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File Created: 08-Aug-1986 by Larry Jones (LDJ)
Last Edit:  03-May-2021 by Del Ferguson (DF)

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NMI 103G8 Au1,2
BCGS Map 103G040
Status Past Producer NTS Map 103G08E
Latitude 053º 21' 54'' UTM 09 (NAD 83)
Longitude 130º 09' 41'' Northing 5913504
Easting 422719
Commodities Gold, Silver, Zinc, Lead, Copper Deposit Types I01 : Au-quartz veins
I05 : Polymetallic veins Ag-Pb-Zn+/-Au
Tectonic Belt Coast Crystalline Terrane Alexander, Plutonic Rocks
Capsule Geology

The Yellow Giant property is located on the west side of Banks Island, a coastal island located on the Hecate Straight approximately 110 kilometres south of Prince Rupert and 120 kilometres southwest of Kitimat. Nearby communities include Hartley Bay, which is located 55 kilometres to the east on the mainland, and Kitkatla, which is located 55 kilometres to the north on Dolphin Island. Banks Island is uninhabited and presently the only access to Banks Island is by air or by boat. Access is easiest by float plane or helicopter, which can be chartered from Prince Rupert.

Banks Island lies along the western edge of the Tertiary-Jurassic Coast Plutonic Complex characterized by northwest trending granitic bodies, mainly granodiorite-quartz monzonite and quartz diorite. These bodies are separated by narrow, persistent Permian(?) or older metasedimentary belts, mainly crystalline limestone, micaceous quartzite skarn and schist. The metasedimentary rocks generally exhibit a wide range of "granitization" effects and contact metasomatism.

Regional and local faulting, fracturing and folding are common on the island. Two major right-lateral faults, striking 310 degrees, known as the Arseno and Hepler faults, have associated 045 degree linears. Left-lateral faults striking 090 degrees also occur. Many contacts between the plutonic and metasedimentary rocks are faults or drag folds. Some faults have been healed by recrystallization. Structure is the prime factor in ore localization.

The Tel area is underlain by a northwest trending metasedimentary assemblage which dips moderately to steeply (55 to 80 degrees) northeast. The metasediments are mainly crystalline, silty and banded marble, and minor siltstone-biotite hornfels. The rocks are cut by many faults and shears, producing abundant chloritic slickensides, graphitic zones and gouge. All units have variable development of garnet-actinolite skarn and have been intruded by quartz diorite dikes, quartz felsite sills and quartz veins.

Three mineralized zones occurring along a 300 metre strike length are the Main, Central and West Tel zones. Massive sulphide and quartz-sulphide vein mineralization contains pyrite, pyrrhotite, sphalerite, galena and arsenopyrite. Gangue minerals include calcite and brecciated quartz.

The main Tel zone is 200 metres long, averages 7.6 metres in width, and is 135 metres in vertical depth. The deposit is open along strike and at depth.

The West Tel zone, 250 metres to the northwest, has gold in both quartz vein and skarn exposed in surface trenches. Two of the largest 045 degree cross faults, called the Tel and Sproatt faults, cut through the main Tel and West Tel zones, respectively.

The central zone, 90 metres southeast of the west Tel zone, has sulphide lenses in diorite and marble.

The Tel deposit appears to be a deformed Paleozoic gold deposit that may, in part, have been localized by solution collapse breccias formed in host carbonate lithologies.

The Tel zone was discovered in 1963 by McIntyre Porcupine Mines Ltd. and was mapped and identified with geophysical and geochemical surveys. In 1964, McIntyre Porcupine Mines Ltd. completed trenching and packsack drilling at the Tel zone.

In 1975, McIntyre Porcupine Mines Ltd. sold the claims to Sproatt Silver Mines Ltd., who completed a 998 metre drillhole program. Anomalous gold values were found within many of the drillholes. In 1977, Sproatt Silver Mines Ltd. changed their name to Hecate Gold Corp.

