Swanson Gold Project
Overview
Nestled within the world-renowned Abitibi Gold Belt in Québec, the Swanson Gold Project is a cornerstone of LaFleur Minerals Inc.’s exploration activities. Québec, recognized as a top jurisdiction in the world for mining investment, offers a stable and supportive environment for resource development with easy access to flow thru capital to fund exploration programs. The Swanson Gold Project has an extensive footprint, multiple target zones, and proximity to key infrastructure – spans over 18,304 hectares (183 km2) and is accessible by both road and rail, with several nearby gold mills — including LaFleur’s own Beacon Gold Mill, located within 50 km. The Swanson Gold Project includes multiple gold-bearing target zones — the Swanson Gold Deposit, Bartec, and Jolin, along major structural corridors — with over 36,000 metres of historical drilling data that provides a solid foundation, with new exploration programs targeting expansion to +1 million oz of gold.
Abitibi Gold Belt: A Proven Producer
The Abitibi Greenstone Belt is one of the most prolific and gold-producing greenstone belts globally. The Swanson Gold Project is strategically located in the southern part of this belt, benefiting from its close proximity to established gold producers such as Agnico Eagle and Eldorado, as well as developers like Probe Gold and O3 Mining and a basket of other advanced stage gold deposits being developed by other exploration companies.
Investment in Exploration
With over $5 million invested in exploration by the previous owner between 2021 and 2023, the Swanson Gold Project is well-positioned for advanced exploration. Key developments include a decline portal and a ramp extending to a depth of 80 meters at the Swanson Deposit. The Swanson Gold Deposit, a key component of LaFleur Minerals’ Swanson Gold Project, hosts a Resource Estimate (MRE effective September 17, 2024 and reported in updated NI 43-101 technical report dated July 29, 2025).
Today, the consolidated Swanson Gold Project is district scale—three times the size of the original property acquired from Monarch Mining. Permitting is also in progress for up to a 100,000-tonne bulk sample (~1.8–1.9 g/t Au), intended for processing at the nearby Beacon Gold Mill to generate early cash flow and data. LaFleur is currently working on a PEA for the Swanson Gold Project. The Swanson Gold Project benefits from vertical integration — mineralized material from Swanson can be processed at LaFleur’s fully permitted and refurbished Beacon Gold Mill (750 tpd capacity), offering a rapid, low-CAPEX route to production.
Property Access
The Swanson Gold Project is easily accessible by road, located just 66 km north of the city of Val-d’Or, Québec. The property’s prime location ensures that it is less than an hour by road or rail to several nearby gold mills, further enhancing its development potential. The site is well-supported by existing infrastructure, including roadways, rail connections, and power lines.
Swanson Project Consolidation
The Swanson Gold Project has seen significant expansion since its initial acquisition from Monarch Mining in April 2024. The original purchase included 130 map-staked claims and one mining lease, covering 5,210.8 hectares. Following this, the project rapidly grew through additional acquisitions from Globex Mining, Abcourt Mines., private prospectors. These transactions, coupled with strategic map staking ,added an extra 10,079.2 hectares to the project. Recently, LaFleur announced it has staked an additional 32 mineral claims on strike and to the northwest of the Swanson Gold Deposit. This claims expansion extends the project’s coverage of favourable geology to over 33 kilometres of strike length, significantly enhancing Swanson’s exploration potential. The Swanson Property represents one of the largest land and mineral packages in the renowned southern Abitibi Gold Belt, which hosts favourable geology and mineralized structures. The Swanson Gold Project now includes 445 mineral claims and 1 mining lease, positioning it as a key district-scale gold exploration play on a project that hosts over 36,000 metres of historical drilling and multiple high potential drill targets.
Today, with the significant land expansion, the consolidated Swanson Gold Project spans approximately 1,824 hectares —three times the size of the original property acquired from Monarch Mining. This expansion has not only significantly increased the project’s footprint but also positioned it as a key player in the region’s gold exploration efforts, opening up new opportunities for development.
Map of the Swanson Gold Project and adjacent properties
Abitibi Gold Deposits and Showings
The Swanson Project area is characterized by significant geological structures within the Abitibi Greenstone Belt, including regional disruptions and flexures in the stratigraphy and intrusions. The project straddles several shear zones and gold-bearing structures, with a favorable volcanic corridor that is up to 7 km wide and extends for 27 km along strike.
