Disclosure: This report is compensated content. ESGold Corp hired T$R to create this content. To preserve some degree of independence aside from payment, ESGold did not contribute any ideas on the topic or substance. The company was only able to view the report for the first time after it had been publicly released. Once the payment of C$25,000 is received, this section will be updated. Update (14 March 2025): payment of C$25,000 was received. For further information, see the full disclosure at the bottom of this page.
ESGold: The ANT Survey & the "Golden" Treasure Map to Unlock the "Blue-Sky" Exploration Potential!
Post release info (13 March 2025): On 11 March 2025, ESGold’s news said the ANT survey would conclude in 4 to 6 weeks, so results are now expected between mid-April and the end of April.
For your convenience, all hyperlinks open in a separate browser.
Bottom Line Up Front – The ANT survey and AI interpretation will yield a “golden” treasure map. Depending on the treasure’s size, the ANT survey could be a game changer for the company and potentially life-changing for shareholders.
Synopsis
ESGold Corp is leveraging advanced technology, specifically Ambient Noise Tomography (ANT) and AI-driven analysis, to explore the Montauban project in Quebec, which has significant untapped mineral potential. Historical operators failed to accurately interpret the intricate geological system, focusing on shallow mineralization and overlooking deeper opportunities. ESGold’s strategic acquisition of the region and the upcoming ANT survey results, expected by late March 2025, will provide a “golden” treasure map for new discoveries, potentially transforming Montauban into a successful mining venture akin to the Windfall project.
Purpose
The purpose of this report is as follows:
- Discuss significance of ANT survey & AI interpretation.
- Provide case study of ANT’s impact on another exploration company.
- Highlight Montauban’s intricate geological system.
- Analyze failures of previous operators, especially Muscocho Explorations.
- Emphasize potential for new discoveries.
- Illustrate success of systematic exploration in old projects.
- Explain ANT & AI results as catalysts.
- Conclude with potential for ESGold to unlock Montauban’s value.
Ambient Noise Tomography
Ambient Noise Tomography (ANT) is a geophysical method that employs seismic vibrations to capture images of the subsurface. Several of the world’s largest mining companies have recently used the technology.
Barrick Gold (approximately US$30 billion market capitalization) implemented ANT on the Reko Diq deposit in July 2024, with production anticipated to commence in 2028. Reko Diq, a copper-gold deposit in Pakistan, is one of the world’s largest undeveloped porphyry projects. hyperlink
Rio Tinto (approximately US$100 billion market capitalization) implemented ANT on its Rincon Lithium Project in Argentina in October 2024. hyperlink
The data obtained from an ANT survey is invaluable and considerably increases the likelihood of expediting the discovery of new deposits or zones, as well as expanding the size of existing deposits.
Power Metallic Mines (Quick Case Study)
Power Metallic Mines (formerly known as Power Nickel) conducted ANT surveying on its Nisk deposit (which covered an area of 6.3 square kilometres and a depth of 300 metres using a higher resolution and 875 metres using a lower resolution) and Wildcat Target (which covered an area of 1.7 square kilometres and a depth of 500 metres) in Quebec, Canada.
Power Metallic Mines, whose stock price was in the C$0.20s and had already discovered its high-grade nickel, copper, cobalt, and PGE deposit, used ANT technology to identify the highest priority targets.
Prior to the thorough interpretation of the ANT survey, the company used the results to relocate a planned drill hole 300 metres, resulting in the success of the hole. In December 2023, Power Metallic Mines commenced another drill campaign following the comprehensive analysis of the ANT survey results.
In addition to effectively employing ANT survey data to extend mineralization at the Nisk Main deposit, a discovery in a newly identified ANT target called ANT 4 sent the stock price skyrocketing.
Since the ANT survey, Power Metallic Mines has made several significant new discoveries, including intercepting impressive grades (some of the best the company has ever drilled), raising a significant amount of money (a financing of C$50 million) at record prices, and attracting some of the biggest names in the mining industry as shareholders, such as Rob McEwen and Robert Friedland. Some of the new discoveries are located up to five kilometres from the Nisk Main deposit.
On February 7, 2025, Power Metallic Mines’ stock price reached C$1.97, resulting in a market capitalization of approximately C$388 million.
The red targets in the diagram below are the newly identified ones from Power Metallic Mines’ ANT results. The Nisk main deposit, which Power Metallic Mines discovered and has been concentrating on for drilling, is the second one from the right.
In the video below, Fleet Space Technologies provides an overview of the ANT technology as well as its implementation on Metallic Mines’ project, while Power Metallic Mines explains the instrument’s effectiveness in identifying high-priority targets. The video was recorded before the ANT data’s thorough interpretation and prior to its validation using drill results.
