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Iceland Resources

THORMODSDALUR PROJECT

PROJECT OVERVIEW

Thor is located approximately 20km east of the city center of Reykjavík. The project has a long history dating from its discovery in 1908 and sporadic exploration until 1925. Historical sources reveal that reported gold values were 11-315 g/t. The project was revived in the 1980s when a study was conducted on volcanic-hosted epithermal gold deposits, and visible gold was found in cores from geothermal wells.

Click picture to enlarge

ACCESSIBLITY
20 km from Iceland’s capital

HISTORY
Discovered in 1908
Sporadic exploration and exploitation
Reported gold values 11-315G/T
Acquired in 2016

MINERALS
Drilling Bonanza Grades of 44-415 G/T Gold

OWNERSHIP
100% Exclusive exploration license

EXPLORATION STATUS
2021: 10 Drillholes for 1716.63                    meters           
          Historic core relogging

2022: Ground magnetic survey                    Petrographic analysis 

PROJECT OVERVIEW

Thor is located approximately 20km east of the city center of Reykjavík. The project has a long history dating from its discovery in 1908 and sporadic exploration until 1925. Historical sources reveal that reported gold values were 11-315 g/t. The project was revived in the 1980s when a study was conducted on volcanic-hosted epithermal gold deposits, and visible gold was found in cores from geothermal wells.

Click Picture to enlarge

Accessibility
20 km from Iceland’s capital

History
Discovered in 1908
Sporadic exploration and exploitation 
Reported gold values 11-315G/T 
Acquired in 2016

Minerals
Drilling Bonanza Grades of 44-415 G/T Gold

Ownership
100% Exclusive exploration license

Exploration Status
2021: 10 Drillholes for 1716.63
           meters 
           Historic core relogging

2022: Ground magnetic survey
           Petrographic analysis

PROJECT OVERVIEW

Thor is located approximately 20km east of the city center of Reykjavík. The project has a long history dating from its discovery in 1908 and sporadic exploration until 1925. Historical sources reveal that reported gold values were 11-315 g/t. The project was revived in the 1980s when a study was conducted on volcanic-hosted epithermal gold deposits, and visible gold was found in cores from geothermal wells.

Click Picture to enlarge

Accessibility
20 km from Iceland’s capital

History
Discovered in 1908
Sporadic exploration and exploitation 
Reported gold values 11-315G/T 
Acquired in 2016

Minerals
Drilling Bonanza Grades of 44-415 G/T Gold

Ownership
100% Exclusive exploration license

Exploration Status
2021: 10 Drillholes for 1716.63 meters
           Historic core relogging

2022: Ground magnetic survey
           Petrographic analysis

Geology and Mineralization

The Thor system appears to be significantly different in several ways from many low-sulfidation epithermal systems worldwide. The silver-to-gold ratio is less than 1:1. Trace element geochemistry is very low compared to most other systems.

Arsenic, antimony, selenium, mercury, and tellurium are considered to be present in very low quantities, usually around or just above the detection limits of the laboratory. However, the alteration appears to be consistent with other low-sulfidation epithermal systems.

Click picture to enlarge

GEOLOGY AND MINERALIZATION

The Thor system appears to be significantly different in several ways from many low-sulfidation epithermal systems worldwide. The silver-to-gold ratio is less than 1:1. Trace element geochemistry is very low compared to most other systems.

Arsenic, antimony, selenium, mercury, and tellurium are considered to be present in very low quantities, usually around or just above the detection limits of the laboratory. However, the alteration appears to be consistent with other low-sulfidation epithermal systems.

Click picture to enlarge

Geology and Mineralization

The Thor system appears to be significantly different in several ways from many low-sulfidation epithermal systems worldwide. The silver-to-gold ratio is less than 1:1. Trace element geochemistry is very low compared to most other systems.

Arsenic, antimony, selenium, mercury, and tellurium are considered to be present in very low quantities, usually around or just above the detection limits of the laboratory. However, the alteration appears to be consistent with other low-sulfidation epithermal systems.