In 1983, Trader Mines Ltd. (through United Minerals Services Ltd.) entered into an option agreement with Host Ventures Ltd. (successor company to Hecate Gold Corp.) to acquire the Tel claims. Trader Mines Ltd. then re-evaluated past data and completed detailed geological mapping. From 1984 to 1985, Trader Mines Ltd. completed an exploration program of geological mapping, geochemical surveys and diamond drilling. A 14.33-metre drill intersection assayed 53.40 grams per tonne gold, 34.29 grams per tonne silver, 2.73 per cent zinc and 0.15 per cent copper (Assessment Report 14171). A 1985 drill intersection assayed 20.23 grams per tonne gold, 39.09 grams per tonne silver, 1.49 per cent lead and 1.07 per cent zinc over 22.34 metres (George Cross News Letter No.245, 1985).

In 1987, Trader Mines Ltd. conducted 8018.7 metres of diamond drilling on the Tel zone. Highlights include drillhole YGTL-87-023, which intersected 1.3 metres grading 102.86 grams per tonne gold (Assessment Report 17503).

In 1988, unclassified reserves of the main Tel deposit were 71,349 tonnes grading 14.4 grams per tonne gold (Trader Resource Corp., Letter to Shareholders, March 28, 1988).

In 1993, Trader Resources Corp. owned 90 per cent of the Yellow Giant property claims, while Falconbridge Nickel Mines Ltd. owned the remaining 10 per cent. In 1994, Trader Resources Corp. was renamed Highwood Resources Ltd. In 1996, Energex Minerals Ltd. acquired 51 per cent of the claims from Highwood Resources Ltd. In 1998, Doublestar Resources Ltd. acquired the 51 per cent share held by Energex Minerals Ltd. In 2000, Doublestar Resources Ltd. acquired Falconbridge Nickel Mines Ltd.’s 10 per cent stake of the claims. In 2002, Dynatec Corp. merged with Highwood Resources Ltd. to form Beta Minerals Inc.

In 2007, Selkirk Metals Corp. acquired 61 per cent of the Yellow Giant property claims through the purchase of Doublestar Resources Ltd. In 2009, Advanced Primary Minerals Corp. acquired 39 per cent of the claims through the reverse takeover of Beta Minerals Inc. and then sold the stake to Selkirk Metals Corp., giving them 100 per cent ownership of the property. Imperial Metals Corp. then acquired all the shares of Selkirk Metals Corp., making it a wholly-owned subsidiary of Imperial Metals Corp.

No exploration work was completed on the property from 1988 until 2010, when Selkirk Metals Corp. completed a control survey to establish UTM coordinates for old drillholes and facilities.

In 2011, Banks Island Gold Ltd. optioned the property from Selkirk Metals Corp. and completed 19 diamond-drill holes. Highlights include drillhole BIG-11-15, which intersected 10.36 metres (estimated true width of 7.36 metres) grading 20.7 grams per tonne gold, 55 grams per tonne silver and 12 per cent zinc (Press Release - Banks Island Gold Ltd., January 9, 2012).

In 2012, Banks Island Gold Ltd. released a National Instrument (NI) 43-101 compliant mineral resources estimate for the Tel zone that showed a measured resource of 15,000 tonnes grading 21.1 grams per tonne gold and 43 grams per tonnes silver, indicated resource of 21,000 tonnes grading 18.5 grams per tonne gold and 41 grams per tonne silver and an inferred resource of 8000 tonnes grading 20.6 grams per tonne gold and 40 grams per tonne silver using a 6 grams per tonne gold cut off (Press Release - Banks Island Gold Ltd., October 22, 2012). The total resource estimate for the Yellow Giant property was also released and showed a measured resource of 31,000 tonnes grading 23.4 grams per tonne gold and 44 grams per tonne silver, an indicated resource of 47,000 tonnes grading 22.7 grams per tonne gold and 43 grams per tonne silver and an inferred resource of 81,000 tonnes grading 13.7 grams per tonne gold and 33 grams per tonne silver using a 6 grams per tonne gold cut off (Press Release - Banks Island Gold Ltd., October 22, 2012).