Until the ANT survey, the best geological information Metallic Mines had was magnetic data. Unfortunately, magnetic data was unable to detect regional secondary structures that were situated at depth.
The ANT survey displays information at depth by utilizing velocity contrasts, which include the contrast of heavier and lighter rocks. Because deposits are formed in a specific manner, it is essential to comprehend the geological structure beneath the surface to determine the location of the mineralization. The ANT survey helped identify faults, breaks, and the ultramafic unit, which hosts the nickel sulphide lens of the the main Nisk deposit.
Using the interpretation of the ANT data, the drill campaign that followed the video’s filming was executed with remarkable success.
Readers are strongly encouraged to view the video below to gain a comprehensive understanding of the ANT technology and its transformative impact on Power Metallic Mines and its shareholders:
ESGold - VMS Overview
The Monauban, located in Quebec, Canada, is said to be a VMS deposit.
- VMS deposits are among the most valuable deposits in the world.
- Canada is home to some of the largest VMS deposits in the world.
- As of 2007, 33% of Canada’s VMS deposits were in the province of Quebec.
ESGold - ANT Survey
On February 9, 2025, an ANT survey covering an area of 10 square kilometres commenced.
The results of the ANT survey are anticipated to be published approximately two weeks after it has been completed, which is expected to take approximately 30 days.
The results of the ANT survey, historical drilling data, and information from different geophysical methods used throughout its history will be used to create an AI derived interpretation of the subsurface. The interpretation is more accurate when more historical drill data is used because it can correlate the results with known mineralization. The Montauban possesses an extensive amount of historical data, including comprehensive drill data and various geophysical methods that have been employed.
Although ANT technology is capable of obtaining data up to a depth of 3 kilometres by increasing the distance between geode spacing, the data’s resolution is reduced (Fleet Space Technology was currently conducting a survey to a depth of 3 kilometres in Australia). Deep surveys are only beneficial for displaying regional information.
In the case of ESGold, the ANT survey is being conducted between a depth of 50 metres and 400 metres (potentially deeper), which will result in a higher resolution and, most importantly, a more accurate interpretation of the Montauban’s intricate geological system.
Montauban's Intricate Geological System
Understanding the Montauban’s intricate geological system is essential for comprehending the significance of state-of-the-art technology such as ANT and AI-based analysis that utilize various data sources.
The Montauban deposit is host to zones that contain high-grade base metals, as well as zones that contain high-grade gold and silver.
The very intricate geological system that formed the deposit has been the subject of several academic papers. Many theories exist about the Montauban deposit’s formation and classification due to its complexity. The formation of the distinct base metals, as well as gold and silver zones is unclear, but theories have been proposed.
The Broken Hill Deposit in Australia is another exceptional illustration of a complex system that has numerous academic papers with opposing theories. It is one of the largest lead-zinc-silver deposits in the world. The Broken Hill deposit system is so complex that it has its own deposit classification (Broken Hill-type deposit).
Indeed, some have referred to the Montauban as a Broken Hill-type deposit, given the numerous similarities between the two deposits.
Report on Montauban Property - GM 42953 (1982)
The accompanying quotes are from the report “The Muscocho Exploration Limited – Montauban Property, Montauban, Quebec” (1982 – GM 42953). hyperlink
“The structural overprint on the area is difficult to discern. The metamorphic overprint has made lithological correlation difficult.”
“The gold zone is difficult to distinguish underground due to the fine grained mineralization and is further complicated by the presence of the sulphides and the visual impact of the micaeous minerals and therefore assaying is necessary to define the limits of the zone.”
“….the gold zone cannot be defined visually and the structure is complex in parts of the zone…”
Montauban Exploration Report - GM 58886 (2000)
In 1999, Exploration Malartic-Sud conducted a 95 geochemical soil survey, a soil magnetic, a VLF survey, drilled 18 holes for a total of 820.57 metres, as well as 10 overburden removal/trench/channel sampling/sampling on the south zone and 15 on the north zone.
