The Nova Project (2,080 hectares) is one of three Pancon projects in the Montcalm Greenstone Belt. Located 19 kilometres southwest of Glencore’s former Montcalm Mine, which previously mined 3.9 million tonnes of Ni-Co-Cu ore and produced more than 4 million pounds of cobalt (Ontario Geological Survey, Atkinson 2011), the Nova Project covers a portion of the eastern boundary of a major regional structure known as the Kapuskasing High (also known as Kap High).
Very little exploration has been conducted on this structure until recently, leading up to Goldcorp’s recent announcement of plans to develop its Borden Lake Gold Mine, located in the Kap High.
- Sampling of a bedrock area in the vicinity of the original 1991 Teck occurrence confirmed the presence of cobalt mineralization with the best sample returning 536 parts per million (ppm) cobalt (500 ppm cobalt is equivalent to one pound of cobalt per ton.)
- Sampling of a second trenched area, with massive sulphides, returned 120 ppm cobalt and 138 ppm cobalt in the northeast sector of the survey area. This trench is associated with a broad cobalt MMI soil anomaly on the flank of a strong bullseye magnetic response with untested electromagnetic conductors.
- MMI soil sampling also located a very significant gold anomaly stretching more than 200 metres in a north-northeasterly direction; this anomaly remains open to the southwest.
- Anomalous MMI copper responses correspond, to a limited extent, with the elevated MMI gold responses.
- Weak anomalous gold and zinc values were also identified in bedrock occurrences hosted within felsic rocks proximal to the MMI gold and copper soil anomalies. This environment suggests potential for a polymetallic volcanogenic massive sulphide deposition.
- All targets of interest to date are associated with a bullseye magnetic anomaly located within a larger, complex, folded magnetic anomaly stretching across the entire property.
- Within this larger magnetic anomaly there is a series of smaller bullseye magnetic targets with coincident EM anomalies which are untested; these areas represent prospective targets similar to where the new gold and base metal targets were detected.