The OG Deposit (“OGD” or “Deposit”) occurs in the northeastern part of the property and hosted within mafic to intermediate metavolcanic rocks which have been intruded by dike/sill-like bodies of quartz-feldspar porphyries and gabbros. All these rock types have been variably altered (silica, hematite, carbonate, chlorite) and deformed by east- to east-northeast striking North Coldstream Shear/Deformation Zone. Gold is associated with generally 1 to 5 percent, fine-grained pyrite.
The Deposit was discovered by Noranda which in the early 1990s calculated to contained 234,000 ounces of gold (5.1 Mt @1.4 g/t), a historical resource estimate which was prepared prior to the implementation of the NI 43-101 standards hence it should not be relied upon. This resource was calculated on three of the four known gold zones (Main, North, East and Sanders zones) that comprised the Deposit. Since the Sanders Zone was not part of Noranda’s land holding at the time therefore it was not included in this resource estimation.
The OGD, which currently boasts a NI 43-101 compliant resource estimate of 763,276 ounces of gold Inferred and 96,400 ounces of gold Indicated, is the product of agressive drilling programs carried out over the last two years. A total of 16,888 metres has been drilled on the OGD alone by Foundation of which the assay results from only 13,000 metres along with 9,868 metres from historical drilling, totaling 22,868 metres, were utilized to calculate this resource estimate. The OGD is currently one of the most advanced exploration and development plays on the entire Coldstream Property. The four historically known zones are now interpreted to have merged, both laterally and at depth, and the Deposit is modeled to comprised of just two gold zones/horizons, the EC-1 (formerly Main and Sanders zones) and EC-2 (formerly North and East Zones).
Foundation plans to continue drilling the OGD with the goal of expanding the current resource, both laterally and down-dip, and potentially come up with a much larger updated NI 43-101 compliant resource estimate.
Drill Hole Plan