The following section is a direct translation from French to English (bold & underlining were added to the text for illustration purposes), utilizing the PDF translator, with no spelling or grammatical corrections, from the Conclusion of the Exploration Malartic-Sud Inc – Rapport Des Travaux D’Exploration Sur Le Project Montauban – GM 58886 (2000) report that was submitted to the Quebec government’s Ministry of Resources. hyperlink
“Initial drilling was drilled to test the Muscocho mineralized intersections, the types of rock described and to confirm the hypothesis that some mineralized zones had been missed due to lack of assays. In fact, the compilation of the archives of the Quebec Ministry of Natural Resources has shown that many mineralized and economic zones are not associated with the presence of sulphides and that they are revealed only by a systematic analysis of the cores or by association with specific minerals. The types of gold mineralization at Montauban can be easily missed. The presence of muscovite or worse, phlogopite can be confused with the color and even at the limit with the metallic shine of gold. The small quantities of sulphides associated with the host lithology also make it difficult to recognize visible gold in this type of environment.”
“Geophysical methods are very poorly applied to this type of mineralization because of the lack of conductivity of lead and zinc sulphides, the presence of graphite in some structures, the strong magnetism of certain gneiss or amphibolite that are found near the gold-bearing zones and which mask the pyrrhotite response that is sometimes associated with gold.”
“We now know why some drilling has been interrupted in zones with high gold mineralization (S85-44). The virtual disappearance of sulphides and the presence of fine gold particles invisible to the naked eye are two important factors that worked against those who observed the drill core.”
“Metamorphism worked in both directions, the first being to “concentrate” the gold and silver by desulphurizing the initial ore but also by making its presence difficult to find. The protolites of the rocks are also affected by regional metamorphism, which transforms lithologies as hydrothermal alterations can do. Thus, it becomes almost impossible to distinguish altered rocks from those that are metamorphosed.”
“We tried to find out the reasons that led the Muscocho company not to explore the western sectors of the South deposit in more detail. Ghislau boreholes Mining and Anacon, which are the most westerly located, have crossed strongly altered zones (cordierite-sillimanite) that have never been analyzed. We found no explanation in the documents consulted which prevented Muscocho from exploiting the southern zone by means of a surface operation. It is also possible that some metallotects searched for since the beginning of exploration were no longer to the west.”
“The South Zone is approximately 550 metres long by over 100 metres wide. Its average thickness is more than 2 meters and sometimes reaches more than 8 meters. The combined gold and silver grades are at least 3 – 4 g/t Au. The mineralized layer lies between surface and -60 metres vertical. Past holes to the west have revealed the same alterations and lithologies as at the South Zone. In addition, these holes have never been analyzed for gold content. The South Zone remains open to the west (over its width) and most likely to the Grawmont Zone (1.5 km) as well as to the east at depth (Marcor Zone and beyond). Deep holes to the east (Muscocho) indicate that the gold-bearing zones are more than 160 metres below surface (e.g. MM85-08, 48.15 g/t Au/ 1.0m).”
“In light of our recent discoveries, supported by the latest master’s and doctoral theses produced on this deposit, it now appears that the gold mineralization is controlled by major structures and has never been recognized as such, clearly in the past. This new approach opens up the entire territory to exploration for gold and silver, and the latter could easily contain mineral potential that could be compared to a mining camp in Abitibi.”
The conclusion of the GM 5886 (2000) exploration report indicates the difficulty of identifying gold-containing core due to the geology of the deposit. It also underscores their failure to comprehend that the gold mineralization is controlled by significant structures, as evidenced by numerous master’s and doctoral theses on the Montauban deposit that were published subsequent to this period.
The report also notes that they did not test for gold in South Zone holes with the same alterations and lithologies as in the west. Consequently, the South Zone remains open to the west and could extend to the Grawmont Zone, which is 1.5 kilometres away, as well as to the Marcor Zone and beyond.
It is crucial to acknowledge that not much exploration has been conducted at the Montauban since the exploration report was released in 2000. The only significant drilling at the project occurred in 2009, when 52 drill holes less than 50 metres in depth were drilled to determine the grades and relative thicknesses of the surface pillar of the North Gold Zone.
Important side note: The conclusion that the potential gold and silver in the entire territory “could easily contain mineral potential that could be compared to a mining camp in Abitibi” illustrates the vastness of the Montauban’s untapped exploration potential.
One of the largest gold corridors in Canada is the Abitibi gold belt. So far, approximately 190 million ounces of gold have been produced from the Abitibi region. It is located approximately 600 kilometres or 372 miles from the Montauban project. For additional information, please visit: https://www.visualcapitalist.com/sp/the-history-of-the-abitibi-gold-belt/.
ESGold strategically acquired a substantial portion of the region in 2023. ESGold currently holds the largest land package in the region, encompassing 13,116 hectares. ESGold has a 100% stake in the Montauban project. As revealed in a prior article, the region remains mostly unexplored.
