Slave Craton - Tahera Corporation J/V
In 2002 Bay Resources Ltd. reached an agreement with Tahera Corporation to explore for gold on Tahera's extensive properties
on the Slave Craton in northern Canada. This land package contains 177 claims and 11 Inuit Owned Land (IOL) Concessions
totalling 471,765 acres. Tahera is a diamond exploration company listed on the Toronto Stock. Tahera has developed an
extensive database to explore for diamonds and under the terms of the agreement, Bay Resources will use the database and
geochemical samples to explore for gold.
Tahera will retain a two percent net smelter return royalty on any production from deposits discovered as a result of
Bay using the Tahera samples and database.
Tahera's diamond exploration data that Bay Resources will have access to includes electromagnetic geophysical surveys,
overburden and bedrock mapping, overburden sampling and drilling data. The Tahera overburden samples cover some 60,000
square kilometers of the northern Slave Craton with some 17,000 samples being potentially available for gold and base
metal analysis. The overburden samples have been taken on a reconnaissance scale with line intervals at 2.5 - 5.0
kilometers with some detailed surveys at 50-100 meter sample spacings. The Tahera samples cover areas of known gold
mineralisation including in the vicinity of the Lupin and Ulu gold deposits.
Tahera's Jericho and Contwoyto properties lie in close proximity to the Lupin gold mine, which is a large, high grade,
gold deposit (some three million ounce gold endowment produced to date), currently operated by Kinross. Bay Resources
considers there to be significant potential for gold mineralization, similar to that found at Lupin, on Tahera's Jericho
and Contwoyto properties.
Utilizing the Tahera database in conjunction with existing public data, Bay Resource's objective is to delineate new
areas of gold mineralization on the northern Slave Craton that could lead to a multi-million ounce gold discovery.
Update (April '04)
There are some exceptional gold targets on Tahera's ground; principally in the High Lake Volcanic Belt, and
in the Contwoyto Formation near Lupin. In the High Lake Volcanic Belt, several high grade gold showings on Tahera's
ground includes surface samples of 24g, 130g, 176g, and 220 g Au, and drillhole intersection to 25.5 gpt Au / 1.54m.
The target is silicified shear-hosted gold - similar to the 1 M oz ULU gold deposit located 3-5 kilometres away.
On Tahera's Contwoyto claims, previous assessment reports reveal surface gold values of 11g, 15g, 21g, and 28g Au in
banded iron formation. The geology is extremely similar to the nearby Lupin gold mine (2-3 km to the west) where gold
mineralization is in a "Z" folded iron formation with pyrrhotite and arsenopyrite. Lupin has produced over 3 million
ounces of gold. The 4347 targets on Tahera's ground is a 10m wide, 2.3 km long iron formation that has an unsampled "Z"
fold of the same magnitude as Lupin. Previous workers (1960s through to the late 1980s) did not realize the importance
of structure and as a consequence, features like fold noses and quartz veins were not routinely sampled. Diamond explores
staked over the ground by the time that the structural emplacement model for iron formation gold was widely recognised.