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Galaxy Capital Corp (GXY-TSX.V) is a publicly traded Canadian exploration company which is focused on exploring and developing graphite properties, especially in the Grenville geological province in eastern Canada. In addition, the company is exploring a highly prospective gold property in northeastern Saskatchewan, Brownell Lake.
The Sun Graphite property consists of 4,200 hectares, located approximately 145 km by road, north of Baie-Comeau, QC. The property is owned 100% by Galaxy Capital Corp. The claim block hosts multiple targets for large flake graphite, initially identified by Outokumpu Mines Inc. in 1998, looking for base metal mineralization.
The property is located within the Central Metasedimentary Belt of the Grenville Province of the Canadian Shield. This geological province is characterized by a high level of metamorphism, critical in the development of coarse flake graphite. This metamorphism is believed to have occurred approximately one billion years ago.
Within the property boundary, in excess of 25 km of conductive horizons were identified from the airborne survey. All of this may be considered prospective for graphite mineralization.
The Buckingham Graphite property comprises two former producing mines, located just east of Buckingham, QC. They are located in the highly prospective Central Metasedimentary Belt of the Grenville geological province, host to many active graphite projects. The host rocks for both deposits are graphitic crystalline marbles, similar to the host stratigraphy at Timcal’s Lac des Iles graphite mine, currently Canada’s only producing graphite mine. The two properties cover a total of 1,324 Ha on 22 mining claims.
Galaxy can earn a 100% undivided interest in the property in three stages by paying an aggregate sum of CDN$825,000 to the vendors, issuing 5,000,000 Common Shares to the vendors and spending an aggregate sum of CDN$1,250,000 on expenditures over a three year period. The property is located approximately 100 km ESE of La Ronge, SK.
An NI43-101 Technical Report was prepared for 101053292 SASK Ltd in October 2009 (see link to the report). The report concluded that the Brownell Lake project is at an early exploration stage and additional ground geophysics, ground prospecting, geological mapping and geochemical sampling are warranted. In 2007 and 2008 a total of 5 holes totaling 894.5 m were drilled on the property. The drilling results include mineralized zones correlating between drill holes, assay values up to 13 g/t Au over 0.65 m (DDH BL-4), composite continuous assay values of up to 1.52 g/t Au over 11.6 m (DDH BL-4), and discontinuous composite assay values of 0.56 g/t over 17.3 m (DDH BL-2).