Failure to Test Potential Gold Mineralization
The Montauban Zone, which was mined before 1954, is another instance where operators failed to recognize typical alterations and sulphide mineralization with potential gold mineralization.
Currently, the northernmost part of the deposit is the Montauban Zone, where sections with significant gold-bearing potential remain untested. Consequently, InnovExplo’s Technical Report for the Montauban Project (2014) found possible gold extensions of the Montauban Zone, which will be discussed later in the article.
Muscocho Explorations
Before Muscocho Explorations acquired the project, the gold reserves were estimated to be 286,986 metric tonnes, with a grade of 6.99 g/t gold and 33.28 g/t silver, according to a 1965 report (Ghislau Mining Corporation Ltd., Dept. Nat. Resources, Quebec – GM 11631).
“The potential for precious metal deposits near the Montauban Zn—Pb—Au—Ag deposit was not adequately assessed during the base metal production phase.” – InnoExplo Technical Report on the Montauban Project (2014).
In 1974, Muscocho Explorations acquired the southern property, and in 1975, it optioned the northern property. For the very first time, all of the known deposits were consolidated under one company.
After Muscocho Explorations acquired the project, it conducted extensive exploration, increased the gold reserves, and constructed a processing plant to put the mine into production.
Between 1983 and the mine’s closure in 1990, Muscocho Explorations produced 813,632 tonnes with a gold and silver grade of 3.54 g/t and 12.36 g/t, respectively. A total of 92,553 ounces of gold and 323,376 ounces of silver were produced.
Although the fact that numerous operators exploited the Montauban for its base metals during its initial years of production, Muscocho Explorations was the sole operator to concentrate on mining gold and silver.
Muscocho Explorations was also the last operator to mine the Montauban.
Premature Mine Closures
The Montauban has a long history of intermittent mining, with a processing plant constructed to mine it and subsequently decommissioned on several occasions.
Prior to Muscocho Explorations acquiring the project, the mine operated as a lead-zinc mine until these zones had been depleted (Staff N.M, 1987) hyperlink
In 1988, Muscocho Explorations implemented a drill campaign to extend the mine life; however, it was unsuccessful in augmenting its “depleting” gold reserves. Despite failing to increase its gold reserves, Muscocho Explorations discovered a new lead-zinc zone of 454,446 tonnes, grading 4.27% zinc, 1.48% lead, 0.22 g/t gold, and 23.01 g/t silver in 1988. These grades are consistent with those mined during base metals production. In the case of base metals mining ending due to “depletion” of the deposit’s base metals, this proved not to be the case.
In 1990, Muscocho Explorations announced the mine’s closure, claiming “depletion” of gold reserves.
Later exploration companies found about 1.1 million tonnes (now called “historical resources”) of similar grade. This indicates that the deposit’s gold “reserves” were not genuinely depleted because it still had mineralization that could have been processed.
The fact that the historical resources are located near the gold zones that Muscocho Explorations exploited demonstrates the intricate nature of the Montauban’s geological system. The historical resource in the north lies near the mining ramp that Muscocho Explorations built to extract the North Gold Zone.
Although a significant portion of the historical resources appear to be part of the surface pillars of the North and South underground mines it built, Muscocho Explorations seemed to fail to recognize their potential to extend the mine’s life before being forced to stop operations due to “depletion” of gold reserves.
The Montauban’s historical resources of approximately 1.1 million tonnes contain comparable grades to those extracted by Muscocho Explorations, and they contain a greater quantity of tonnage, gold, and silver than the total it mined between 1983 and 1990.
The end of both the base metals and gold production eras was attributable to the operators’ belief that they had “depleted” the deposit, which was later proven false.
In hindsight, the Montauban’s intricate geological system was ultimately responsible for the end of both the base metals and gold production.
Muscocho Explorations' Failure
Occasionally, the closure of a mine is not solely due to the “depletion” of reserves.
Understanding what caused the last gold operator of the Montauban to fail is important because ESGold will be processing the historical tailings and intends to mine the historical resources containing gold and silver in addition to any other potential gold discoveries it makes (base metals are also a possibility). In doing so, it may offer some insight into the potential for new discoveries.
Although a few exploration companies conducted some exploration work after Muscocho Explorations shut down the Montauban mine, Muscocho Explorations is the most knowledgeable about the deposit’s gold and silver as it extensively worked the property and extracted the gold and silver for a total of approximately 16 years. All subsequent exploration companies of the project undertook short exploration programs, did not mine the deposit, and did not grasp its complicated geological system, causing them to move on to other projects.
Price of Gold
The following is the price of gold at the start and end of production (the chart below shows the price of gold during the entire production period).
