On August 21, 2023, Maritime Resources Corp. announced the closing of its previously announced acquisition of all of the outstanding shares of Point Rousse Mining Inc. from Signal Gold Inc.
Maritime acquired 100% of the common shares of Point Rousse Mining Inc., a wholly owned subsidiary of Signal Gold, which holds all related mineral licenses, fixed assets and equipment, liabilities, rights and obligations related to Point Rousse, including the fully permitted Pine Cove mill and in-pit tailings facility.
Summary:
The Point Rousse Complex is host to orogenic-style gold mineralization. Mineralization comprises both vein-hosted and altered-wall rock or replacement styles of mineralization and both exhibit features common to orogenic gold deposits. The mineralization is typically structurally controlled and developed within subsidiary deformation zones, such as the Scrape Trust Fault, to major regional structures, like the Baie Verte – Brompton Line fault. gold mineralization is intimately associated with disseminated and massive pyrite within the host rock indicating that iron rich rocks are an important precursor to mineralization. Alteration within mafic volcanic and gabbroic rocks can be is characterized by albitization and carbonitization. Iron and titanium rich lithologies associated with the Scrape Thrust are typical host rocks.
The Point Rousse gold mineralization exhibits relatively narrow, but distinctive alteration haloes dominated by Fe-carbonate, albite, sericite, chlorite and leucoxene (Plate 9). The ore mineralogy is relatively simple and is generally comprised of non-refractory gold either as free gold or as coatings on, or along fractures/grain boundariesin pyrite. Silver and base metals can be present in minor amounts and the deposits typically exhibit only trace arsenic.
Pine Cove Mine
The geological setting of the Pine Cove Mine area is characterized by greenschist facies mafic volcanic and volcaniclastic rocks, clastic sedimentary rocks and minor iron formation; part of the Snooks Arm Group. In the immediate mine area the rocks can be informally divided into five distinct units that dip gently to the north.
Mineralization is associated with a broad alteration envelope characterized by broad zones of very finegrained calcite and chlorite. Proximal to mineralization fine wispy orange-brown leucoxene is common in intrusive rocks and is either chaotically oriented or rotated and flattened parallel to the foliation. Where alteration is most intense, and gold mineralization occurs, iron-carbonate is pervasive, variably developed, brecciated, quartz-veins and quartz-carbonate veins are observed as well as albite. Pyrite is part of the alteration assemblage and intimately associated with gold mineralization.
Pyrite occurs marginal to the quartz veins, disseminated within wall rock fragments incorporated in the veins, and as minor disseminated pyrite within the quartz veins. The gold concentrations are directly related to pyrite content. The gold occurs as small disseminated grains (ranging from 1 to 50 microns) within pyrite, quartz veins and as thin stringers.
Stog’er Tight
D3 deformation produced F3 mesoscopic northward-verging asymmetric folds that affect all the D1/D2 fabrics, shear zones and related alteration. The F3 folds trend roughly southeast and plunge shallowly to the northwest and southeast. The associated S3 axial planar cleavage dips gently towards the south and cuts the S2 fabric. D4 deformation produced asymmetric to tight, generally north verging folds with subhorizontal to gently south-dipping axial surfaces. The D4 deformation is marked by broad regional northnortheast-trending anticlines and synclines which affect D1 through D3-relatedstructures and impart a doubly geometry to many of the pre-existing folds. S4 is a roughly northeast-trending fracture cleavage.
Four alteration zones are recognized (Ramezani, 1992). These include; i) a chlorite-calcite zone, ii) an ankerite-sericite zone, iii) a chlorite-magnetite zone, and IV a red albite-pyrite (+gold) zone. The fourth zone of albitization is readily observed in outcrop even from a distance and results in the rocks having a general pink appearance that is readily mapped. Locally leucoxene is observed as part of the alteration assemblage. Quartz veins occur within the mineralized zones both as barren tension gash veins, which are interpreted to postdate the mineralization, and as shear-parallel, quartz– albite–ankerite veins.
The gold within the Stog’er Tight Deposit occurs as fine-grained (<.05 mm) micro veinlets and disseminated blebs within the coarse pyrite aggregates. Visible gold was observed as rare very delicate flakes localized within weathered-out pyrite cubes and in narrow quartz veins. Generally, higher grades are associated with coarse mottled pyrite.
Argyle Deposit
The Argyle Deposit is underlain by mafic volcanic and sedimentary rocks of the Scrape Point and Bobby Cove Formations of the Snooks Arm Group. The main lithological units consist of clinopyroxene-phyric lapilli and crystal tuff, ash tuff, and massive flows with interbedded green mudstones. The sequence is cut by gabbroic sills and dykes of variable grain size, composition, and thickness. The gabbro is interpreted to belong to a suite of Ordovician aged intrusive rocks that are similar in age (ca. 483 Ma) to that previously dated by Ramezani (1992) from the nearby Stog’er Tight Deposit. Rock units in the area generally dip towards the north-northwest and are east-west to northeast striking. The rocks are variably deformed, with foliation intensity varying from weakly developed to proto-mylonitic. The Argyle Deposit is located in the hanging wall of the nearby Scrape Thrust that outcrops along the highway 200-300 m to the south.
Gold is localized at Argyle due to its proximity to the Scrape Thrust and localization of fault splays within the host gabbro. The gently north dipping host gabbro is albite, pyrite, rutile and sericite altered, quartz veined and pyritized 40-50 m thick.
The gabbro is magnetic and contains discrete zones of magnetite destruction associated with zones of hydrothermal alteration and gold mineralization. The zone of hydrothermal alteration is centered within the host gabbro, is broadly symmetrical, and can be classified into four subzones. The subzones are differentiated and proceeded in terms of alteration intensity and proximity to ore. From distal to proximal these include: 1) patchy epidote-albite-magnetite; 2) epidote-albite-chlorite 3) epidote-albite-chloriterutile (leucoxene); 4) pervasive albite-muscovite-Fe-carbonate-black chlorite ± pyrite ± gold and quartz veins. Zone four is typically the host gold mineralization. Gold is intimately associated with pyrite, generally residing on pyrite grain margins and along fractures within pyrite. In general, the alteration zone is typically between 5-40 m thick (Copeland et al., 2017).