The Villebon Property is located in the Villebon Township 47 km south of the city of Val d’Or in the Abitibi, Quebec, and 12 km south of the former Chimo mine which produced 363 000 oz of gold between 1966 and 1996. This project has excellent potential for the presence of high grade gold deposits in the proximity of the Cadillac fault. The first mineralized showings were discovered in the 1930s, and underwent stripping, rock sampling, and drilling in the 1940s and 1980s, with no additional drilling since then.
Historic data estimated that the property contain around 5,500 oz at 7.80 g/t Au in Vein #4 and around 1,000 oz at 3.20 g/t Au in Vein #3 with a vertical depth of less than 100 m. A pre-NI 43-101 estimate was calculated by Geologica Inc. in 1999 which yielded 20,000 oz Au at 5.71 g/t Au for Veins #1 to #10 on the property acquired by Khalkos. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and Khalkos does not consider the historical estimate as such. During the 1940s, the Villebon Property underwent a small-scale artisanal mining operation, producing around 160 oz of gold, which was then sent to the Royal Canadian Mint.
In November 2013, Khalkos conducted an exploration program on the Villebon property including strategic outcrop stripping in the sector of Céré’s headframe (Céré zone) and Vein #3. On the Céré zone, ten grab samples, including five of a quartz vein mineralized with pyrite, pyrrhotite, chalcopyrite, galena and native gold (sample # J143414) graded up to 2.10 ounces of gold per ton (72.03 g/t). Stripping of Vein #3 produced results that assayed up to 2.36 ounces of gold per ton (73.63 g/t) and 2.22 ounces per ton (69.19 g/t). Samples of quartz from around the old trench graded up to 4.10 g/t Au.
The first drilling campaign carried out by Khalkos on the Villebon property was conducted in parallel with the outcrop stripping. In all, six short drill holes were completed on Vein #4. The best results obtained were 3.50 g/t Au over 2.10 m (VB-13-02) including 4.31 g/t Au over 0.80 m and 4.27 g/t Au over 0.60 m and, 3.50 g/t Au over 1.00 m ( VB-13-05) including 5.19 g/t Au over 0.50 m. The NQ drill holes were performed following a triangular pattern of 25 m spacing and all have intercepted the mineralized quartz vein (Vein #4) at variable depths from 25 to 60 m.
In January 2014, Khalkos collected a 15-ton bulk sample near the historic Céré’s headframe. This operation should allow the evaluation of the gold recovery by gravimetric methods and also help to define ore processing characteristics in this sector of the property.
In July 2014, drilling in the Céré area intersected 7.80 metres grading 17.10 g/t Au, including 153.00 g/t Au over 0.80 m. This intersection was obtained at a vertical depth of 20 metres under the Céré showing that had never been drilled previously. Another drill hole, VB-14-08, located behind VB-14-07, also intersected the new zone at a vertical depth of 30 metres returning two zones of 17.50 g/t Au over 0.50 m and 1.02 g/t Au over 6.10 m. Numerous visible gold grains were observed in the two drill holes which demonstrate an expansion in depth of the Céré shear zone.
At present, Khalkos has drilled a total of 569 m on its Villebon property and all holes (VB-13-01 to VB-14-08) have intersected gold. The Villebon project is situated at less than 75 km south-east of the city Val-d’Or and is served by an excellent road network.
Robert Gagnon, Geologist, is the qualified and responsible person for information of a scientific and technical nature.