VLV: $0.155

Overview

The Trout Property comprises 22 contiguous mineral tenures with a total area of 7179 hectares located 65 km southwest of Vanderhoof in Central British Columbia and 40 km North East of Newgold’s Blackwater Project. The property can be accessed year round off the Kenny Dam forest service road. The Company has the option to acquire 100% interest of the Trout Property. Between 1978-2004, 5372m of drilling was undertaken with historical assays up to 3.18 g/t Au over 22m (drill hole #94-08). The earliest recorded geological exploration work in the Trout property area was in 1978 when several major and junior exploration companies were actively searching the Nechako Plateau for uranium and molybdenum mineralization. At that time, the Plateau was considered a relatively unrewarding area to explore, characterized by few access roads and generally poor rock exposure with thick and extensive glacial till deposits and Tertiary or younger basaltic volcanic flows. Rio Tinto Canadian Exploration Ltd. and ASARCO competitively conducted programs of prospecting and geochemical sampling, including lake sediment sampling by Rio that resulted in several copper and molybdenum discoveries. The discovery of gold at the Trout “Discovery” outcrop in summer 1984 followed similar discoveries at Capoose and Tsacha Lakes and Mt. Davidson and drew attention of explorers and prospectors. The Trout property is located in the Nechako Plateau of the Intermontane Physiographic Belt of the Canadian Cordillera, close to the eastern edge of the Stikine geological terrain, a structural subdivision in which formations of late Palaeozoic to Tertiary age are host to many significant base and precious metal mineral deposits. The centrally-located Discovery Zone of the Trout property is a low-sulphidation gold-silver epithermal system hosted by silica-adularia altered breccias in polymictic conglomerate believed to be part of Kasalka formations. Although still poorly defined, surface work and drilling have indicated that mineralization extends over an area of approximately 150 metres by 100 metres and to a depth in excess of 100 metres. Available data suggest that northeast and northwest structures control mineralization and will be important factors in expanding the zone(s).

Exploration Model / Target

• Epithermal gold / silver. Low sulphidation – sericite-clay +/- adularia.

• Historic grades at Trout ‘Discovery Zone’

• 13.8g/t Au and 94 g/t Ag over 5m – Trench.

• 3.18 g/t Au over 22m – drill hole #94-08

• Multi-stage host rock brecciation with chalcedonic quartz with fine pyrite, gold, argentite. Masked by thin blanket of un-mineralized ‘basalt’ rock. Exploration of the Trout property will be influenced by data compiled from historic work, between 1984 and 2004, that includes till geochemistry, rock chemistry, geology, surface trenching and sampling, and drill hole results, along with results of a recently acquired airborne magnetic survey.

Recent Work Completed 2010 – 2012
In December 2010, Fugro Airborne Surveys completed a 798 line-km airborne magnetic, electromagnetic and resistivity survey over the entire 7179 hectare Trout property. During April 2011, SJ Geophysics of Vancouver completed an interpretation of airborne data. Identified Endako basalts (cap rock) and the traces of magnetic lineaments defining a 3km long graben feature, possibly related to Eocene rifting and associated precious metal mineralization. In July 2011, Venerable collected 960 Ah horizon soil samples covering the graben feature. Ultra trace geochemical analysis was used to define anomalous zones below basalt cover. In September 2011, Heberlein Consultants identified geochemical targets indicative of epithermal mineralization below basalt cap rock. In May 2012, 70 line kilometres 3D IP survey completed. In June 2012, 216 m of trenching and sampling conducted. In September – October 2012, 2019 m of HQ core drilled over 10 holes. The Discovery zone silica-adularia alteration is believed to trend north-westerly where it appears to widen but then is concealed by a thick till deposit. In addition, at least five areas with anomalous gold-silver-arsenic-mercury soil geochemistry have been identified north, northeast and northwest of the Discovery zone but have not been resolved. Other exploration targets are poorly defined. Exploration is challenged by the presence of superficial layers of Endako basalts of Eocene or younger age. The recently obtained airborne magnetic survey data have been interpreted tentatively to indicate that such cover is less extensive than previously believed. The Discovery gold-silver zone is believed to be a north-westerly and north-easterly trending breccia zone located along the southwestern boundary of a 3 km long graben feature. 80% of the graben is covered by cap rock. The detailed airborne geophysical data is the main guide in defining the traces of northeast and northwest trending magnetic lineaments, possibly related to Eocene rifting and precious metal mineralization. Gold and silver mineralization at the Discovery Zone continues under a thin cap of Endako basalts to underlying Kasalka Group rocks also may be identified and, if present, will offer attractive prospecting possibilities. Discovery Zone assay results from selected holes are summarized below. Exact locations of samples are uncertain but lengths of samples and their analyses are well documented.

Discovery Zone Drill Assays (Selected Holes)

Drilling
Six companies in the period 1978 to 2004 drilled 5372 metres of core drilling and reverse circulation in 56 holes. With the exception of three holes drilled in 1978 by E & B Exploration in an area approximately 3 km southeast and west of the Discovery Zone to test uranium geochemical and geophysical anomalies, all drilling was in and close to that Zone, including 36 holes in the Discovery Zone, 8 holes in the Camp Zone (Northwest Zone) and 9 holes in the North Zone. The historical drill results are presented below for illustrative purposes only. No representation or interpretations of the results are provided as the data cannot be verified.

Summary of Historic Drilling – Trout Claims (1978-2004)

 

Recent Updates

December 20, 2016
VENERABLE VENTURES ANNOUNCES THE APPOINTMENT OF A NEW BOARD MEMBER (more...)

December 15, 2016
VENERABLE ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT (more...)

November 24, 2016
VENERABLE ANNOUNCES AMENDED PRIVATE PLACEMENT TERMS (more...)