NORTHSHORE GOLD SALE

  • On August 26th, 2020 CBLT closed the sale of Northshore Gold to Omni Commerce Corp., doing business as Ready, Set Gold! (“RSG”)
  • CBLT received cash of $350,000 plus equity worth $1,100,000 in RSG, making it RSG’s single largest shareholder
  • RSG has applied for a listing of its shares on the Canadian Securities Exchange
  • CBLT and prior owners of Northshore have excellent relationships with the First Nations community of Pays Plat and the Village of Schreiber, and will work with RSG to ensure those relationships continue
  • CBLT is very excited about seeing RSG further explore and develop Northshore Gold

 

ABOUT NORTHSHORE GOLD

  • Northshore Gold is located in the Schreiber-Hemlo Greenstone Belt, 115 km west of Hemlo and 200 km east of Thunder Bay. Road accessible, 4 km south of the Trans-Canada Highway
  • Northshore hosts indicated resources of 391,000 oz gold plus inferred resources of 824,000 oz, all within the Afric Gold Deposit (see the June 10, 2014 press release from GTA Resources and Mining Inc. https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00025445 )

 

The former owner of Northshore Gold (GTA Resources and Mining Inc.) completed 103 diamond drill holes delineating the gold mineralization at Northshore, with the bulk of the drilling (99 holes) on the Afric Gold Deposit. Gold mineralization within the Afric Gold Deposit is hosted within widespread sections of altered felsic to intermediate intrusive and porphyritic rocks, hosting quartz and quartz carbonate veins, veinlets, stringers and fracture infillings. Multiple occurrences of visible gold were observed in various drill holes. The widespread nature of the gold can be demonstrated in a number of drill holes being mineralized throughout their entire lengths, including GTA’s hole WB-11-11 which assayed 3.21 g/t over 149.5 m (uncut).

 

In 2014, GTA reported an initial NI 43-101 mineral resource estimate for the Afric Gold Deposit (see associated report “Technical Report on the Mineral Resources of the Northshore Property”, dated June 30, 2014). At a cut-off grade of 0.50 grams gold per tonne the classified mineral resource was estimated to be:

  • Indicated Category: 391,000 ounces gold in 12,360,000 tonnes at a grade of 0.99 g/t gold
  • Inferred Category: 824,000 ounces gold in 29,580,000 tonnes at a grade of 0.87 g/t gold

 

GTA carried out preliminary metallurgical test work on two composited drill core samples to determine potential gold recoveries (see GTA news release dated Aug. 29, 2016). Recoveries varied from 94.8% to 99.6% over a 24 hour retention time, indicating excellent recoveries could be anticipated using conventional cyanidation.

NORTHSHORE GOLD SALE

  • On August 26th, 2020 CBLT closed the sale of Northshore Gold to Omni Commerce Corp., doing business as Ready, Set Gold! (“RSG”)
  • CBLT received cash of $350,000 plus equity worth $1,100,000 in RSG, making it RSG’s single largest shareholder
  • RSG has applied for a listing of its shares on the Canadian Securities Exchange
  • CBLT and prior owners of Northshore have excellent relationships with the First Nations community of Pays Plat and the Village of Schreiber, and will work with RSG to ensure those relationships continue
  • CBLT is very excited about seeing RSG further explore and develop Northshore Gold

 

ABOUT NORTHSHORE GOLD

  • Northshore Gold is located in the Schreiber-Hemlo Greenstone Belt, 115 km west of Hemlo and 200 km east of Thunder Bay. Road accessible, 4 km south of the Trans-Canada Highway
  • Northshore hosts indicated resources of 391,000 oz gold plus inferred resources of 824,000 oz, all within the Afric Gold Deposit (see the June 10, 2014 press release from GTA Resources and Mining Inc. https://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00025445 )

 

The former owner of Northshore Gold (GTA Resources and Mining Inc.) completed 103 diamond drill holes delineating the gold mineralization at Northshore, with the bulk of the drilling (99 holes) on the Afric Gold Deposit. Gold mineralization within the Afric Gold Deposit is hosted within widespread sections of altered felsic to intermediate intrusive and porphyritic rocks, hosting quartz and quartz carbonate veins, veinlets, stringers and fracture infillings. Multiple occurrences of visible gold were observed in various drill holes. The widespread nature of the gold can be demonstrated in a number of drill holes being mineralized throughout their entire lengths, including GTA’s hole WB-11-11 which assayed 3.21 g/t over 149.5 m (uncut).

 

In 2014, GTA reported an initial NI 43-101 mineral resource estimate for the Afric Gold Deposit (see associated report “Technical Report on the Mineral Resources of the Northshore Property”, dated June 30, 2014). At a cut-off grade of 0.50 grams gold per tonne the classified mineral resource was estimated to be:

  • Indicated Category: 391,000 ounces gold in 12,360,000 tonnes at a grade of 0.99 g/t gold
  • Inferred Category: 824,000 ounces gold in 29,580,000 tonnes at a grade of 0.87 g/t gold

 

GTA carried out preliminary metallurgical test work on two composited drill core samples to determine potential gold recoveries (see GTA news release dated Aug. 29, 2016). Recoveries varied from 94.8% to 99.6% over a 24 hour retention time, indicating excellent recoveries could be anticipated using conventional cyanidation.