Moon River has the exclusive right to access, develop, and mine the Davidson Property (Property or Project), subject to the provisions of the Davidson Agreement with Roda Holdings Inc. (Roda).
Upon transfer of title from Roda to Moon River, Roda shall reserve to itself and Moon River will grant a 3% net smelter return royalty (NSR). If the NSR payments to Roda in a fiscal year are less than $100,000, Moon River must make a payment to Roda equivalent to the difference between the NSR payments for the fiscal year and $100,000.
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Summary:
The Davidson Project, formerly known as the Yorke-Hardy, Glacier Gulch, or Hudson Bay Mountain deposit, is located on the east flank of Hudson Bay Mountain, which is at 4,592 metre (m) elevation and is the most dominant topographical feature of the Hudson Bay Mountain Range.
The deposit is classified as a porphyry molybdenum deposit with a transition to calc-alkaline molybdenum stockwork deposits. The mineralising fluids are thought to originate from the Hudson Bay Mountain stock due to its spatial relationship with the mineralised zones. The molybdenite mineralisation occurs over a surface area of approximately 2.5 by 1.5 km and a vertical distance of 2.1 km.
The molybdenite is reported to occur in 3 modes.
1. Low grade early fine grained, hairline stockwork veins characterized by potassic alteration.
2. Domal sets of fine grained, banded quartz-molybdenite veins associated with phyllic alteration and high-grade assays.
3. Coarse grained molybdenite crystals characterized by potassic alteration envelopes with high assays.
Scheelite generally occurs in quartz-magnetite-potassium feldspar veins formed prior to the coarse-grained quartz-molybdenite veins. Minor amounts of wolframite are reported to have been found downdip from the granodiorite sheet.
Late-stage vein mineralisation includes pyrite, chalcopyrite (potentially economic grade), sphalerite, and carbonate. Again, the source of mineralising fluids is thought to be the Hudson Bay Mountain stock due to its spatial relationship.
Mineralisation
The Property is a molybdenite-scheelite porphyry deposit 2.5 km across and extending up to 2 km in depth that consists of moderately to steeply dipping stockwork veins ranging from hairline to 5 mm in width.
The granodiorite sill hosts the high-grade molybdenite zones and has abundant banded and pegmatitic veins. Its more massive composition provided a better host for veins than the more bedded and foliated Hazelton Group lithologies. The rhyolite plug contains mineralisation, is crosscut by mineralised rhyolite dykes, and contains mineralised breccia fragments. The Hudson Bay stock is weakly mineralised and exhibits a sharp decrease in molybdenite grade away from the edges. Finally, the quartz-feldspar porphyry dykes are crosscut in places by pegmatitic quartz-molybdenite veins.
In general, the molybdenite is well crystallised and occurs as stringers, patches, veinlets, and individual grains. The individual grains or crystals ranged in size from as large as 3,000 mm to the smallest size observed being 20 mm. Scheelite and powellite occur as clumps and clusters as large as 300 mm; however, the individual grains or crystals range in size from 4 mm to 40 mm (Enochs, 1980).
The two main zones of molybdenite mineralisation, within the Davidson deposit, have been named the Main and Lower zones, respectively. These are high-grade zones within a much larger but lower grade zone defined by the =0.17% MoS, shell.
The Main zone is hosted by the granodiorite sheet and is defined by the =0.3% MoS, grade shell. It is an irregular zone, roughly circular in plan view and elliptical in cross-section, with maximum horizontal dimensions of approximately 450 m and maximum vertical extent of approximately 200 m.
The general mineralised zones within the granodiorite, including the Main zone, has been described by Atkinson (1981) who reported two basic types of molybdenite-bearing quartz veins: Type 1 (fine-grained molybdenite) and Type 2 (coarse-grained molybdenite). The Type 1 veins are sub-divided into two sub-types: an early set of narrow (=3 mm) veins that locally form stockworks and a set of much wider (= 60 cm) banded veins. The strongest set of banded veins dips to the southeast and east of the 15000 E crosscut, but progressively flattens to the northwest. Type 2 veins are up to 15 cm in width, carry molybdenite crystals =5 cm in diameter, and may have been the latest quartz-molybdenite veins to be deposited.
The Lower zone, as presently defined, was deposited mainly in the upper part of the rhyolite plug within the= 0.3% molybdenite grade shell. With work still in progress, the zone appears to be elongated to the north-northwest with that dimension being approximately 250 m, and with a maximum width and height of approximately 100 m and 40 m, respectively. Both fine-grained and coarse-grained quartz-molybdenite veins occur in the Lower zone, although the vein type distinctions reported in the Main zone are not as clear in this zone, and the very coarse Type 2 veins are not present. The strongest molybdenite-bearing quartz veins are banded veins, interpreted to be gently southeasterly dipping, which continue past the plug to the southeast. Disseminated molybdenite is present in small amounts locally. There is a multiplicity of vein types still under study in the general area of the Lower zone, including early barren quartz veins, molybdenite-bearing veins with or without magnetite, pyrite or scheelite, and late pyrite-carbonate and finally carbonate veins.
Minor amounts of disseminated and fracture filling pyrite are always present (up to about 2%) within the deposit and chalcopyrite is present in small amounts locally. Veins of these sulphides are generally accompanied by quartz and carbonate minerals, including calcite. Tungsten usually occurs in scheelite and scheelite-powellite in quartz veins, as very fine-grained or coarse disseminations and in fracture-controlled disseminations in the host rock. Disseminated wolframite has been noted in a few intervals. Veins of calcite and other carbonate minerals appear to represent the last stage of vein formation and carbonates are also found disseminated in places.
Pyrrhotite is found with or instead of pyrite in places outside the ore zone. Rarely, pyrite, chalcopyrite, and pyrrhotite are found together in the same vein. Magnetite is found in several vein sets and can be abundant in places.
The rocks associated with the Davidson part of the system are generally silicified, biotitised, and more or less chloritised and some sections are pervasively altered by potassic feldspar and others by a quartz-sericite-pyrite alteration assemblage. Garnet and epidote are found in many sections.