Highest Grade Zinc Development Resource in North America (2nd Globally)
The Pick Lake Critical Minerals Property consists of 75 claims and a mining lease covering over 5,260 hectares in Ontario, Canada. The property is accessible via a road connected to the Trans-Canada Highway to the south and is located within a Tier 1 mining jurisdiction.
Brownfields Project with NI43-101 Resource
Pick Lake hosts a historical mineral resource with strong zinc grades, supported by copper, gold, and silver credits: - Indicated: 1.78 Mt @ 19.2% Zn, 0.9% Cu - Inferred: 0.27 Mt @ 16.4% Zn, 1.0% Cu
Established Infrastructure & Access
The project is accessible via a road connected to the Trans-Canada Highway and benefits from established infrastructure, including access to electricity, skilled labour, and transportation networks. Railways and the Great Lakes Seaway are located nearby, with zinc smelters positioned along key transport routes.
Excellent Exploration Potential
The property covers over 5,260 hectares and includes a large land package with extensive underground development. The scale of the project, combined with established access and infrastructure, supports continued exploration and the potential for additional discoveries.
Resource & Highlights
Indicated resource (2020)
1.78 Mt @ 19.2% Zn
0.9% Cu · 36.1 g/t Ag
NPV₈ C$175.8M · 26% IRR
2021 feasibility study
Past-producing · 5,260 ha
Property
*The 2021 feasibility study evaluated the Pick Lake and adjacent Winston Lake deposits together as a single project. The Company has acquired only Pick Lake; the study does not represent a current development plan for Pick Lake on a standalone basis and is provided as historical context only.
History
High-grade zinc was first found in the area in 1879, and the Pick Lake deposit in 1983. The nearby Winston Lake Mine operated for 11 years, with Pick Lake supplying feed from 1995 until operations were suspended in 1998. The Company acquired 100% of Pick Lake for C$2.2M in April 2026.
Geology
A narrow-vein polymetallic deposit made up mainly of massive sphalerite and pyrrhotite. It has an average strike length of about 250m and has been tested to depths of 300 to 1,200m.
Exploration Upside
Drilling Results From Pick Lake Deposit Lower Zone
Mineral Resources Summary
Indicated 1.78 Mt @ 19.2% Zn, 0.9% Cu, 0.3 g/t Au and 36.1 g/t Ag; Inferred 270 kt @ 16.4% Zn, 1.0% Cu, 0.3 g/t Au and 38.0 g/t Ag NI43-101 2.2a**
**The Pick Lake Deposit Historical Mineral Resource estimates were prepared by independent resource consultant MASSA Geoservices. Mineral Resources were estimated and reported with an effective date of October 15, 2020, using 3% Zn as a lower cut-off, are summarized in the statement and table above.
Geology
The Pick Lake Property is located within the Winston Lake greenstone belt, part of the Archean Wawa-Abitibi Terrane of the Superior Province. The Winston Lake Sequence is comprised of predominantly felsic to intermediate volcanics, volcaniclastics, and sediments with minor mafic flows, all with a calc-alkalic affinity. The sequence reaches a maximum thickness of approximately 2 kilometres and extends approximately 6 kilometres along strike. A gabbroic intrusive marks the contact with the adjacent Big Duck Lake assemblage, which occupies the northern portion of the property and is known to host several gold occurrences.
Mineralization
The Pick Lake Deposit has an average strike length of approximately 250 metres and has been tested to depths ranging from 300 to 1,200 metres. Mineralization consists of massive fine to medium grained sphalerite and pyrrhotite, with minor chalcopyrite and pyrite.
