Property and Location
The Hislop gold project is located in northern Ontario, about 100 km east of Timmins, Ontario. The project is in an established mining area, with the town of Holtyre a few kilometres away. Electrical power is available on site and a gravel road runs through the property. Custom milling and skilled labour is also available in the area
The property consists of four patented claims (both surface and mining rights), which cover one square mile and surface rights to an adjacent 180-acre property.
Stroud is the 100% owner of the Hislop Gold Project and has worked the property with and without joint venture partners since 1984.
Recent Developments and Proposed Exploration Program
Open pit mining at St. Andrews Hislop project commenced in March 2010. This project is located adjacent to Stroud's Hislop project and contains a mineral reserve of 1.9 million Tonnes at a grade of 2.3 g/t for a total of 142,000 ounces of gold. St. Andrews plans on producing 25,000 ounces of gold from the project in 2010.
A 8,000 metre drilling program was completed on the Hislop gold property in 1997, (see Press Releases section for assay results). Drill hole 259 intersected a high-grade mineralized zone grading 285(g/t) gold over 1.38 metres, (8.31oz/ton) at the -337metre level. This intersection appears to be the extension of the zone encountered in drill hole number 48 which encountered 4.15 metres of 15.36(g/t) gold at the -165-metre level. This high-grade intersection is encouraging as it demonstrates that good gold values extend beyond the -300 metre level. St. Andrews drilled 12 holes on the Hislop property in 2011. The holes extended the down dip extension of the mineralized zones an additional 80 metres to the 480 metre level. The holes intersected a number of mineralized zones that yielded very encouraging results including 38.7g/t over 1.0 metres
A Qualifying Report compliant with NI 43-101 confirms indicated resources of 483,500 tonnes at 6.61 grams of gold per tonne, and inferred resources of 367,700 tonnes at 5.90 grams of gold per tonne. Gold deposits along the Destor Porcupine fault zone tend to get richer with depth. Subject to financing, the Company intends to continue to move the project forward through “in fill” drilling, metallurgical work and baseline environmental studies intended to lead to a Preliminary Economic Assessment of the project.