Start of production – gold = approximately US$412 or approximately $C507 per ounce ($US:$C exchange rate 1983 = 1.232)
End of production – gold = approximately US$416 or approximately $C485 per ounce ($US:$C exchange rate 1990 = 1.167)
In 1985, Muscocho Explorations’ Montauban mine had a healthy cost of production of $US211 per ounce of gold, making it one of the lowest-cost gold mines in the province of Quebec. Therefore, I do not think the closing of the mine was caused by the price of gold. However, the company’s decision to not conduct extensive drilling campaigns in order to prolong the mine life may have been influenced by the forecast for the price of gold.
Muscocho's Operations
In a Northern Miner article titled Investment Comment Lots of upside to Muscocho (27 April, 1987) – Michael Villeneau of the investment firm Morgan Grenfell said the following about Muscocho Exploration’s Montauban project: “The potential for expansion of reserves is very good, says Mr Villeneau. A prospect ramp is being driven onto the Marcor property adjoining Montauban, which could be providing mill feed in the not-too-distant future and help prolong the life of the operation.” hyperlink
While operating the Montauban mine, Muscocho Explorations also had two other projects that were rapidly approaching production: the Margino and Magnacon projects, both of which are located in Northern Ontario.
The Magino project – “1987: Muscocho Exploration Ltd. – underground development, installation of 400 tpd mill” – GeologyOntario (Government of Ontario) hyperlink. In October 1988, the mine commenced operations.
“Muscocho Explorations and its associate companies (Flanagan McAdam Resources, McNellen Resources, Chesbar Resources and Tashota-Nipigon Mines) will be extremely busy exploring this year, says Terry Flanagan, president of Muscocho. In total, the Muscocho group could spend up to $16 million, he adds. Last year, exploration expenditures reached $33 million. However, the 1988 exploration budget does not include the substantial pre-production outlays that are expected this year at two projects — the Magino property, near Wawa, Ont., and the Magnacon, near Mishibishu Lake. Both Magino and Magnacon are on the brink of firm production decisions as we go to press.” (Northern Miner – Exploration ’88 Muscocho” hyperlink)
In 1988, Muscocho Explorations carried out a 31 hole drill program totaling 4,134 metres to extend the life of the mine. Instead of increasing its reserves and prolonging the life of the mine, it identified a new lead-zinc zone of 454,446 tonnes, grading 4.27% zinc, 1.48% lead, 0.22 g/t gold, and 23.01 g/t silver.
In a desperate attempt to continue its operations at the Montauban, Muscocho Explorations looked for a partner to mine the base metals but was unsuccessful.
The Magnacon project – “1988: Muscocho Exploration Ltd. – 88,786 ft surface and underground diamond drilling. Decision made to bring mine into production. 1989: Muscocho Exploration Ltd. – mine officially opened. 1989: Muscocho Exploration Ltd. – mine closed due to financial problems” – GeologyOntario (Government of Ontario) hyperlink
Although mining at the Montauban mine ceased in February 1990 due to the “depletion” of reserves, it is alleged that Muscocho Explorations continued to seek financial assistance. Muscocho Explorations decommissioned the processing facility in 1991 due to its inability to secure funding.
In 1992, the Magino mine closed.
Muscocho Group
Near-Insolvency & Merger
The Muscocho Group consisted of Muscocho Explorations, Flanagan McAdam Resources and McNellan Resources.
The Muscocho Group’s failure to recover from its near insolvency led to the merger of the companies (see image below). hyperlink
The Muscocho Group was ultimately “overwhelmed” by the “startup and operating problems” on both the Magino and the Magnacon mines, as stated in the Northern Miner (see image below). (Staff N.M, 1988)
Miner's Union Issues
The mine closure may have been influenced by the company’s apparent difficulties with the miner’s union, as mentioned in the “Exploration Malartic-Sud Inc. – Rapport Des Travaux d’Exploration Sur Le Project Montauban” (GM 58886 – 2000).
Muscocho's Financial Issues
& Mine Closure
Unfortunately, Muscocho Explorations ultimately found itself in a financial bind after attempting to tackle too much at once. In addition to operating the Montauban mine, it conducted extensive drill campaigns on two other projects that were put into production prior to its closure.
The financial burden of establishing two new mines in 1988 and 1989 impaired the ability to adequately fund a proper exploration program at the Montauban. As a result of its financial issues, its effort to prolong the life of the mine consisted of a small drilling campaign in 1988 (31 holes and a total of only 4,134 metres). Without the financial problems, Muscocho Explorations would have been able to fund the exploration necessary to increase its “depleting” gold reserves.
