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The Lobstick Property, in Northwestern Ontario, comprises 32 claim units for a total
of 512 hectares and covers approximately 2,500 metres strike length on a gold-bearing
shear zone.
Historical work has consisted of geological and geophysical surveys followed by
a total of 17 diamond drill holes (3,130 metres) by Selco (‘84-‘87) and Phelps Dodge
(‘91-‘92). Only one hole, by Selco, appears to have intersected the shear zone and
returned several mineralized intercepts, including 0.60g/t gold over 17.76 metres,
0.70g/t gold over 18.57 metres and 0.39g/t over 6.0 metres. Drilling to date has
been shallow (generally less than 130 m vertically), while many of the major deposits
of Northern Ontario occur at much greater depths.
The Lobstick property is situated within the Wabigoon Sub-Province of the Superior
Province of the Canadian Shield and hosts an amphibolite grade metamorphic assemblage
comprising a large felsic volcanic centre within a sedimentary package. The gold-bearing
shear occurs near the intersection of two major regional fault zones and is approximately
100-150 metres wide. The rock types that host the mineralization include quartz-feldspar
porphyries that have undergone feldspathic alteration, sericitization and silicification.
Gold mineralization appears to be associated with disseminated pyrite.
Due to the favourable geological setting and the presence of widespread gold mineralization,
Altair feels that the Lobstick property has potential for the discovery of a significant
gold system similar to recent successes in Northwestern Ontario such as Rainy River
Resources’ Rainy River Project, Gold Canyon’s Springpole Project, Treasury Metals’
Thunder Lake Project, Coventry Resources’ Cameron Lake Project, and the famous Hemlo
Deposits.
Altair has signed a definitive agreement for an option to acquire a 100% interest in the property.
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