Goldflare Exploration (TSXV:GOFL) is changing the landscape of gold exploration in Canada thanks to its presence in Quebec.
Within the province, the Piedmont, Quebec-based company is the 100 per cent owner of the Aiguebelle-Goldfields, Syenite Condor, Ranger, Windfall, Agar and Mountain properties, while also holding a 50 per cent interest in the Destorbelle property.
In line with this, gold production in Canada is expected to have grown over 3 per cent in 2023. Similarly, global demand for gold grew in 2022 thanks to a strong Q4 largely in part due to increased demand from the jewelry sector and investment community.
As such, the company has been busy at its Goldfields property in Quebec after completing a 2023 drill program, having recently announced results from the second phase of drilling.
Drill program completed at Goldfields
In a press release, Goldflare Exploration revealed that a total of nine holes for 934 metres were completed during the drilling program.
- Notable results include drill hole AIG-23-26, which intersected a continuous interval of mineralization over 22.8 metres at a grade of 1.3 grams of gold per ton, including a higher-grade interval of 5.83 grams of gold per ton over 2.4 metres.
Goldflare Exploration CFO David Corbeil-Héneault said in an interview with The Market Online that gold value was obtained in all nine holes, which he said was “exceptional” regardless of grade.
“[The company] already has favorable numbers to evaluate an open-pit model,” he said, adding that there is all the necessary infrastructure near the property for operating a mine.
Other highlights from the last six drill holes completed include:
- Four holes were drilled from the same base as previously released holes AIG-23-18, AIG-23-19 and AIG-23-20 using southeast to east-west orientations with different dips. The objective was to intercept northeast-trending mineralized structures based on interpretation; and
- Hole AIG-23-25 returned 0.8 g/t over 7.1 metres, including 1.7 g/t over 2.5 metres; and
- Hole AIG-23-26 crossed an altered and intensely fractured syenite sequence that averaged 1.3 g/t over 22.8 metres in length.
The Goldfield property
The Goldfield property is ideally located roughly 35 kilometres northeast of the town of Rouyn-Noranda, the property includes six mineral claims in the township of Aiguebelle, Quebec.
Additionally, the property sits along a newly identified Porcupine-Destor Fault extension. It includes a deformed sequence of mafic and ultramafic volcanic rocks injected by a suite of alkaline intrusions known to host major gold deposits and prospects in the Abitibi.
On a broad scale, Goldflare Exploration anticipates targeting 500,000 ounces of gold as an objective to reach.
What’s next for Goldflare Exploration
Moving into the rest of the quarter and the year, Goldflare Exploration will largely focus its efforts on the Goldfields property, which will include working on the size of the gold system and showing that the structure identified close to the Fayolle pit shows continuity and consistency.
“The company has to demonstrate that it can reproduce the discovery using other techniques, using geophysics or geochemistry going westward along the Porcupine Break. We think we’ll be able to identify the parallel structure inside a two-kilometre strike.” Martin Demers p.geo, independent consulting geologist for Goldflare, previously told The Market Online.
The investment corner
Although 2024 is still fresh, Goldflare Exploration will undoubtedly be a company in the gold space to watch for thanks to its Goldfields Property and its ideal location near top companies such as IAMGOLD.
With one drilling campaign recently completed, investors will surely be hungry for more news from Goldflare Exploration as it continues advancing the project — it’s not a matter of if, it’s only a matter of when.
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