Key mineralization features include ultramafics (fuchsite), altered mafic volcanics, and syenite intrusions, all associated with high-grade gold and visible gold (VG). The property boasts 25 mineral showings, including 22 gold showings, three of which have historical resources. Additionally, the presence of critical minerals such as Ag, Cu, Zn, Pb, and Mo offers excellent pathfinder elements for gold exploration.
Geological setting of the Swanson Project
In September 2024, LaFleur completed an updated Mineral Resource Estimate for the Swanson Gold Deposit. The MRE was completed by independent consultants InnovExplo and demonstrates the significant growth potential of the deposit and of the Swanson Gold Project in general. The September 2024 MRE is included in an updated NI 43-101 technical report dated July 29, 2025.
Highlights of the updated MRE
- Total Indicated Mineral Resource Estimate of 2,113,000 t with an average grade of 1.8 g/t gold for 123,400 oz of contained gold.
- Total Inferred Mineral Resource Estimate of 872,000 t with an average grade of 2.3 g/t gold for 64,500 oz of contained gold.
- Results of the most recent drilling completed at Swanson in 2021-2022 indicates an 8% increase in the number of gold ounces in the Indicated Resource category and a 626% increase in the number of gold ounces in the Inferred Resource category compared to the 2021 historical estimate.
- The mineral resource area for the Swanson deposit covers an area 475 m long, 425 m wide and 500 m deep and is constrained by a combined open-pit and underground mining scenario.
- The current MRE was optimized with a price of gold at $1,850 resulting in a cut-off grade of 0.80 g/t gold cut-off grade for the open-pit constrained resource and a cut-off grade of 2.30 g/t Au for the underground constrained resource with a minimum width of 2.0 m, which is appropriate for this style of deposit and typical of similar gold mines in the Abitibi Gold Belt.
Swanson Development Potential
LaFleur has recently commenced geological prospecting, soil geochemistry along with property-wide airborne geophysics (magnetics and VLF-EM) to develop an exploration path to support discovery of new deposits in this underexplored Property. This field work along with compilation and 3D modelling will develop drill targets for resource expansion.
Exploration efforts contemplated for 2024-2025 include:
- Geological prospecting and surface geochemistry programs (in progress)
- High Resolution airborne magnetics and VLF-EM survey over the entire property (in progress)
- Infill and step-out diamond drilling program within the Swanson Deposit resource area
- Ground geophysics consisting of IP surveys over known showings
- Drill testing of the Swanson Deposit and other mineral showings
The Swanson Property also benefits from a historical scoping study completed by Agnico Eagle in 2009 to better evaluate the economics for a potential open-pit mining scenario and factoring in the existing railroad on the Property.
Table 1: Swanson Project Mineral Resource Estimate for a combined open-pit and underground scenario
“2024 Mineral Resource Estimate Notes”
- These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The MRE follows current CIM Definition Standards (2014) and CIM MRMR Best Practice Guidelines (2019). The results are presented undiluted and are considered to have reasonable prospects for eventual economic extraction (“RPEEE”).
- The independent and qualified persons for the mineral resource estimate, as defined by NI 43‑101, are Chafana Hamed Sako, P.Geo., Martin Perron, P.Eng. and Simon Boudreau, P.Eng. (InnovExplo), and the effective date of the mineral resource estimate is July 4, 2024.
- The estimation encompasses twelve (12) zones and a dilution envelope using LeapFrog Geo and interpolated using LeapFrog Edge.
- 5-m composites were calculated within the mineralized zones using the grade of the adjacent material when assayed or a value of zero when not assayed. 47 visible gold (VG) occurrences originally marked at 34.29 g/t Au were ignored during the compositing. High-grade capping on composites (supported by statistical analysis) was set between 10.0 and 20.0 g/t Au for high-grade envelopes and 5.0 g/t Au for the dilution envelope.
- The estimate was completed using a sub-block model in Leapfrog Edge, with a parent block size of 4m x 4m x 4m (X,Y,Z) and a sub-block size of 0.75m x 0.75m x 0.75m (X,Y,Z).