Banks Island Gold Ltd. continued exploration on the Yellow Giant property with an airborne VTEM survey in 2011 and exploration and confirmation drilling in 2012 and 2013 (Assessment Reports 33421, 33448 and 34684).

See Kim (103G 021), Discovery (103G 025) and Bob (103G 024) showings for additional information and resource estimates.

Banks Island Gold Ltd. declared Commercial Production effective January 1, 2015. During the period of 2014 into 2015, mining was occurring in the Bob and Tel zones. On July 31, 2015, operations were suspended due to permitting and regulatory issues and in January 2016 Banks Island Gold filed for bankruptcy (Press Release - Banks Island Gold Ltd., August 4, 2015 and January 8, 2016).

EMPR AR 1963-21
EMPR ASS RPT 5862, 12719, *14171, 15759, *17503, 24460, *32794, *33421, 33448, 34684
EMPR EXPL 1975-174; 1984-372; 1985-C367; 2013-39,51-52,67; 2014-97,99-101,111
EMPR FIELDWORK *1987, pp. 265-267
EMPR INF CIRC 2012-1, pp. 10,11,19; 2013-1, pp. 12,14,15; 2014-1, pp. 10,22; 2015-1, pp. 3-5,8,24; *2016-1, pp. 1,5,121,122,125-127,138; 2017-1, pp. 2,150; 2018-1, pp. 2,122
EMPR GEOL 1977-1981, p. 139
EMPR MAP 58; 65 (1989)
EMPR OF 1992-1, 2004-2
EMPR PF (Falconbridge, Summary Report on Banks Island Gold to December, 1963; Falconbridge, Final Report on Banks Island Gold, 1976; *Trader Resource Corp., Statement of Material Facts, Jan.13, 1986; Christopher, P.A. (1988): Report on the Island Mist Property, Banks Island, British Columbia, in Prospectus for Claw Resources Ltd., dated May 10, 1988; Notes from CIM District 6 Meeting, Oct. 1986; Doublestar Resources Ltd., Annual Report, December, 1999)
EMR MP CORPFILE (Hecate Gold Corp; Trader Resource Corp.)
GSC MAP 23-1970
GSC P 70-41
CIM Jul., 1986, p. 36
GCNL #191,#197,#199,#204,#215, 1975; #8,#41,#108,#113,#172,#213, #237, 1984; #45,#142,#215,#243,#245, 1985; #9,#10,#11,#13,#14, #20,#111,#134,#151,#190, 1986; #32,#42,#54, 1987; #234(Dec.4), 1990; #105(June 2), 1998
IPDM Feb., 1986
N MINER Sept.6,13, Oct.28, Nov.18, Dec.9,23, 1985; Jan.27, Feb.10, Jun.*23, Jul.21, Oct.6, Dec.8, 1986; Apr.13, Sept.14,28, 1987; Mar.26-Apr.1, Vol.98, No.6, Nov.9, Dec.3-9, Vol.98, No.42, 2012; Jan.26-Feb.1, Vol.100, No.50, May 15, 2015
NAGMIN Jun.7, Oct.11, 1985
PR REL Trader Resource Corp., Sept.5, 1984; Banks Island Gold Ltd., Nov.2,21, 2011; Jan.*9,24, Mar.9, May 25, Oct.*22, 2012; Jul.4,5, Aug.2,22,29, Nov.7,13, 2013; Jan.15,20, Feb.11, Mar.3,5,14, Apr.8,16,24, May 12, Jul.10,17,28, Aug.26, Oct.16,24,30, Dec.1, 2014; Jan.9, Feb.13, May 11, Jun.2,5, Jul.24,28, Aug.4,11, 2015; Jan.8, 2016; Mar.1, 2017
V STOCKWATCH Aug.12, 1987
Falconbridge File
Banks Island Gold Ltd. Management's Discussion and Analysis For the year ended February 28, 2015, Report dated June 29, 2015
Seraphim, R.H. (1975): Report on the Tel Claims, Banks Island in Sproatt Silver Mines Ltd., Statement of Material Facts, June, 1975
Technical Report on the Banks Island Mineral Property February 1, 2013