|The Mosher Lake
Belt comprises a segment of the Indin Lake - Russell Lake Greenstone Belt
which hosts many gold deposits including the Colomac mine (9.2
million tonnes at 1.8 g/t gold).
Damoti Lake, in the southern part of the belt, is one of the most active areas in the N.W.T. with significant new discoveries of gold in iron formation.
Quest International Resources tested the Horseshoe Zone, an iron formation - hosted gold deposit at Damoti Lake , 150 kilometers north of Yellowknife. It is believed that about 1 million tonnes of resources have been defined so far by drilling. Grades in the 10 g/t range over minable widths are reported over many sections of banded iron formation.
In the same area, Gitennes Exploration optioned the Fishhook Property to Pacer Dome. Also, the iron formations-hosted Firefly Zone yielded encouraging intersections, highlighted by 1.0 oz/ton gold over 26.2 feet.
The Slemon-Russell Lake segments were previously explored and numerous gold bearing iron formations were discovered by Noranda and Aber Resources.
The Bugow and SP deposits (gold in silicate Facies iron formation) are located near Russell Lake, about 26 kilometers northwest of Mosher lake. The Cabin Zone at Bugow Lake contains a resource of about 100,000 tonnes @ 10 g/t gold.
The area between Mosher lake and Damoti Lake is an active diamond exploration district, and is entirely staked by Monopros, Arcon, GMD and Fortune Minerals. GMD reports diamond indicator minerals with favourable chemistry from its ground.