Gold mineralization was originally identified on the N2 property by Minnova Inc. in 1981. In 1983, the property was acquired by Cyprus Canada Ltd. (“Cyprus”). The majority of the exploration work was on the northern portion of the property (Northway) where five zones of gold mineralization, related to shearing along volcanic-sedimentary rock contacts, were identified. The most extensive of these zones, the A Zone, was traced in shallow drilling for over 1.0 kilometre to depths of 25 to 350 vertical metres. All zones remain open to depth and in several remain open along strike. 

In 1994, Cyprus reported a geological resource estimate (non-compliant with NI 43-101) of 18.2 Mt grading 1.48 g/t Au (in-situ contained resource of 775,000 ounces of gold) for the five known zones (RJ, A, RJ East, East, and South), based on near-surface drilling of approximately 230 diamond drill holes. Preliminary metallurgical tests conducted on drill core from the A Zone recovered 91.7% of the gold in a flotation concentrate after a moderately fine-grind.

In 2001, Cyprus sold the majority of their Canadian gold assets, including the N2 property, to International Taurus Inc. (“Taurus”). Following Taurus’s bankruptcy in 2005, American Bonanza Gold Corp. (“American Bonanza”) acquired the N2 property, along with the balance of Taurus's assets. 

In 2007, Agnico-Eagle Mines Ltd. (“Agnico Eagle”) and American Bonanza entered into a co-development agreement to jointly develop the Vezza gold deposit (not on the N2 property) and the gold resources (as reported by Cyprus) on the N2 property. Small expansion and exploration drill programs in 2007 and 2008 by Agnico Eagle led to the discovery of a new zone of gold mineralization in the hanging wall to the RJ Zone with similarities to the mineralization at Vezza. Follow-up geophysical surveys outline down-hole geophysical anomalies associated with this zone which remain to be tested. In late 2009, following the decision to sell the Vezza property, Agnico Eagle terminated the co-development agreement. 

Balmoral Resources Ltd. purchased American Bonanza's Canadian assets at the end of 2010 and completed a VTEM airborne survey in 2011, which outlined several areas of interest.

Gold mineralization is classic mesothermal mineralization similar to that found throughout the Abitibi region.

The N2 project covers a 5 kilometre stretch of the Casa Berardi Deformation Zone, which hosts the Casa-Berardi gold mine and the immediately adjacent high-grade, underground Vezza gold deposit. 

There are six known zones of gold mineralization on the property located along three separate horizons. The western gold zones (A and RJ) are within the potential capture radius on the Vezza headframe on the adjacent property.

Maps & Images (click to enlarge)

Regional Overview Geology