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Analyst Note
By Éric Lemieux, MSc, P.Geo
Mining & Exploration Analytics
eric.lemieux@peartreesecurities.com
June 5, 2015
Adventure Gold Inc. (AGE-V)
Adventure drills on Québec Detour Trend, no material intercepts but intends to persevere
Event: Adventure completed an exploration program on its wholly owned properties along the Québec Detour
Gold Trend, notably a 1,500m drilling program.
Impact: Neutral. Winter drilling program did not intercept significant gold mineralization, but did highlight vectors
for more exploration.
Analysis
• On June 4, 2015, Adventure disclosed results of activities on its properties along the Québec Detour
Gold Trend. Adventure completed a 1,500m drilling program as well as line cutting and geophysical
surveys. The 1,500m drill program commenced in March-April 2015 tested targets along or proximal to the
Sunday Lake Deformation Zone. Some weak gold mineralization was intersected. Recall the Detour Gold Trend
Project consists of 875 claims and covers an area of ~47,340ha (9 contiguous properties: Manthet, Martigny,
Martigny Extension, Massicotte, Casgrain, Casgrain Extension, Gaudet, Nantel and Sicotte) covering over
80km and substantial acreage to the east of Detour Gold Corporation's 15.1M oz. Detour Lake gold mine (see
Exhibit 1).
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• Drilling along the Sunday/Detour Lake deformation corridor (located 4km south of Balmoral
Resource’s (BAR-T) Bug Lake high grade gold zone) did not encounter significant gold mineralization
but encountered a large alteration and deformed rock package that merits more investigation. The winter
drilling program was Adventure’s first drilling program on its strategic acreage. Though the ~20 historic shallow
drill holes in these zones have returned mild gold intercepts with grade by thickness ranging from 1 to 15 g/t Au x
meters, Adventures 4 holes were not able to achieve similar grades. The follow-up drilling at greater depths
(275-300m depth) encountered some gold-sulphide mineralization within a strongly deformed and altered shear
zone hosted in mafic and felsic volcanic rocks with feldspar porphyry dykes (see Exhibit 2). The observed shear
zone is evidently large (300m) with anomalous gold values (more than 0.1 g/t Au) occurring discontinuously over
more than 250m. Better intercepts were 2.3 g/t Au over 0.5m (hole CA-15-02) and 0.6 g/t Au over 1m (hole
CA-15-01), however we understand that N-S drilling may not be the ideal direction to test the potential
disseminated quartz-pyrite mineralization system. Recall Bug Lake has a NW-SE direction.
• We continue to believe that Adventure’s acreage along the Québec Detour Trend is highly prospective.
The completed IP surveys so far on the Massicotte grid area are defining potential quality drill targets on the
Lower Detour Gold Trend, an area poorly explored. We understand that several additional surveys are on-going
or are to be planned. The IP anomalies outlined on the Massicotte property suggest promising drilling targets
associated with the Lower Detour Deformation Zone and the Southern Deformation Zone potentially associated
with disseminated sulfide zones with gold. We highlight that Adventure intends to complete more stripping on its
Pascalis property near Val d’Or (see September 16, 2014 Analyst Note), but with a $0.25M budget for the Detour
sector, we unfortunately do not expect much more drilling in 2015.
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