Originally discovered by a joint venture between Inco and Noranda Mines Limited in the early 1960s, the Horden Lake Project is a Canadian legacy project with a NI 43-101 compliant copper/nickel resource. In the early 60s access to this extremely remote area was only possible via float plane and helicopter. Today Route 109, an all-weather road connecting Matagami to the Hydro-Québec James Bay power complex at Radisson, Quebec is approximately 10 km east of the project and with commodity prices at record highs the Horden Lake copper deposit has become an economically viable project.
In 2009 a NI 43-101 report was completed on the Horden Lake copper deposit qualifying a significant resource (using 0.5% copper cut off as limiting factor):
The report includes results from 18,136 meters of drilling in 73 holes from January 2008 through March 2009 which provided infill data as well as validation of 95 previously completed holes by INCO in 1969. A Fugro HeliGEOTEM II airborne geophysical survey was also conducted which identified a strong electromagnetic and magnetic response of the known mineralization as well as a number of similar and very promising targets in the Northeastern Claim group.
The Horden Lake copper deposit is a classic magmatic copper-nickel deposit with platinum group and precious metal credits. It lies within a 40 kilometer long, 1-1.5 kilometer wide layered mafic to ultra-mafic sill in a volcano-sedimentary rock sequence of Archean age. These types of deposits commonly occur as massive bodies or disseminations along the contacts of mafic to ultramafic intrusions with the surrounding host rock. The Horden Lake deposit is the most advanced project within this large mineral district.
El Condor acquired a 100% interest in the Horden Lake Property for $4 million: $2 million in cash and $2 million in common shares of the Company.
The Horden Lake Project is divided into three separate groups of claims: Horden Lake Deposit Claims, Northeastern Claims, and Southwestern Claims. The total size of the overall project is 5258 hectares made up of the Horden Lake Deposit Claims consisting of 9 claims covering 122 ha, the Northeastern Claims consisting of 88 claims covering 4673 ha and the Southwestern Claims consisting of 9 claims covering 462 ha.
The Horden Lake Property is located in the Province of Quebec, approximately 140 km north of Mattagami (see Map 1), and is now proximal to road and power infrastructure. When the project was discovered in the early 1960’s, the area was extremely isolated and accessible via float plane or helicopter. Today Route 109, an all-weather road connecting Matagami to the Hydro-Québec James Bay power complex at Radisson, Quebec is approximately 10 km east of the project.
The geology of the Horden Lake area is dominated by metavolcanic and metasedimentary rock types (see Map 5). Meta-gabbro occurs as a long and narrow, concordant body and has inclusions of metasedimentary rocks. Granites intruded the metasedimentary and metavolcanic package. The granites themselves are cut by granitic dikes and pegmatites. The youngest rocks in the area are gabbro and diabase dikes. Structurally, the rocks strike East West, North East and North West and dip steeply to the south. Shearing is abundant in the area.
In January through March 2008, a total of 18,136 m of core was drilled in 73 drill systematically spaced 50 m apart along gridlines perpendicular to the conductive zone recognized by INCO in the late 1960s. The grid (see Map 4) was positioned such that it overlapped with the historical drill holes. The objective of drilling was to establish a NI43-101 compliant indicated resources on the near-surface component with a pass of 50 m by 50 m pierce points, and to establish an inferred resources on the down-dip components on the deposit with passes of 100 m by 100 m pierce points. Drilling was completed by Benoit Diamond Drilling Ltd. of Val d’Or, Quebec.
Selected Copper and Nickel assays from the 2008 drilling program:
Drill holes results reported herein were all drilled along section L 1550. Collars colored blue are from the 73 hole, 18,000 meter core drilling program of Southampton Ventures Inc conducted in 2008. Collars colored red are Company holes completed in 2012. The red line is the approximate bedrock surface trace of the Main Zone. The blue line outlines the known mineralization based on the 2008 Southampton drilling, and encompasses the majority of the reported resources. Drill hole numbers best viewed in 200% zoom. Note that drill holes HN-12-82 and HN-12-84 are drilled from the same drill site along section L 1550.