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Jonpol

PROPERTY SUMMARY

The Jonpol property forms part of Oban’s overall Garrison Project and is located in the Province of Ontario, approximately 100 kilometers east of Timmins and 40 kilometers north of Kirkland Lake. The property is situated on paved highway 101 that is shared with several producing mining operations with nearby labour, hydro power and supplies readily available.


The Jonpol property is located on the same claim group as the Garrcon and 903 Zones which collectively comprise 63 patented mining claims totaling 766 hectares in Northeastern Ontario.  The Jonpol property is 100% owned by Oban Mining Corporation.

The Jonpol Gold Deposit consists of four high grade gold mineralized zones (JP, JD, RP and East) discovered over a strike length of 1.7 kilometers within the Munro Fault Zone.

GEOLOGY

The Jonpol property is located in the western portion of the Abitibi Subprovince, an area covered largely in volcanic rocks and known to host numerous gold deposits, most of which occur near major fault zones.

The Jonpol Project is situated on the Munro Fault, a west striking splay off the north side of the Destor-Porcupine Fault Zone. It is a shear zone tens of meters wide in altered mafic volcanic rocks.

Gold mineralization is hosted in quartz carbonate veins, in mafic and ultramafic host rocks, and associated with zones of intense Albite and/or Sericite alteration, and Pyrite mineralization.


 


HISTORY

In 1997, a 49,087 tonne bulk sample of high sulphide ore (10% sulphide minerals) was extracted from the central part of the JP zone by Hillsborough Resources at an average grade of 6.7g/t which produced 9,476 ounces Au.

Between 1985 and 2013, over 130,000 meters of diamond drilling in 450 surface holes were completed on the Jonpol property by previous owners.

Development work on the JP zone included the sinking of a 184 meter shaft as well as development of a ramp to the 150 meter level with mining on six sublevels that remain intact for possible future use.

The Jonpol infrastructure underwent reclamation in the late 1990’s and was closed out in 2001 but the existing ramp and shaft are preserved.

43-101 RESOURCE ESTIMATE

A resource estimate dated March 2014 by ACA Howe International Inc. estimated the resource according to CIM standards at the Jonpol Gold Deposit to be:

Category Tonnes Grade (g/t) Ounces
Indicated 872,000 5.34 150,000
Inferred 1,073,000 5.56 192,000


Resources are reported at a cut-off grade of 3.0 g/t Au, assume an underground extraction scenario with a gold price of US$1,250/oz. Inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed that all or any part of the inferred resources will ever be upgraded to a higher category. Mineral resources are not mineral reserves and do not have demonstrated economic viability.


ADVANCING FORWARD

Oban is actively advancing the Jonpol Project by reviewing existing data to best target resource expansion. Oban will continue the baseline environmental studies and will maintain the good relationship that the project is benefitting from with local communities and First Nations.