Lac Gayot

Location	James Bay Region, Québec, Canada
Ownership	Optioned for 100%
Exploration Stage	Advanced Exploration
Deposit Type	Komatiite-Hosted Nickel-Copper-Cobalt-PGE and LCT Pegmatites
Property Size	17,000 ha (170 km2)

The Lac Gayot project is an exploration-stage project principally for nickel-copper-PGE mineralization. The project encompasses the entirety of the ~2.88 GA Venus Greenstone Belt, a 30km long sequence of Komatiitic intrusives and volcanics within sequences of dominantly felsic volcanics and volcaniclastics, basinal sediments, and iron formations with lesser mafic volcanics. The ultramafic stratigraphy can be broken into three main stratigraphic zones in descending order:

1. Upper Komatiite sequence where extensive komatiitic volcanics are extruded with coeval sulphide-dominant exhalative horizons.
2. Lower Komatiite sequence consisting of subvolcanic dykes and sills intruding dominantly felsic volcanosedimentary and sedimentary host rocks.
3. Footwall Granitoid sequence where komatiitic and gabbroic intrusions cut the footwall granitoids and paragneisses.

Ongoing exploration efforts by the Company on the Lac Gayot project are focused on both identifying and delineating high-grade lenses of nickel sulphide mineralization, lithium showings, and identifying new areas of nickel sulphide mineralization, in all three sequences.

Perseverance Metals holds an option to earn 100% ownership of the Lac Gayot property until EOY 2027.

Exploration

The 2025 exploration program consisted of property-wide prospecting and mapping, additional detailed airborne magnetics and detailed ground EM in advance of a 5,000 metre drill program.  

• New nickel zone discovered – the Baseline showing, a blind EM target is the first Ni-sulphide intersected via drilling in the baseline area. Potential genetic relationship to Ni-sulphide showings further along trend in “L” and De Champlain. >4km of potentially Ni-sulphide fertile ultramafic stratigraphy.
• Results pending for additional drill holes in the Baseline, Macaque, Nasique and footwall areas.

The 2025 program involved:

• 5,103 meters drilled in 33 diamond drill holes testing 5 target areas
• 9.3 line-kms of SQUID EM completed over 5 target areas
• 20 boreholes surveyed with BHEM
• 509 bedrock samples collected
• 40 samples taken across 15 channels cut in outcrop
• 1,739 soil samples collected
• Detailed airborne/radiometrics survey conducted over the Venus East area

2026 exploration programs are being planned to execute an additional 5000m of drilling following up on key zones intersected in 2025.

• Extensive ground EM over the Venus East trend in order to refine extensions to known targets and identify additional blind Ni-sulphide targets.
• Drilling following up on Baseline, Macaque, Nasique and Footwall target areas as well as additional targets identified by follow up ground EM.
• Thorough mapping/prospecting on the Northern portion of the Venus Greenstone belt, which remains underexplored and has yet to see any ground truthing of EM targets identified by the 2024 airborne EM survey.

History

• From 1998 the property was 100%-owned by Viriginia Mines (previously Virginia Gold Mines Inc.) with history of join ventures and options with Billiton Resources Canada Inc in 2000, Breakwater Resources in 2007, and Quadra FNX Mining Ltd. (now KGHM International) in 2011.

Geology

• The Lac Gayot Property lies at the junction of three lithotectonic domains of the Superior Province, namely the Archean sub-provinces of La Grande, Ashuanipi and Minto.
• The Project is mainly centered on the Venus volcano-sedimentary belt which is the largest one in the area stretching 30 kilometers long by up to 10 kilometers wide. Besides the Venus belt itself, the property is dominated by a large variety of intermediate to felsic intrusive rocks.
• The lower portion of the belt is dominated by a relatively thick intermediate to felsic volcano-sedimentary package including some detrital units, and silicate and sulphide-facies exhalites. That sequence contains several extensive and relatively wide ultramafic sills and dykes known to host significant Ni-Cu­-Co-PGE mineralization. These magnesium-rich volcanics are interbedded with and overlain by basalts and their metamorphosed equivalents (amphibolites and mafic gneisses).