Based on the mill’s output in 1988, the discovery of approximately 1.1 million tonnes (historical resources) of similar grade would have kept its operations going for an additional 8.5 years. Since the price of gold remained in the same price range during this period, it is likely that Muscocho Explorations would have continued to be very profitable due to its low cost of production.
Although its focus and priority was putting two new mines with their own undepleted gold reserves in production, Muscocho Explorations didn’t want to abandon the Montauban.
Muscocho Explorations desperately tried to find a partner to mine the newly discovered lead-zinc zone of only 454,446 tonnes grading 4.27% zinc, 1.48% lead, 0.22 g/t gold and 23.01 g/t silver. If it really thought the property was depleted and didn’t have enough potential to host additional reserves, it would not have tried to keep the project alive to simply mine such a small amount of base metals.
Muscocho Explorations’ financial burden of putting two other projects into production ultimately prevented it from being able to expand its gold reserves.
The stock analysts’ comment in the Northern Miner in 1987 about the potential expansion of reserves being “very good” was, in fact, correct.
The Montauban mine was prematurely closed by Muscocho Explorations as a result of the numerous financial issues that nearly led to the Muscocho Group’s insolvency during this period.
Failure of Historical Drilling
While the article “ESGold – An Undiscovered $3.5M Mining Gem With District Scale Exploration & “Blue Sky” Mining Potential” provided a comprehensive examination of the “blue-sky” potential, it is crucial to emphasize the following points:
- The Monauban project (VMS deposit) was never systematically explored.
- Focus was on the deposit’s shallow mineralization.
- Most drill holes were 25 metres or less in most areas.
- Most deep drill holes, which were mainly located near the mining shafts, only went to a depth of 200 metres.
- VMS deposits typically extend to great depths.
- LaRonde mine (located in Quebec & only ~480 kilometres from the Montauban deposit) is operating below a depth of 3,000 metres.
- VMS deposits typically occur in clusters.
- The Montauban region remains vastly unexplored.
- 2024 – following extensive review of systematic geological surveys, geophysical & geochemical analyses & preliminary exploration activities that indicate significant potential for mineralization within the region, ESGold strategically increased its land by ~1024%, making it the largest land package owned by a mining company in the Montauban region (13,116 hectares).
- The Bathurst Mining Camp is said to have 96 occurrences & hosts 46 VMS deposits. Out of the 46 deposits, 25 deposits have reserves of greater than 1 million tonnes!
- 2024 – following extensive review of systematic geological surveys, geophysical & geochemical analyses & preliminary exploration activities that indicate significant potential for mineralization within the region, ESGold strategically increased its land by ~1024%, making it the largest land package owned by a mining company in the Montauban region (13,116 hectares).
Montauban's "Blue-Sky" Exploration Potential
The analysis of this article has revealed that the previous operators were unable to accurately interpret the Montauban’s intricate geological system, which is why they concentrated on the shallow, low-bearing fruit of the deposit. Consequently, the Montauban has enormous “blue-sky” exploration potential!
Due to the significance of the “blue-sky” exploration potential and since it has been extensively covered in a previous article, readers are highly recommended to read the following article to further understand the probability of new discoveries:
ESGold – An Undiscovered $3.5M Mining Gem With District Scale Exploration &”Blue Sky” Mining Potential
Potential for Vertical Extensions
Although numerous operators exploited the Montauban, they all concentrated on the shallow, easily found mineralization. Consequently, InnovExpo’s Technical Report for the Montauban Project (2014) found several undrilled vertical targets with the potential to host additional gold mineralization (refer to the image below).
Potential for Lateral Extensions
In 2015, a VTEM identified 22 geophysical anomaly drill targets. Drilling the known geophysical targets is one of the recommendations from the most recent Technical Report (2023), as numerous conductive zone anomalies have yet to be tested.
Given that the majority of the VTEM-identified drill targets are located near the deposit and there are numerous undrilled vertical extensions that have the potential to host additional mineralization, it demonstrates that the project was not systematically explored. This is the consequence of an incomplete understanding of the intricate geological system that hosts the mineralization. This explains once more why the operators focused on and exploited shallow, easily found mineralization.
Potential of an old "Neglected" Project
Windfall Project
(Quick Case Study)
One example of an old, “neglected” project that ultimately evolved into a world-class deposit is the Windfall project.
Exploration at the Windfall project, situated in the province of Quebec, commenced in the 1930s. Although the NI 43-101 Technical Report only covers work done since 1975, the Windfall project had more than ten companies do exploration work.
