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Project Overview

The Mustang property hosts the “Outflow Prospect”, comprising the Mustang and Piper mineralized zones, and is located adjacent to New Found Gold Corporations’ Queensway project, where they recently announced drill hole NFGC-19-01 which intersected 92.86 grams per tonne gold (g/t Au) over 19.0 m (see Mexican Gold Corp. press release dated January 26, 2020)*. Gold mineralization at Mustang was discovered at the Outflow Prospect in 1987 by Noranda Exploration Company Limited, who completed geologic mapping, trenching and shallow (average 84 m) diamond drilling (12 holes totaling 1007.6 m). In late 2001, Altius Minerals Corp. held the current claim area, with the Mustang zone anchoring a major NE-SW structural feature of prospective geology covered by a large property project known as the “Mustang Trend.”

Project Location

The Mustang claim block is contiguous to New Found Gold’s Queensway Gold Project and approximately 5 km from New Found Gold’s discovery hole. The claims comprise approximately 420 ha on the western shore of Gander Lake. The property is located approximately 6.5 km south-southeast of the village of Glenwood, with abandoned logging road accessing the area. Glenwood is located on the Trans-Canada Highway 25 kilometers west of an international airport in Gander.

Past Exploration

Gold mineralization was discovered at the Outflow Prospect in 1987 by Noranda Exploration Company Limited, whom completed geologic mapping, trenching and shallow (average 84 m) diamond drilling (12 holes totaling 1007.6 m). In late 2001, Altius Minerals Corp. held the current claim area, with the Mustang zone anchoring a major NE-SW structural feature of prospective geology covered by a large property project known as the “Mustang Trend.” Altius optioned the property to Barrick Gold Corporation who undertook reconnaissance exploration in 2002 which resulted in the discovery of several new gold showings, including the Road Breccia, Barite, Jasperoid, and Gervase’s Lane showings. Exploration on the property was curtailed in late July 2003, when Barrick terminated their option.

Highest gold values, up to 28 grams per tonne gold (g/t Au) over 0.8 metres, occur in dark gray hydrobreccia units, associated with higher arsenopyrite concentrations. Selected diamond-drill assay results from Noranda’s drill program include 1.27 g/t Au over 11.3 m, 0.67 g/t Au over 18.3 m and 0.92 g/t Au over 9.0 m.*

*Gold values on adjacent properties in similar rocks, and assays based on historical work, are not representative of the mineralization on the property, have not been verified, and should not be relied upon.

Project Geology

Two geologic models have been proposed for the gold mineralization at the Mustang Prospect. A low-sulphidation epithermal model is proposed, based on the silicified zones, locally in association with fault zones, and consist of chalcedonic silica in association with comb-textured and crustiform quartz and hydrothermal breccia. However, Altius Mineral Corp., considered the Mustang prospect as a possible example of Carlin-style mineralization (Altius Minerals Corporation, press release, August 21, 2003), supported by typical enriched trace-element assemblages (As, Sb, Tl, Hg, and Ba) of Carlin deposits, and barite veins, breccia matrix and stockwork hosted by calcareous sedimentary rocks.

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