Wollaston Copper Belt – Janice Lake
Janice Lake copper-silver
Rio Tinto currently earning up to 80% interest from project’s owner Forum Energy Metals (“Forum”).
1.0% NSR. Nova acquired half of Transition Metals’s 2.0% NSR interest in the Janice Lake project, who optioned Janice Lake to Forum in 2018.
0.375% of the NSR is subject to a buyback of C$750,000. Nova retains a right of first refusal on the 1.0% NSR held by Transition Metals, which is subject to the same buyback provision.
Janice Lake is a sedimentary copper-silver project, located 55 km southeast of Key Lake, Saskatchewan. It encompasses a 52km long district of the Wollaston Copperbelt, totaling over 380sskm with over 20 known copper occurrences on the property. Copper-silver mineralization currently extends for approximately 8km in outcrops and drill holes along strike of the Janice Lake basin. Rio Tinto optioned the project in May 2019, and can earn an 80% interest in the Janice Lake Project by spending C$30 million in addition to making separate option payments to Forum and TMC. Rio completed its initial C$3 million, 18-month spending commitment in 8 months by spending C$3.7 million on its initial drilling program in 2019. The initial drilling disclosed by Forum on May 12, 2020 identified two key targets, Jansem and Janice:
- Jansem target: 52 metres interval grading 0.57% copper and 1.5 g/t silver (starting at 116 metres depth), including 5 metres at 1.32% copper and 3.42 g/t silver. Currently known zone of mineralization: 650 metres strike, 200 metres depth, thicknesses between 45 and 60 metres
- Janice target: 22 metres of 0.37% copper and 2.82 g/t silver starting at 185 metres. Currently known zone of mineralization: 1.2 kilometres strike, 400 metres depth, thicknesses up to 57 metres
Forum announced on September 29, 2020 that Rio Tinto has completed its summer exploration program, which included systematic mapping of the 52km extent of the property, 25 holes for 818 meters of Reverse Air Blast (“RAB”) drilling, and the construction of an 80-person Burbidge Lake camp to serve as a base of future operations. Forum expects further details to be available by late October. Forum previously guided that the RAB drilling in 2020 would serve as a basis for developing a diamond drilling program in 2021.
Nova also owns a 1.0% NSR on the Wollaston project, owned by Transition Metals Corp, located 40km southwest along strike from Janice Lake. Wollaston features over 150 sq. km. of mining claims covering favorable copper bearing stratigraphy. According to a TMC corporate presentation, only one of the known showings has been drilled, intersecting 0.24% copper over 10.82m and 0.49% copper over 7.4 meters within 40 meters of surface. The 1.0% NSR royalty on Wollaston does not have a buyback provision. The Janice Lake – Wollaston royalty map is shown below.