In a about five years, Eagle Hill Exploration took the Windfall project, which was essentially an abandoned project under care and maintenance, to a bankable feasibility study with approximately one million ounces of gold. Oban Mining acquired Eagle Hill Exploration in 2013, and the company subsequently changed its name to Osisko Mining. According to sources, the site was once home to approximately 250 geologists and 31 drill rigs. Osisko Mining and Gold Fields announced a 50-50 joint venture on the Windfall project in May 2023.
Osisko Mining and Gold Fields increased the deposit’s estimated gold content to 10.6 million ounces in all mineral resources and reserves categories before Gold Fields acquired Osisko Mining for C$2.16 billion in August 2024. With the acquisition, Gold Field increased its ownership of the Windfall project from 50% to 100%.
The Windfall project was transformed from an old, neglected project that had been unsuccessfully interpreted by many companies to a world-class deposit through the proper interpretation of the geological system. It simply needed a systematic exploration program and an accurate interpretation of the geological system.
Despite its status as a historical mine, the Montauban has since been a “neglected” project with an intricate geological system and a history of operators who have failed to correctly interpret it for various reasons. With systematic exploration and proper interpretation of the intricate geological system, the Montauban could likely become another success story similar to the Windfall project!
Side Note of Interest – Brad Kitchen, Vice-President of ESGold, served as the President and Chief Executive Officer of Eagle Hill Exploration since its inception in 2006 until it was bought in 2013 by what became Osisko Mining following its success on the Windfall project.
Advancements in Technology
Importance of ANT
for ESGold
Technology significantly influences the discovery of deposits. Without it, it is probable that a company will follow in the footsteps of David Bell and drill 75 holes before ultimately making a discovery. In 1981, David Bell’s perseverance and conviction resulted in the discovery of the Hemlo deposit, which is one of North America’s most significant gold discoveries. hyperlink
As technology improves, it provides more tools to interpret the geological systems of old deposits.
Using new technology, accurate interpretations have the potential to rapidly unlock the remaining value of a deposit, which wasn’t possible with previous operators.
The ANT survey is unique in that it employs state-of-the-art technology, including seismic waves, satellites, and AI. The integration of historical data using AI is also a novel instrument that has the potential to be game-changing by providing an accurate interpretation of an intricate geological system.
As previously mentioned earlier in the report, “Geophysical methods are very poorly applied to this type of mineralization because of the lack of conductivity of lead and zinc sulphides, the presence of graphite in some structures, the strong magnetism of certain gneiss or amphibolite that are found near the gold-bearing zones and which mask the pyrrhotite response that is sometimes associated with gold.” – source: Exploration Malartic-Sud Inc – Rapport Des Travaux D’Exploration Sur Le Project Montauban (GM 58886 – 2000) hyperlink
Geophysical methods like magnetic scans and induced polarization (IP) can detect gold mineralization because gold is typically associated with conductive sulphide minerals such as pyrite. In the case of the Montauban, the lead and zinc sulphide mineralization lacks conductivity, which can mask the conductivity response associated with gold mineralization (including gold zones).
Muscocho Explorations used geophysical methods to search for gold at Montauban. Given the Montauban’s non-conductive composition and the absence of visual cues for core observers, as concluded in Exploration Malartic-Sud Inc – Rapport Des Travaux D’Exploration Sur Le Project Montauban GM 58886, Muscocho Explorations faced significant challenges in locating and identifying gold mineralization.
By employing seismic vibrations, ANT is not susceptible to the geological composition of the subsurface, which could potentially obscure gold mineralization, as is the case with most geological methods.
The ANT survey, which includes the AI-derived interpretation, is the first comprehensive analysis and systematic deep exploration of the Montauban project.
For the first time in its history, the Montauban finally has the appropriate technology to comprehend its intricate geological system!
Conclusion
In conclusion, the advancements in geophysical methods, particularly Ambient Noise Tomography (ANT), have significantly transformed the exploration landscape for mining companies. Major players like Barrick and Rio Tinto have used ANT to enhance their understanding of subsurface geology. Power Metallic Mines exemplifies the potential of ANT, having made substantial discoveries at its Nisk project, which was game-changing for its market valuation and the attraction of prominent industry veterans as shareholders.
The Montauban project, with its intricate geological system, presents a unique opportunity for exploration and potential mineralization. Historical operators have struggled to interpret its geology accurately, focusing on shallow mineralization while overlooking deeper potential. ESGold’s recent strategic acquisition of the Montauban region and its use of the ANT survey and AI-driven analysis could unlock significant value, similar to the what occurred with the Windfall project.
