Goodwin Lake Property

The Goodwin Lake property is located 60 km north of Yellowknife NWT, 20 km south of the Ormsby Zone.  It consists of four mineral claims totaling 722 hectares acquired by option and staking.  The property is 100% owned and subject to a 2% NSR, half of which may be bought back for $1 million.

The Goodwin Lake claims cover a similar geology as the Ormsby Zone, including gold-bearing mafic igneous rocks including breccias. There are two principal areas of mineralization on the property, the VAD and the LOG showings.

The VAD showing is subject to most of the recent work.  It is hosted within a strataform mafic intrusion of diorite composition.  Macroscopically the rock appears unaltered with the exception of numerous irregular, discontinuous quartz veins.  Minor sulfide enrichment accompanies some of the silicification.  Microscopically substantial metasomatism is apparent with evidence of silicification and potassium enrichment.

Twenty four drillholes totaling 5,166 metres extend over an area 525 metres long and 140 metres wide.  Results from only four drillholes have been received to date, confirming the presence of a substantial gold deposit with long intersections of low-grade mineralization (0.625 gpt gold over 34.9 m (GL001)) as well as zones of higher-grade mineralization (6.422 gpt gold over 6.6 m in diamond drillhole GL003, including 14.458 gpt gold over 2.7 m, and 11.435 gpt over 1.5 m in diamond drillhole GL002).

http://www.tyhee.com/news/documents/0803Goodwin.pdf

The property also hosts the historic LOG showing where government assessment records report a trench sample 2.1 metres long grading 181.4 grams of gold per tonne (McConnell and Parker, 1964). Work completed by the property vendor shows this gold trend to be exposed discontinuously over 1,200 metres, including grab samples of 22.8 gpt gold in an area where government geologists report a 174.2 gpt gold and 82.8 gpt silver assay (Cairns et al., 1999).

Twenty drillholes are pending and are expected to enable the company to define an initial resource.

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