Golden Ivan Located in the Golden Triangle – An Area with Over 130 Million Ounces of Gold

The Golden Ivan property is located in the southern part of British Columbia’s Golden Triangle, a region known for its rich mineral deposits and high prospectivity for various large-scale mineral systems, including porphyry systems, high-grade gold and silver veins, and volcanogenic massive sulfides. The Golden Triangle has been a hub for successful mining operations, boasting reported mineral resources of 67 million oz of gold, 569 million oz of silver, and 27 billion pounds of copper.

Recent mineral development in the area includes Ascot Resources’ Premier Gold mine, which secured $105 million in project construction financing for the redevelopment of the historic Premier Gold deposit, yielding 2.3 million oz of gold. Other active projects in the vicinity, such as the neighboring Silverado, Red Mountain, and Homestake projects, add to the dynamic mining landscape. Moving north, Pretivm’s Bruce Jack mine (4.2 million oz gold), along with the adjacent KSM and Eskay deposits, hold significant untapped reserves of gold, silver, and copper, further enhancing the region’s promising mineral potential.

Golden Ivan Located in the Golden Triangle – An Area with Over 130 Million Ounces of Gold

Golden Ivan

Golden Ivan Located in the Golden Triangle – An Area with Over 130 Million Ounces of Gold

In September 2023, the company acquired the Golden Ivan Property from Granby Gold Inc, securing 100% ownership. As part of the deal, the company committed to investing $1.8 million in exploration over the next four years. The Golden Ivan Property is subject to a 2.5% net smelter royalty, and there’s an option to buy 40% of it for a one-time payment of $1 million.

The Golden Ivan property is approximately 15 km southwest of the Red Mountain Gold/Silver deposit and 30 km south of the historic Premier Gold mine. It is closely situated to the Porter-Idaho deposit, where significant silver resources have been recently established along mineralized veins that extend onto the Golden Ivan property.

Physiography and Access

In terms of physiography and access, the property covers high alpine areas between Mt Rainy and Mt Maggie, adjacent to the Cambria Icefield. The landscape features small glaciers, rock outcrop, and glacial debris, with forested areas at lower elevations toward the west. The property is accessible by helicopter from the town of Stewart, and seasonal exploration is possible from June onwards. Stewart, being a regional hub for mineral exploration services, offers deep seaport access and road access.

Golden Ivan

Golden Ivan Located in the Golden Triangle – An Area with Over 130 Million Ounces of Gold

Physiography and Access

Geology & History

Capsulate Geology

Geologically, the property is within the Stikine Terrane (Stikinia) of the Canadian Cordillera. It is underlain by felsic to intermediate volcanogenic sediments of the Jurassic Hazelton Group, overlain by Bowser Basin sediments. The property is situated over steeply dipping overturned sediments within the Mt Rainy syncline and is adjacent to a significant E-W fault (the Silverado fault) to the south. The local area also hosts intrusive complexes of the Coast Crystalline Belt, including Hyder and Glacier creek plutons, with numerous dykes reported in a northwest direction.

Historical Work

Previous work on the property includes two known mineral showings (Gold Ore and Magee) and a section of the past-producing Silverado Mine, operational between 1921 and 1939. These mineral showings are described as polymetallic veins containing Silver, Lead, Zinc, Gold, and Copper, indicating widespread mineralization in the area.

Despite being relatively under-explored, work from the 1980s to 2011 included prospecting, limited geochemical sampling, ground-based geophysics surveys, and sampling from the historical workings at the Silverado Mine. In 2018, Precision Geophysics conducted an 88-line kilometer combined magnetic and gamma-ray spectrometry survey, identifying areas of coincident magnetic and radiometric anomalism. Three preliminary target areas were established as favorable indicators of widespread hydrothermal alteration, guiding initial explorations.

Geology & History

Capsulate Geology

Historical Work

The Successful 2021 Exploration Program

The 2021 prospecting and geologic mapping program proved to be highly successful, leading to the discovery of two new high-grade gold zones, showcasing yields of 16.2 grams-per-tonne (g/t) gold (Au) and 15.1 g/t Au in outcrop. Executed during July and August 2021 at the Golden Ivan Property, this campaign involved the collection of 210 surface rock samples, including 7 channel samples. Reconnaissance geologic mapping and whole-rock geochemical analysis were conducted throughout the Property. Of the 210 rock samples, 17 returned greater than 0.1 g/t Au, with notable findings of up to 16.2 g/t Au from the newly identified Lone Goat Showing and 15.1 g/t Au over 0.75 meters from a channel sample at the newly discovered Molly B. East showing, along with significant silver and base metal values (refer to Table 1).

Mineralization and Alteration of New Discoveries

The newly discovered Lone Goat and Molly B. East gold showings, along with the historically high-grade gold-silver Molly B. trend to the south, align with northeast and northwest-trending airborne magnetic (low) lineaments (Figure 1).

General Geology

Reconnaissance geologic mapping results indicate that the Golden Ivan Property is underlain by a layered sequence of andesitic volcanic and volcaniclastic rocks from the Lower Jurassic Hazelton Group. Late andesite dykes and rhyolite bodies cut through the volcanic package, while the northeast area of the Property is in faulted contact with interpreted Stuhini Group metasediments.

Golden Ivan Historical Data Compilation

Before initiating the 2021 exploration, Power Nickel commissioned a digital historical data compilation for the Golden Ivan Property, dating back to as early as 1929 and as recent as 2020. The compilation included publicly available mineral assessment reports and property files. A total of 124 rock and rock chip/channel samples were digitized, returning an average grade of 2.45 g/t Au and 79.4 g/t Ag, with a maximum of 118 g/t Au and 2,400 g/t Ag.

The historical data also revealed the potential for further exploration, as between the Silverado No. 4 and Magee Sky Annex shows, a northeast trend returned assays including 6.2 g/t Au, 1,300 g/t Ag, and 1.4 g/t Au, 2,400 g/t Ag. The significant Silverado No. 4 workings, located south outside the Property, returned values up to 60 g/t Au and 90 g/t Ag.

Methodology and QA/QC

Methodologically, the analytical work was conducted by ALS Global (ALS), an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory based in Vancouver, Canada. Rock samples underwent crushing, followed by pulverizing, with gold determination via standard atomic absorption spectroscopy (AAS) finish 30-gram fire-assay (FA) analysis, in addition to 48-element ICP-MS geochemistry. Power Nickel Inc. adheres to industry standard procedures for the Golden Ivan Project, incorporating a quality assurance/quality control (QA/QC) program. For the rock channel samples, blank and standard samples were inserted into the sample.

The Successful 2021 Exploration Program

Mineralization and Alteration of New Discoveries

General Geology

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Golden Ivan Historical Data Compilation

Methodology and QA/QC

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Golden Ivan Located in the Golden Triangle – An Area with Over 130 Million Ounces of Gold

Golden Ivan Located in the Golden Triangle – An Area with Over 130 Million Ounces of Gold