Muscocho Explorations’ failure at Montauban stemmed from inadequate geological methods suited to its distinctive mineralization, misinterpretation of the intricate geological system, and financial difficulties in its later years. In contrast, ESGold is presently utilizing the appropriate geological techniques to potentially realize the deposit’s “blue-sky” potential. Once in production, ESGold will be able to self-fund exploration without any financial restraints.
The ANT survey and AI interpretation will yield a “golden” treasure map. Depending on the treasure’s size, the ANT survey could be a game changer for the company & potentially life-changing for shareholders.
Shareholders should be ecstatic about the current ANT survey and its likely ability to interpret the Montauban’s intricate geological system, which has led past operators to fail, leaving it with massive “blue-sky” exploration potential for ESGold to discover!
Citations
Conte, N. (2021, September 21). The History of the Abitibi Gold Belt. Visual Capitalist. Retrieved March 2, 2025, from https://www.visualcapitalist.com/sp/the-history-of-the-abitibi-gold-belt/
Derosier, C. & Malartic-Sud Inc. (2000). Rapport Des Travaux D’Exploration Sur Le Project Montauban. https://member.tsr-d4.com/wp-content/uploads/2025/02/Montauban-1999-exploration-GM58886.pdf
Fleet Space’s ExoSphere enhances Barrick Gold’s Data-Driven Copper exploration at ReKO DIQ | Blog | Jul 09, 2024. (n.d.). Retrieved March 2, 2025, from https://www.fleetspace.com/newsroom/fleet-spaces-exosphere-enhances-barrick-golds-data-driven-copper-exploration-at-reko-diq
GeologyOntario. (n.d.). Retrieved March 2, 2025, from https://www.geologyontario.mines.gov.on.ca/mineral-inventory/MDI42C03SW00004
Ghislau Mining Corporation Ltd. (1961). Report On The Property. https://gq.mines.gouv.qc.ca/documents/EXAMINE/GM11631/GM11631.pdf
Hemlo Gold Mines Inc. | Encyclopedia.com. (n.d.). Retrieved March 2, 2025, from https://www.encyclopedia.com/books/politics-and-business-magazines/hemlo-gold-mines-inc
InnovExplo Inc., Turcotte, B., Jourdain, V., Verschelde, R., & St-Jean, E. (2014). Technical Report For The Montauban Project (2014). In Quebec Ministère Des Ressources Naturelles Et Des Forêts. https://gq.mines.gouv.qc.ca/documents/examine/GM68974/GM68974.pdf
Muscocho Explorations Limited & D.S.M. Consultants Limited. (1982). GM 42953 Montauban Property. https://gq.mines.gouv.qc.ca/documents/examine/GM42953/GM42953.pdf
Rio Tinto & Fleet Space collaborate to advance exploration at the Rincon Lithium Project | Blog | Oct 24, 2024. (n.d.). Retrieved March 2, 2025, from https://www.fleetspace.com/newsroom/rio-tinto-fleet-space-collaborate-to-advance-exploration-at-the-rincon-lithium-project
Staff, N. M. (1987, April 26). Investment Comment Lots of upside to Muscocho – The Northern Miner. The Northern Miner. Retrieved March 2, 2025, from https://secure.northernminer.com/news/investment-comment-lots-of-upside-to-muscocho/1000185586/
Staff, N. M. (1988, March 1). Exploration ’88 MUSCOCHO. The Northern Miner. Retrieved March 2, 2025, from https://www.northernminer.com/news/exploration-88-muscocho/1000172622/
Staff, N. M. (1996, July 29). Muscocho Group unveils merger plans. The Northern Miner. Retrieved March 2, 2025, from https://www.northernminer.com/news/muscocho-group-unveils-merger-plans/1000097083/
References
Muscocho group unveils merger plans
The History of the Abitibi Gold Belt
Technical Report for the Montauban Project (2014)
Exploration Malartic-Sud Inc – Rapport Des Travaux d’Exploration Sur Le Project Montauban – GM 58886 (2000)
Northern Miner – Investment Comment Lots of upside to Muscocho
Muscocho Exploration Limited – Montauban Property – GM 42953 (1982)
Exploration ’88 Muscocho
Hemlo Gold Mines Inc.(Encyclopedia.com)
GeologyOntario – mineral records details on Magino Mine
GeologyOntario – mineral records details on Magnacon Mine
Rio Tinto & Fleet Space Collaborate to Advance Exploration at the Rincon Lithium Project
Fleet Space’s ExoSphere Enhances Barrick Gold’s Data-Driven Copper Exploration at Reko Diq