- Grade interpolation was obtained by the Ordinary Kriging (OK) method using hard boundaries.
- Density values of 2.78 to 2.9 g/cm3 were assigned to all mineralized zones.
- Mineral resources were classified as Indicated and Inferred. Indicated resources are defined for blocks were estimated if the 7 holes closest to the block have an average distance < 20 m with pass 1 or 2, and there is reasonable geological and grade continuity. The inferred category is defined for blocks estimated if the 7 holes closest to the block have an average distance < 20 m and if the block was estimated with pass 3 or if the 7 holes closest to the block have an average distance < 40 m and if the block was estimated with pass1, pass 2 or pass 3. and there is reasonable geological and grade continuity.
- The MRE is locally pit constrained. The out-pit resources meet the RPEEE requirement by applying constraining volumes to all blocks (combined bulk and selective underground long-hole extraction scenario) using Deswik Mineable Shape Optimizer (DSO).
- The RPEEE requirement is satisfied by having cut-off grades based on reasonable parameters for surface and underground extraction scenarios, minimum widths, and constraining volumes. The estimate is presented for potential underground scenarios (realized in Deswik) over a minimum width of 2 m for blocks 20 m high by 20 m long at a cut-off grade of 2.3 g/t Au for the long-hole method. Cut-off grades reflect the currently defined geometry and dip of the mineralized envelopes. The potential open-pit component of the 2023 MRE is locally constrained by an optimized surface in GEOVIA Whittle™ using a rounded cut-off grade of 0.80 g/t Au. The surface cut-off grade was calculated using the following parameters: mining cost = CA$5.50/t; mining overburden cost = CA$4.50/t; processing & transport cost = CA$48.00/t; G&A cost = CA$10.00/t; selling costs = CA$5.00/t; gold price = US$1,850/oz; USD/CAD exchange rate = 1.30; overburden slope angle = 30°; bedrock slope angle = 50°; and mill recovery = 95%. The underground cut-off grade was calculated using the following parameters: mining cost = CA$110.00/t; processing & transport cost = CA$48.00/t; G&A cost = CA$10.00/t; selling costs = CA$5.00/t; gold price = US$1,850/oz; USD/CAD exchange rate = 1.30 and mill recovery = 95%.
- Cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.).
- The number of metric tons (tonnes) was rounded to the nearest thousand, following the recommendations in NI 43-101. The metal contents are presented in troy ounces (tonnes x grade / 31.10348) rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects.
- The QPs are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues or any other relevant issue not reported in the Technical Report that could materially affect the Mineral Resources Estimate.
Between 2021 and 2022, Monarch executed a drilling program at the Swanson Deposit, comprising 11,194 meters across 31 drill holes, completed in late August 2022. The primary goal was to expand the 2021 MRE by testing extensions to the east, west, and downplunge.
Swanson Deposit – Drill Program
- 27.79 g/t Au over 10.18 m
- 0.92 g/t Au over 225 m
- 18.18 g/t Au over 13.5 m
- 7.83 g/t Au over 8.82 m
- 11.07 g/t Au over 7.40 m
- 0.65 g/t Au over 193.4 m
Swanson Deposit – Drill Results (2021-2022)
True thickness is approximately 85% of the indicated length of the core, except for holes SW‐22‐024 and 025 where the true width is estimated to be between 60% and 70% of core length.
Swanson Deposit - Mineralization
Broad zones of mineralization below current pit shell
4.33 g/t Au / 20.3m
Incl: 11.8 g/t Au / 3.0m
SW-22-013
True thickness is approximately 85% of the indicated length of the core, except for holes SW‐22‐024 and 025 where the true width is estimated to be between 60% and 70% of core length.
Drilling Program Highlights
- The mineralized envelope currently extends 300 meters by 150 meters and has been tested down to a vertical depth of 430 meters.
- Mineralization remains open in all directions, indicating substantial potential for future resource growth.
- InnovExplo is actively incorporating the results from this drilling into an upcoming MRE update, which will further refine and expand the resource estimates.
