The 100%-owned Pascalis-Colombière property consists of 33 mining claims totalling 637 hectares and is located in the eastern portion of the highly productive Val-d’Or-Malartic gold district, Northwest of Quebec which has produced more than 25 million ounces of gold to date (GSC Website - World General Geoscience Database ). The property is adjacent to the producing Beaufor Gold Mine, owned by Richmont Mines. The Property has been the site of gold production from 1989 to 1993 when Cambior Inc. (now IAMGOLD) mined the New Pascalis gold deposit (Lucien C. Béliveau Mine). A total of 1.8 Mt of ore was extracted at a grade of 3.2 g Au/t (total of 167,000 Au oz, official production from Cambior postmortem report, nov 1996) from the surface down to 300 m deep .
In November 2009, AGE announced the start of a 1,500 meter drill program to verify the economic potential of the near-surface, lateral extensions of the gold mineralization intersected by drill-hole PC-09-04 which returned values up to 6.1 g/t Au over 2.6m (core length), included in a cut of 1.7 g/t Au over 15.2 m (core length)at a depth of 8 meters. The secondary objective is to verify the lateral extensions, between the depths of 130m and 160m, of the gold mineralization intersected by drill-hole PC-09-05 which returned values of 9.9 g/t Au over 2.4m (core length) and 5.5 g/t Au over 3.8m (core length), included in a cut of 3.2 g/t Au over 14.2 m (core length).
In May 2009, six holes totalling 2,010 meters intersected significant gold values in three distinct areas. Near surface drilling, 1.2 kilometers north-west of the former producer Lucien C. Béliveau Mine (167,000 ounces of gold produced, Official production from PostMortem Report, nov. 1996), identified an important gold system at a depth of up to 150 meters and a thickness of 120 meters at the Highway showing.
The best drill intersections (core length) include:
- 9.9 g/t Au over 2.4m and 5.5 g/t Au over 3.8m, included in a cut of 3.2 g/t Au over 14.2m at a depth of 125m and 2.2 g/t Au over 11.5m at a depth of 145m (Hole PC-09-05)
- 6.1 g/t Au over 2.6m, included in a cut of 1.7 g/t Au over 15.2m at a depth of 8m, 1.0 g/t Au over 17.2m at a depth of 40m and 1.0 g/t Au over 20.0m at a depth of 90m (Hole PC-09-04)
Past exploration work did not fully test the numerous occurrences of gold located in the N-S extensions of the Lucien Béliveau Mine dyke set or in other parallel dykes, nor in the extension of E-W trending shear zones. Due to the anticipated closure of the Mine in October 1993, several intercepts with gold values up to 18.9 g/t Au over 1.7m (core length)(diamond drill hole COL-92-36: MRNF - GM 51531) were not followed-up. In 2003, Ministère des ressources naturelles et de la faune delivered a certificate of release following the complete rehabilitation of the past producing Lucien Béliveau Mine.