Matamec is the operator and holds a 50% interest and IEP holds the other 50% interest in the Matheson joint-venture property located along strike and in close proximity to the Gold Hoyle Pond Mine owned by Goldcorp Inc. (TSX: GG). The Matheson property is located within a ten kilometre distance along strike of the Bell Creek and Owl Creek deposits and the Hoyle Pond mine, within the same stratigraphic assemblages which hosts most, if not all, of the gold deposits within the prolific gold Porcupine mining camp. This mining camp has produced in excess of sixty-two million ounces of gold to date. The ore is derived from vertically extensive systems of quartz-carbonate veins, spatially related to the regional 200-kilometre long Destor-Porcupine fault and/or associated splay faults. Since 2008, Matamec has spent a total of $2,410,000 in acquisition and exploration costs on the property.
Located 1.7 km east of Hoyle Pond Mine, which has produced nearly 2.2M ounces of gold at an average grade of 13.5 g/t, since 1985.
- Mill Creek/Colbert Zone can be traced along strike for up 4 km to the east with additional mineralized horizons hosting visible gold in grey zone alteration
- Two additional mafic/ultramaficbelts are located to the north and have seen limited exploration yet have shown numerous anomalous values in overburden and drill core sampling