Click picture to enlarge
Click picture to enlarge

Ground Magnetics SurveyS

SEPTEMBER 2022

The ground magnetics survey was carried out on 20-meter line spacings for the main area and reduced to 50-meter line spacings in the eastern and northern portions of the survey area. The stripes of color dominating the map indicate repeating basalt flows with magnetic reversals (blue color), indicating differing ages from the normal magnetic signature (red color). The repetitive nature of the stripes suggests multiple NNE trending faults.

Several areas of apparent faulting within the drilling corridor define multiple gold-rich structural events. This corridor was detected in the magnetic survey. Further to the east are coincident soil sample anomalies with similar interpreted faults. These areas remain untested.

Ground Magnetics Surveys

SEPTEMBER 2022

The ground magnetics survey was carried out on 20-meter line spacings for the main area and reduced to 50-meter line spacings in the eastern and northern portions of the survey area. The stripes of color dominating the map indicate repeating basalt flows with magnetic reversals (blue color), indicating differing ages from the normal magnetic signature (red color). The repetitive nature of the stripes suggests multiple NNE trending faults.

Several areas of apparent faulting within the drilling corridor define multiple gold-rich structural events. This corridor was detected in the magnetic survey. Further to the east are coincident soil sample anomalies with similar interpreted faults. These areas remain untested.

Click picture to enlarge

Ground Magnetics Surveys

SEPTEMBER 2022

The ground magnetics survey was carried out on 20-meter line spacings for the main area and reduced to 50-meter line spacings in the eastern and northern portions of the survey area. The stripes of color dominating the map indicate repeating basalt flows with magnetic reversals (blue color), indicating differing ages from the normal magnetic signature (red color). The repetitive nature of the stripes suggests multiple NNE trending faults.

Several areas of apparent faulting within the drilling corridor define multiple gold-rich structural events. This corridor was detected in the magnetic survey. Further to the east are coincident soil sample anomalies with similar interpreted faults. These areas remain untested.

Click picture to enlarge

2021 Drilling Program Observations

An additional upside to the project was defined, extending to depths of up to 130 meters and extending the zone to 800 meters along strike. All mineralization intersected is oxidized to date.

In the mid-1990s, a vertical geothermal hole was drilled to a depth of 455 meters. This hole encountered at least seven separate zones of mineralization. The 2021 drill program confirmed the existence of at least two and possibly three sub-parallel structures with significant gold grades to a depth of 100 meters.

Banded quartz veins identified in historic and recent drilling contain bonanza grades of gold from 44 to 415 grams per ton. The textures within the banding are similar to low sulfidation epithermal systems worldwide.

These textures contain rhythmic banding of quartz, adularia, and fine sulfides carrying values in both silver and gold.

Click picture to enlarge
Click picture to enlarge

In the southern half of the project area, these structures bracket a thick zone of low-grade mineralization hosted in clay and stockwork quartz veinlets as defined in holes 21-02, 12, 15 and 17. This may indicate a dilation within the structural corridor.

The discovery of relatively thick zones of sand (silica replaced vuggy basalt) and clay zones adjacent to veins is an important factor in the further exploration of Thor. These zones host significant gold values from 4 to 15 g/t but are difficult to recover. Even more importantly, the friable nature and permeability of the sands allowed oxidation to occur to depths exceeding 130 meters.

2021 DRILLING PROGRAM OBSERVATIONS

An additional upside to the project was defined, extending to depths of up to 130 meters and extending the zone to 800 meters along strike. All mineralization intersected is oxidized to date.

In the mid-1990s, a vertical geothermal hole was drilled to a depth of 455 meters. This hole encountered at least seven separate zones of mineralization. The 2021 drill program confirmed the existence of at least two and possibly three sub-parallel structures with significant gold grades to a depth of 100 meters.

Banded quartz veins identified in historic and recent drilling contain bonanza grades of gold from 44 to 415 grams per ton. The textures within the banding are similar to low sulfidation epithermal systems worldwide.

These textures contain rhythmic banding of quartz, adularia, and fine sulfides carrying values in both silver and gold.

In the southern half of the project area, these structures bracket a thick zone of low-grade mineralization hosted in clay and stockwork quartz veinlets as defined in holes 21-02, 12, 15 and 17. This may indicate a dilation within the structural corridor.

