s Windfall Lake Deposit, which has a an estimated mineral resource*of 748,000 ounces of gold at 8.42 g/t gold in the indicated category, and 860,000 ounces of gold at 7.62 g/t gold in the inferred category.
* Source: Oban Mining Corporation website - SRK (Canada) November 2014 Technical Report. These estimates of gold resources are sourced from publicly available materials and are not located on the Urban Barry Property. Aldever has not undertaken any independent investigation of the production/resource estimates, nor has it independently analyzed the publicly available results.
In addition, the UB Project is also located ~13 kilometers northeast of Bonterra Resources’ Gladiator Project, which has met with considerable success from their 2015 drilling programs (See Bonterra Resources News Release of November 4, 2015).
The UB Property, which is surrounded on all sides by mineral claims controlled by Oban Mining Corporation, is situatied within the Urban-Barry Greenstone Belt lies within the eastern portion of the Abitibi Subprovince which has an east-west extent of approximately 135 kilometres with ranges from 4 to 20 kilometres in width along its strike extent,. Lithological units within this terrane include sequences of basalt flows withintercalated felsic rhyolities to more mafic volcaniclastic rocks that have been deformed and metamorphosed to the greenschist facies. The volcaniclastic sequence has been intruded by syn-volcanic to late (post mineralization) intrusions. Dominant structural fabrics trend to the northeast, with variable dips between 30 to 85° to the southeast. The principal exploration target at the UB Project is a seven kilometer strike length of regional scale faulting of the Abitibi Greenstone Belt which lies within the UB Property bounds.
The southern claims, the Lac Chanceux Block, has excellent discovery potential and is situated in the same geologic formation as Bonterra’s Gladiator discovery, approximately 13km to the west. While the Lac Chanceux Block has not been tested by diamond drilling, it lies only 200 meters west of the Croix 3 deposit (which is anomalous with copper and silver) and 200 meters south of the Lac Chanceux Nord deposit (where drilling encountered anomalous intervals of gold and silver), the latter of which is controlled by Oban Mining.
A 1% GOR (Gross Overriding Royalty) has been granted to the vendors, of which 0.5% may be purchased by Aldever for $1,000,000, less any royalties previously paid.