Other Properties

Geomark has a 100 percent interest in approximately 7,590 acres of leased claims near the old Colomac mine, located approximately 200 km north of Yellowknife, Northwest Territories. The property hosts two small gold showings, the Main and Cass zones. Comaplex Minerals Corp. originally staked claims in the area in 1982 and Echo Bay Mines Ltd., under option to Comaplex, completed over 160 drillholes (29,300 m) of diamond drilling to define the two zones, but eventually terminated its right to earn an interest in the property.

In 1994, Royal Oak Mines Inc. optioned the property and completed additional diamond drilling (approximately 7,050 m in 85 short holes) on the Main and Cass zones with the intention of using the gold bearing rock to augment the low grade feed at the Colomac Mine, located 13 km to the northeast. Royal Oak’s intention was exploitation of the two showings through shallow, open pits. In 1996, a 13 km long road was constructed between the two properties and a small test pit started at the Cass showing. Exploration by Royal Oak was never completed due to the company (and the Colomac mine) going into receivership.

The gold mineralization at the Main zone is hosted in quartz-carbonate vein lodes associated with a fault zone at the contact between mafic volcanics and sediments of the Archean Yellowknife Supergroup. Cass zone gold mineralization is associated with tension gash type quartz veins hosted entirely in a gabbro sill. Brittle deformation dominates.

Geomark  has a 70 percent interest in two claims on the Rankin Inlet peninsula in Nunavut that cover the old North Rankin nickel mine that was active from 1957 to 1962. Exact figures on mine production are not available; however, the best estimates of historical production from publicly available government assessment files are 460,000 tons of ore grading 2.3 percent nickel, 0.63 percent copper and approximately 3 g/t platinum group elements (PGE). It is estimated that 21 million pounds of nickel and 6 million pounds of copper were produced over the life of the mine.

The approximately 3,100 acre property underwent limited diamond drilling by Comaplex and partners in the area of the old workings in 1988  and in 1992 (2,404 m in 27 holes). The mineralization is interpreted to lie in embayments along the footwall of a serpentinized ultramafic sill. Airborne and gravity interpretation over the claims in 1992, plus work by the Geological Survey of Canada suggests the sill could be continuous under the town site.

PGE values and exotic mineralogy have been recovered from previous work programs on the prospect. The interpreted extension of the deposit lies under the east edge of the hamlet of Rankin Inlet, extending under several municipal developments to the south.