Click picture to enlarge

2021 DRILLING PROGRAM OBSERVATIONS

An additional upside to the project was defined, extending to depths of up to 130 meters and extending the zone to 800 meters along strike. All mineralization intersected is oxidized to date.

In the mid-1990s, a vertical geothermal hole was drilled to a depth of 455 meters. This hole encountered at least seven separate zones of mineralization. The 2021 drill program confirmed the existence of at least two and possibly three sub-parallel structures with significant gold grades to a depth of 100 meters.

Banded quartz veins identified in historic and recent drilling contain bonanza grades of gold from 44 to 415 grams per ton. The textures within the banding are similar to low sulfidation epithermal systems worldwide.

These textures contain rhythmic banding of quartz, adularia, and fine sulfides carrying values in both silver and gold.

Click picture to enlarge

Oxidation of the gold mineralization at Thor will make for much easier and eco-friendly material processing if a minable resource is defined.

In the southern half of the project area, these structures bracket a thick zone of low-grade mineralization hosted in clay and stockwork quartz veinlets as defined in holes 21-02, 12, 15 and 17. This may indicate a dilation within the structural corridor.

The discovery of relatively thick zones of sand (silica replaced vuggy basalt) and clay zones adjacent to veins is an important factor in the further exploration of Thor. These zones host significant gold values from 4 to 15 g/t but are difficult to recover. Even more importantly, the friable nature and permeability of the sands allowed oxidation to occur to depths exceeding 130 meters.

Oxidation of the gold mineralization at Thor will make for much easier and eco-friendly material processing if a minable resource is defined.

Click picture to enlarge

The discovery of relatively thick zones of sand (silica replaced vuggy basalt) and clay zones adjacent to veins is an important factor in the further exploration of Thor. These zones host significant gold values from 4 to 15 g/t but are difficult to recover. Even more importantly, the friable nature and permeability of the sands allowed oxidation to occur to depths exceeding 130 meters.

Oxidation of the gold mineralization at Thor will make for much easier and eco-friendly material processing if a minable resource is defined.

Click picture to enlarge

PETROGRAPHIC ANALYSIS​

DECEMBER 2022

Twenty-one drill core samples from Thor were examined in 2022. The samples were prepared for thin section and underwent studies for petrographic studies, including fluid inclusion, mineragraphy, XRD.

Lithologic and alteration descriptions: The analysis identified basalt lithologies ranging from flows and glassy breccias to hyaloclastites and lapilli tuff. Alteration is dominated by chlorite and various zeolite types surrounding the mineralization. Quartz, adularia, chalcedony, opal and platy calcite occur within the main mineralized zones. Mineralization is generally composed of various iron oxides. Sulfide minerals occur as pyrite, chalcopyrite, arsenopyrite and electrum.

Petrographic Analysis

DECEMBER 2022

Twenty-one drill core samples from Thor were examined in 2022. The samples were prepared for thin section and underwent studies for petrographic studies, including fluid inclusion, mineragraphy, XRD.

Lithologic and alteration descriptions: The analysis identified basalt lithologies ranging from flows and glassy breccias to hyaloclastites and lapilli tuff. Alteration is dominated by chlorite and various zeolite types surrounding the mineralization. Quartz, adularia, chalcedony, opal and platy calcite occur within the main mineralized zones. Mineralization is generally composed of various iron oxides. Sulfide minerals occur as pyrite, chalcopyrite, arsenopyrite and electrum.

Sample 2070 (TMSD 16-06 47.3 m)

Cockade breccia, with altered tuff clast (center) surrounded by concentric bands of very fine to fine quartz, adularia and calcite. Field of view = 3.0 mm, crossed polarizers.

Sample 2076 (TMSD 29-06 59.7 m)

Cavity within basalt filled progressively with fine calcite and quartz, calcite rhombs, chalcedony, a thin layer of quartz, and opal. Field of view = 3.0 mm, crossed polarizers.

Sample 2073 (TMSD 25-06 41.65)

Fine pyrite and a small grain of electrum (center) in a sulfide-rich band in quartz. Field of view = 0.6 mm, reflected light.