Other Deposits within Swanson Project
Jolin (Au)
Historical estimate with Indicated Resource estimate of 190,000 tonnes at 6.6 g/t Au and Inferred Resource estimate of 250,000 tonnes at 8.2 g/t Au
(source: 1996, GM62629 – not compliant with CIM and NI 43-101)
A Qualified Person has not done sufficient work to classify these historical estimates as current mineral resources and the Company is not treating these historical estimates as current mineral resources. These historical estimates are considered relevant as they demonstrate the 3D continuity and mineralization potential of these two targets, however because these historical estimates were completed prior to the introduction of CIM definition standards for mineral resources and mineral reserves and NI 43-101 disclosure standards they are not considered reliable. There are no recent estimates for these targets and the Company intends to further explore and drill these targets to potentially define a mineral resource, which is contingent on the results of these exploration programs.
Bartec (Au)
Little recent documentation is available on the 1926 discovery of the Bartec deposit with a reported historical estimate of 113,400 t with a grade of 7.9 g/t Au
(source: 1996, GM62629 – not compliant with CIM and NI 43-101)
Two industrial mineral showings are located on the property, these include:
- Manville-Bolduc Asbestos Mine that produced 737,549 t at a grade of approximately 2% asbestos between 1974 and 1977.
- Carpentier Pyrophyllite deposit with a historical estimate of 907,000 t at a grade of 40% pyrophyllite
(source: Gestim- Mineral Showings – not compliant with CIM and NI 43-101)
A Qualified Person has not done sufficient work to classify these historical estimates as current mineral resources and the Company is not treating these historical estimates as current mineral resources. These historical estimates are considered relevant as they demonstrate the 3D continuity and mineralization potential of these two targets, however because these historical estimates were completed prior to the introduction of CIM definition standards for mineral resources and mineral reserves and NI 43-101 disclosure standards they are not considered reliable. There are no recent estimates for these targets and the Company intends to further explore and drill these targets to potentially define a mineral resource, which is contingent on the results of these exploration programs.
Swanson Gold Project - 2025 Drill Program
To date, seven (7) diamond drill holes totaling 1,764 metres have been completed at its Swanson Gold Project since drilling commenced in early July. Three (3) of these holes have been sampled, sawn, and sent to the assay laboratory for analysis, with final results expected in the coming weeks. Drilling is currently focused on the northern part of the Swanson Gold Project near the Swanson Gold Deposit, which hosts an Indicated and Inferred Mineral Resource Estimate. These regional exploration holes are testing geological, geophysical, and geochemical targets up to 3 km from the Swanson Gold Deposit and along strike of a major structural break. Visual core logging suggests that several of the completed holes intersected geological features similar to those hosting known mineralization at the Swanson Gold Deposit.
Key observations from core logging of the recent drill holes are summarized below:
- Pyrite and other sulphides are consistently observed in the drill holes,
classic pathfinder minerals for gold. - A 17.9-metre-wide sulphide-rich zone (true width currently
unknown) in drill hole SW-025-038 is a standout intersection that may
indicate the potential for gold mineralization; however, assay results
are still pending. - The presence of silicification, carbonate alteration, sericite, chlorite,
fuchsite, and quartz veining are classic indicators of hydrothermal fluid
movement, which often carries gold. The consistent appearance of
shearing, stockwork veining, and brecciation also suggests
structural controls that may localize gold mineralization. The
presence of alteration and sulphides over multiple holes and rock
types also increases the likelihood of defining a larger mineralized
system. - Fuchsite alteration in drill hole SW-025-036 is particularly notable as
it is also an important pathfinder and frequently associated with gold
mineralization in the Abitibi Greenstone Belt.
The fully funded and permitted drill program includes a minimum of 5,000 metres of
drilling targeting priority areas identified through extensive historical data compilation
and recent fieldwork, including the Swanson Gold Deposit, as well as
the Bartec, Jolin, and Marimac target zones. These high-potential zones were
selected following an extensive compilation of historical data and recently completed
detailed exploration work by LaFleur Minerals, including:
- High-resolution airborne magnetic and VLF-EM surveys
- Prospecting and soil geochemistry surveys
- Induced polarization (IP) survey program
Drilling, which already commenced at the Swanson Gold Deposit, will test key
structural, geological, geochemical and geophysical anomalies for additional gold
mineralization potential along strike.
Planned DDH for 2025
2025 IP Survey - Induced Polarization Survey - Contoured Metal Factor
