CNEX (0.0082)MEGA updated DD summary~
Cannon Exploration is positioning itself to emerge as a quality mineral resource Exploration Company in the North American mining industry, focusing primarily on properties located in preferred mining districts in Canada.
CNEX business plan:
The Generative Business Model comprises the following steps:
1. Targeting and acquiring properties with good historical assays.
2. Identifying potential partners for the development of each of the Company’s properties and entering into joint-venture or option agreements.
3. The partner or acquiring company also must commit to a specific work program over a period of several years to develop the property.
4. These work programs enable the Company to maintain our properties for little or no cost, as the annual maintenance fees due to the government are offset by the amount of money spent on property exploration and development paid for by our partners. Any surplus of expenditures beyond what is due to maintain the properties can then be applied as “portable assessment credits ” towards the maintenance of other Company properties that are not yet producing revenue but which have good prospects of doing so in the future.
CNEX has acquired an option for 100% interest in the formerly producing Queen Alexandra mine, located just outside of Dryden in northern Ontario, Canada. The mine consists of one shaft and one exploration pit, which are 65 meters apart, and seven trenches.
The Queen Alexandra Mine has known gold values, having produced gold in the past. In the early 20th century, an English mining syndicate sank an 85 foot shaft and milled 18 tons of ore, grading 16.6 ounces of gold. Cannon Exploration has conducted limited ground geophysical surveys on the project, which have indicated a conductive zone in the immediate shaft area located on the property. The survey also reconciles with and supports the known historical information that mineralization is present in that area, and trends along the same zone where the one shaft and exploration pit, as well as several trenches, exist.
****CNEX recently announced that the it will be returning to the Queen Alexandra property sometime in late May to continue with the next stage of exploration.****
The Company has also engaged a new geophysics company to contract for the management of the next phase of exploration on the property. Currently the companies are in the process of reviewing data from the previous exploration programs, and will draw from the information to complete the plan for the spring/summer program. The move to a new partner for the exploration of the Queen Alexandra is based on the Company’s desire to become compliant with the NI 43 101 standards on a going forward basis.
The Ontario Geological Survey lists 55 companies that have active programs or properties staked for base metals, gold, uranium, molybdenum and diamonds, in the Kenora District, which includes Dryden.
Many of the properties have had previous exploration and some extraction over the years, but the many juniors are back in there as mineral prices remain high.
The area’s geology is structurally complex and much of what lies deep down is relatively untouched. In the Kenora area, compared to more established camps like Red Lake, there are only a few diamond drill holes that have penetrated down 1,000 feet. Many companies are referring to historical information (drill logs, prospecting/assessment reports, government surveys and records, production logs) in an effort to take some of the guesswork out of the search for metals in the area.
Champion Bear, Treasury Metals, Manitou Gold, MPH, Canadian Arrow and Tamaka Gold, to name a few, are some of the companies currently exploring for various mineral deposits in the Kenora and Dryden regions.
Source:
www.cannon-exploration.com/cannon/index.htm
****Recent Updates & preparation to returning to the Queen Alexandra ****
-CNEX recently completed rock sampling program carried out on the Queen Alexandra property
Sample results varied and included values that returned 1.34 Au g/t (#709256), 4.66 Au g/t (#709255) and 14.47 Au g/t (#709258).
"We are making good progress with the Queen Alexandra, and are encouraged with the results achieved up to this point. The sampling confirmed what we thought, that there is gold on the property, so now we have to continue to define the property in terms of its geology and the prospective mineralized zones, by doing more work. We'll look to do more geophysics, possibly some IP surveying of the property, and that will allow us to get a better look at the entire ground from surface and with some depth. After the geophysics, more sampling can be done on a larger scale," stated Edwin Solano, President of Cannon.
****MAY 7 OGS Report****
UPPER MANITOU LAKES
Although known occurrences are not numerous in the Manitou Lakes area, the Goldrock mining camp was the site of three past-producing mines, the Laurentian, Elora, and Kenwest (Figure 4, numbers 9, 10, and 11 respectively) check the map in the link, while a fourth mine, the Twentieth Century (Figure 4, number 18), was situated southwest of Upper Manitou Lake.
It is immediately evident (Figure 4) that the majority of gold occurrences at Manitou Lakes occur northwest of the through-going Manitou Straits Fault. Blackburn (1982) has demonstrated that northwest of the fault three major lithostratigraphic units, the Blanchard Lake, Upper Manitou Lake, and Pincher Lake Groups, have been tightly folded, with attendant intense shearing, about the Manitou Anticline. Undoubtedly this deformation opened up fractures that would have been favourable to emplacement of gold-bearing quartz veins.
Of the occurrences northwest of the Manitou Straits Fault, the majority can be assigned to one or more of three associations:
1.
those related to porphyry or granitoid stocks;
2.
those controlled by shear zones or faults; and
3.
those associated with felsic units at the fold nose of the Manitou Anticline (at Goldrock).
The Frenchman Island (1), Swede Boys (2), Haycock (3), Reliance (4), and Queen Alexandra (5) deposits all occur either in close proximity to, or within, felsic stocks.
Gold-bearing quartz veins at Frenchman Island occupy fractures in a subvolcanic microgranodioritic plug.
A number of faults and cross fractures (Figure 4) intersect at the plug, and may have acted as channelways for gold bearing fluids. Pyrite and chalcopyrite are associated at these occurrences, and in addition, pyrrhotite and sphalerite at the Reliance. At Goldrock, the association of gold-bearing quartz veins with felsic units has been documented by Thomson (1942) and Blackburn (1981).
Thomson (1942) placed heavy emphasis on the presence of a "break", the locus of ore-bearing zones at the Elora and Laurentian Mines. The combination of factors such as carbonatized mafic metavolcanics, location at a tight fold nose, and numerous cross-faults, suggests the action of hydrothermal systems in transporting and localizing gold. Associated sulphide mineralization is confined to pyrite in the Goldrock Camp.
Reference:Blackburn, C.E. and Janes, D.A. Gold Deposits in Northwestern Ontario; p.194-210 in The Geology of Gold in Ontario, edited by A.C. Colvine, Ontario Geological Survey, Miscellaneous Paper 110, 278.
link :
www.cannon-exploration.com/cannon/OGS%20Report%20-%20Queen%20Alexandra%20Mine.pdf
share structure per TA :
FREE 351,903,121
Restricted 360,000,000
OUTSTANDING 711,903,121
AUTHORIZED 1,400,000,00
many PRs pending on CNEX
technically :
the 200 MA is @ 0.012
watch for a big move on the break of the 200 MA
with GOLD at all time Highs CNEX is the place to Be now
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