Petrographic Analysis

DECEMBER 2022

Twenty-one drill core samples from Thor were examined in 2022. The samples were prepared for thin section and underwent studies for petrographic studies, including fluid inclusion, mineragraphy, XRD.

Lithologic and alteration descriptions: The analysis identified basalt lithologies ranging from flows and glassy breccias to hyaloclastites and lapilli tuff. Alteration is dominated by chlorite and various zeolite types surrounding the mineralization. Quartz, adularia, chalcedony, opal and platy calcite occur within the main mineralized zones. Mineralization is generally composed of various iron oxides. Sulfide minerals occur as pyrite, chalcopyrite, arsenopyrite and electrum.

Sample 2070 (TMSD 16-06 47.3 m)

Cockade breccia, with altered tuff clast (center) surrounded by concentric bands of very fine to fine quartz, adularia and calcite. Field of view = 3.0 mm, crossed polarizers.

Sample 2076 (TMSD 29-06 59.7 m)

Cavity within basalt filled progressively with fine calcite and quartz, calcite rhombs, chalcedony, a thin layer of quartz, and opal. Field of view = 3.0 mm, crossed polarizers.

Sample 2073 (TMSD 25-06 41.65)

Fine pyrite and a small grain of electrum (center) in a sulfide-rich band in quartz. Field of view = 0.6 mm, reflected light.

Going Forward

The available historic drilling was relogged, including the 1996 program of 9 core holes (805.6m) and the 2006 program of 32 core holes (2,439m). These, combined with the 1990 geothermal well (455m) and recent drilling, total 54 holes for 5,440.23 meters. Gold values from 1 to 89.4 g/t over 1 to 27 meters have been intersected in all but 8 holes. These values were obtained from select intervals of core from various orientations and angles. The thickness cannot be construed as representative of any true thickness. Historically the best intercept from core drilling is 5.2 meters of 35.4 g/t gold which is believed to be a true thickness based on other holes in the vicinity.

Future drill programs will concentrate on larger core sizes and better recoveries within the mineralized areas. A larger core will also provide additional geotechnical and metallurgical information. The Company looks forward to completing the rest of its 2021 planned program at Thor in 2023.

“2021 drilling results, combined with the 43 historic drill holes and surface trenching, prove that this Project and Iceland, in general, have significant upside for gold. The Company intends to leverage its substantial database of historical exploration results and expand its future work program with planned infill and extensions of the known areas of mineralization at Thor (…).”

ÞÓRDÍS BJÖRK SIGURBJÖRNSDÓTTIR,
CEO of Iceland Resources EHF

thordis-bjork-sigurbjornsdottir

Last updated: April 2023

Going Forward

The available historic drilling was relogged, including the 1996 program of 9 core holes (805.6m) and the 2006 program of 32 core holes (2,439m). These, combined with the 1990 geothermal well (455m) and recent drilling, total 54 holes for 5,440.23 meters. Gold values from 1 to 89.4 g/t over 1 to 27 meters have been intersected in all but 8 holes. These values were obtained from select intervals of core from various orientations and angles. The thickness cannot be construed as representative of any true thickness. Historically the best intercept from core drilling is 5.2 meters of 35.4 g/t gold which is believed to be a true thickness based on other holes in the vicinity.

Future drill programs will concentrate on larger core sizes and better recoveries within the mineralized areas. A larger core will also provide additional geotechnical and metallurgical information. The Company looks forward to completing the rest of its 2021 planned program at Thor in 2023.

Click picture to enlarge

“2021 drilling results, combined with the 43 historic drill holes and surface trenching, prove that this Project and Iceland, in general, have significant upside for gold. The Company intends to leverage its substantial database of historical exploration results and expand its future work program with planned infill and extensions of the known areas of mineralization at Thor (…).”

thordis-bjork-sigurbjornsdottir

ÞÓRDÍS BJÖRK SIGURBJÖRNSDÓTTIR,
CEO of Iceland Resources EHF

thordis-bjork-sigurbjornsdottir

ÞÓRDÍS BJÖRK SIGURBJÖRNSDÓTTIR,
CEO of Iceland Resources EHF

Last updated: April 2023

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