Project Information

Project Highlights
  • Sterling Metals has the option to earn 100% of this project via $500,000 in spending by October 2, 2021 and $1,500,000 in spending by October 2, 2023.
  • High-grade, silver, copper, lead and zinc associated with quartz-carbonate veining
  • Rock sample analysis of 2,030 g/t silver, 7% copper, 9% lead, 2.3% zinc and 0.5 g/t gold
  • Two defined target zones – combined strike-length of 9 km
  • Discovered in 2016, no prior drilling and $1,500,000~ spent to date
  • Large project area (13,500 Ha), road accessible and with nearby services and airport
  • Straight forward provincial permitting process
Sail Pond
SAIL POND PROJECT AREA VIEWING NORTH FROM THE SOUTH MINERALIZED ZONE
Location and Ownership
  • 13,500 Ha project located on Newfoundland’s Great Northern Peninsula, eastern Canada
  • Easily accessible by a series of paved highways, forest access roads and trails
  • Adjacent to many regional services and within 32 km of the St. Anthony regional airport
  • Option to own 100% interest subject to a 2% NSR
Sail Pond Location
Sail Pond Project Location
SAIL POND PROJECT LOCATION
Coordinates: 578000mE, 5657000mN (NAD27, UTM Zone 20N)


Geological Setting
  • High-grade Ag plus Cu, Pb, and Zn mineralization found at Sail Pond unique for eastern Canada
  • Laurentian Margin – Humber Tectonostratigraphic Zone
  • Geology records a prolonged geological history as part of the Appalachian Orogenic cycle
  • Active to passive margin environments represented by Early Cambrian to Middle Ordovician rift-related siliciclastics to platformal carbonates
  • Parautochthonous and allochthonous displacement resulting in westward verging folds and NE orientated thrust faults and shear zones
  • Dominantly carbonate-hosted Zn ± Pb, Ag occurrences in the region; e.g. Daniel’s Harbour – 7 Mt @ 7.8% Zn (mined between 1975-1990); minor Cu occurrences
Map of NewFoundLand
GEOLOGICAL MAP OF NEWFOUNDLAND
Geology & Distribution of Mineralization
GEOLOGY OF THE SAIL POND PROJECT
(1:50K scale mapping from Stouge, 1983)
Mineralization
  • High-grade Ag plus Cu, Pb, Zn (± Au) mineralization within two zones exposed at surface
  • Main sulphide species; tetrahedrite, sphalerite, galena, boulangerite, chalcocite
  • Combined strike-length of 9 km; up to 200 m wide; remains open to the north and south, and a depth
  • Quartz-carbonate vein hosted – orogenic, multi- stage; cm to meter-scale widths
  • Lower to Mid-Ordovician dolostone (or dolomitized limestone) is the primary trap rock; stratabound and
    brittle fracturing
  • Silica, dolomite ± calcite ± sericite alteration
  • Quartz veins related to D2 (transtensional) & D4 (compressional) deformation events
  • Adjacent to the west margin of the White Arm Window doubly-plunging anticline; bounded and adjacent to major thrust/shear zones
Recent Exploration Work
  • Preliminary prospecting and mapping – definition of the two mineralized zones (South and North Zones), as well as additional occurrences
  • Collection and multi-element analysis of > 250 rock grab samples from the main zones
  • Structural study of the mineralized quartz veins and host rocks
  • Characterization study of mineralization (petrography combined with SEM and multi-element analysis)
  • Collection and analysis of 4021 B-horizon soil samples – “real time” pXRF analysis, predominantly for Cu, Pb, Zn
  • 17 excavations of new mineralized outcrop exposures for a total 1.28 Ha (6 in the South Zone, 11 in the North Zone) – several sites left open for future use; all excavated areas photographed using a Drone and mapped; collection and multi-element analysis of 1034 channel samples (average length of 1.1 m)
  • A NI 43-101 technical report was prepared on the project by Dr. Stephen Piercey of Memorial University
  • A physical properties database was established for the major rock-types found within and around the mineralization zones (i.e. specific gravity, magnetic susceptibility, resistivity, chargeability)
  • A 105 line-km grid was cut followed by an IP and Resistivity survey (Abitibi Geophysics)
  • A small gravity survey was conducted in three areas (MES Geophysics Inc) following up on chargeability targets
Multi-element Soil Geochem Highlights Zones
CU in Soils
Cu in soils being used here as a proxy for Ag – rock grab samples of Cu vs Ag shows a positive correlation (R2 = 0.92)
Qualified Person’s Statement

Roderick Smith, M.Sc., P.Geo., Chief Geologist for Altius, is the Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Smith is responsible for the scientific and technical data presented herein and has reviewed and approved this project summary.