The historic work described above was also reported by Hutchings, C. 1998: in a Report on geological, geochemical, geophysical, and prospecting on the Princess Property, Newfoundland, July 2 1997 to June 5 1998. (Cornerstone Resources Inc. 30 pages.) [NFLD/2678]
Ken Stead (Prospector), discovered gold-copper mineralization on June 25,1997 and performed additional sampling on the licence(5643M) in July and August of that year. Additional claims were subsequently staked by Cornerstone Resources. An independent examination on behalf of Cornerstone Resources, by KIEX Consulting Ltd., confirmed the findings of Ken Stead. An initial systematic program, consisting of geological mapping, lake sediment sampling, aeromagnetic survey, VLF-EM, Magnetometer, Orientation Max-Min, and Apparent Resistivity, commenced in November 1997 (Hutchings, 1998). This program also covered the present Pike Property. Pike Property Exploration History
Regionally, the area can be separated into two northerly trending fault separated belts of similar age. To the west lies the Love Cove Group, which is comprised of "volcanic flows and volcaniclastic rocks that are products of major caldera-forming eruptions". In the east are marine clastic sedimentary rocks of the Connecting Point Group, which are unconformably overlain by bimodal volcanics and clastic sediments of the Musgravetown Group (O'Brien et al., 1988). Both belts range in age between 595 and 545 million years, a time of "widespread hydrothermal alteration and significant epithermal gold mineralization", such as the Hickey's Pond and the Stewart Zone located on the Burin Peninsula, and the Hope Brook Mine on the southwest coast of the island of Newfoundland (O'Brien, 1995). Cambrian clastic sedimentary rocks unconformably overlie the Musgravetown Group to the far south of the property. The local property geology includes undeformed Late Precambrian marine siliciclastic turbidites of the Connecting Point Group(630-620 Ma) unconformably overlain by subaerial clastic sediments and bimodal volcanics of the Musgravetown Group(590-545 Ma). The latter is comprised of the Cannings Cove Formation, consisting of green and red conglomerate, sandstone and unseparated mafic flows, conformably overlain by an unnamed succession of mafic and felsic volcanics. Restricted to the northeast of the peninsula is the stratigraphically lowest unit - the Connecting Point Group, consisting of deep water submarine green, grey and black sandstones, siltstones, shales and conglomerate. Unconformablly overlying this is the Musgravetown Group. The Cannings Cove Formation, of green and red conglomerate and sandstone, lie stratigraphically above the Connecting Point Group and persist southward. Conformably overlying the Cannings Cove Formation are two volcanic units, which are mafic Pike Property A Base Metal – REE property for Option Page 6 of 18 and felsic in composition and vary in width from 500 to 1500 m. This NNW striking, moderately dipping succession is almost horizontal in the central area of the peninsula. The volcanics are undeformed and metamorphosed to prehnite-pumppellyite facies. The mafic unit is a dark green, red, vesicular and amygdaloidal basalt with minor tuff, agglomerate and breccia. Stratigraphially above this is a felsic unit comprised of red pink and purple flows and pyroclastic rocks. Minor gabbroic and dioritic bodies are also present. Faults are numerous, trending NNW-SSE, NE-SW and E-W, and often intersecting (O'Brien, 1993).
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