GPM Metals Inc. ("GPM") and Goldeye Explorations Limited ("Goldeye") are pleased to announce that they have received final interpretation reports on the Weebigee Project airborne VTEM/Horizontal Gradient Magnetics Survey ("airborne survey"). Thirty conductors/areas of interest were identified as moderate to high priority targets for gold or base metal mineralization. These targets include extensions of known gold and base metal showings, as well as new conductive trends on recently staked claims.
A 2016 field program of prospecting, mapping, powerstripping, and ground geophysics will be used to prioritize the target areas for eventual drill testing.
GPM is the operator of the Weebigee Project.
The airborne survey, along with the 2015 staking and regional compilation programs, have begun to move Weebigee toward a much larger, greenstone belt scale, project. This more comprehensive approach by GPM recognizes that the 2014 high-grade gold drill intersections (Knoll, Bernadette, and RvG4 zones) represent type targets that have the potential to occur throughout the Sandy Lake greenstone belt. GPM's approach also recognizes the base metal potential of the south portion of the belt (Sandborn Bay area).
The Weebigee project now covers a 35 km long gold bearing trend. The western portion of this trend was covered by Block F of the airborne survey. Numerous historic gold showings are documented along this trend, hosted within a distinctive sequence of rock units dominated by iron formation and quartz-rich felsic tuff. The Block F airborne survey has revealed that a number of iron formation/sediment horizons occur within the Northwest Arm volcanic package. Winter 2014 drilling of gold showings in the stratigraphy immediately above the southern-most iron formation/sediment horizon returned significant intersections (12.86 g/t Au over 6.85 metres, 12.45 g/t over 3.5 metres, 23.25 g/t over 3.97 metres). Detailed follow-up of the airborne survey results will target breaks in these iron formation/sediment magnetic and conductive trends that may represent gold bearing deformation/hydrothermal events.
South of the gold trend, in the Sandborn Bay area, the geological environment appears favourable for VHMS (Volcanic Hosted Massive Sulphide) deposits. This area was covered by the Block B portion of the airborne survey. Known showings include Cu (up to 3%), Zn (up to 4.5%), and Ag (up to 352 g/t) values associated with cherty felsic tuffs, cordierite alteration (sediments) and talc-antigorite alteration (ultramafics). Numerous conductors and conductive trends were outlined by the Block B airborne survey, some of which are coincident to Cu-Zn-Ag bearing cherty tuff horizons. Several new conductive trends proximal to a felsic intrusion (potential volcanic centre) have also been outlined by the airborne survey. Government mapping shows very little outcrop exposure along these new conductive trends.
The airborne survey consisted of 1274.5 km of horizontal gradiometer and VTEM data collected over two blocks, B and F, on the western part of the Sandy Lake greenstone belt. The heli-based survey was flown by Geotech Ltd., of Aurora, Ontario, in September 2015. Line separation was 200 metres with a mean sensor altitude of 45 metres. Third party consultants interpreting the data reported that the EM and magnetic configurations of the system were well suited for the geological environment at Sandy Lake and that data was of good quality.
GPM and Goldeye wish to thank the First Nation communities of Sandy Lake and Keewaywin for their co-operation and logistical support of the ongoing mineral exploration programs.
Weebigee is a gold and base metals project located near Sandy Lake in Northwestern Ontario. The Project is approximately 225 km north of Red Lake, one of the world's most prolific gold camps, and 200 km west of Goldcorp's world-class Musselwhite mine. The Project comprises a main block of 363 claim units (~6000 ha.) held 100% by Goldeye subject to an option agreement with GPM and an additional 1421 claim units (~22,000 ha.) recently staked by GPM, in the highly prospective and underexplored Sandy Lake greenstone belt. Certain of the claims are subject to a 1% net smelter returns ("NSR") royalty. Weebigee lies within the traditional territory of Sandy Lake First Nation ("SLFN") with whom Goldeye signed a comprehensive Exploration Agreement in 2013.