Gatling Exploration Inc.'s (GTR:TSX.V; GATGF:OTCQX) Larder gold project is located in Ontario on the Cadillac Larder fault in the Abitibi Greenstone Belt, 35 km east of Kirkland Lake, and is composed of three separate deposits, Bear, Cheminis and Fernland. All three have seen exploration historically.
The project is located in a prolific area. Five kilometers to the east of Gatling lies the Kerr Addison Mine, which produced 10.5 million ounces of gold. Agnico Eagle's Kirkland Lake property lies to the west, is contiguous with Gatling's, and sports the Upper Beaver and Upper Canada deposits. Historically, the Cadillac Larder fault has seen more than 70 million ounces of gold production.
"Gatling consolidated the last bit of that trend on the Cadillac Larder fault by putting the three deposits together," Gatling CEO Nav Dhaliwal told Streetwise Reports.
"What really underpins the company is the Cheminis and Bear deposits have a historical resource of 917,000 ounces of gold at 5.5 grams per tonne," Dhaliwal explained.
The Cheminis mine, just to the west of Bear, has old workings, a headframe and workings down to about 1,200 feet, and through bulk sampling has an additional historical resource of about 43,000 Indicated ounces of gold.
In March, Gatling further consolidated the last of bit of the trend and completed its land package when it acquired the Kir Vit prospect, an early-stage exploration target, from Teck Resources. Kir Vit is on trend with Agnico Eagle's Upper Beaver deposit. "Kir Vit locks down for us a possible splay off the Cadillac Larder fault. Teck did over $2 million of exploration work on the property, basically all the work that needs to be done to allow us to identify drill ready targets," Dhaliwal explained. In August, surface samples from the Kir Vit area returned values including 6.7 g/t and 7.0 g/t.
And Gatling is aggressively drilling the entire property, located just off the highway that provides accessibility all year round, with three rigs on site. It announced early this year a 10,000 meter drill program that was later upsized to 20,000 meters, and then again increased to 35,000 meters. Around 25,000 meters have already been drilled.
All that drilling has been bearing fruit. Drilling has confirmed that the Cheminis and Bear deposits are "connected as part of one mineralized system."
"We believe all three of the deposits are contiguous and stretch over 4.5 kilometers; we have now connected two of the three deposits and have established 2.5 kilometers of the 4.5," Dhaliwal stated.
"Gatling has 48 million shares outstanding, no warrants, no overhang and just under $4 million cash in the bank," Dhaliwal stated. "We expect the news flow to continue with the drilling; this is a ground floor opportunity." Gatling is listed on the TSX.V under GTR and OTCQB GATGF.
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1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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