The Gull Lake Iron Prospect was first discovered by the historical Dominion Gulf Company, Limited in 1952. Extensive explorations for iron deposits had taken place within Temagami, Ontario, Canada at the time. Almost all explorations within this time period resulted in geological, and magnetometer surveys on parts of these mining claims, and a small section of the Eagle Rock Iron Mine, situated at 0.75 miles to the northwest. Results from these surveying procedures had uncovered what was known as the Northwest Anomalies. .
1956-57 - Property Acquired by Amax Mines, Limited, who contracted Mining Geophysics Co. Ltd, who establish a resistivitie survey, and had drilled three surfaces holes, totalling 1,388 feet. Core examinations from the drilling indicated no sulphide deposits at this time, but an iron formation was discovered on the two magnetic anomalies from drilling. The newly incorporated Gull Lake Iron Mines, Limited became formed under the corporation act.
1959-60 - Property still owned by the Gull Lake Iron Mines, Limited and Amax Mines, Limited.
More explorations would also take place when a magnetometer survey was being conducted. Diamond drilling within this time period had consisted of 8 surface holes, totalling 4,888.5 feet. Financial costs of these exploration programs were stated to have its own expense $24,800.
1975 - Property Still owned by Gull Lake Iron Mines, Limited and Amax Mines, Limited.
Exploration programs on the property were carried out on April, 1975, and had consisted of another Magnetometer survey on parts of Gull Lake. Surveying of this area soon resulted in two northeasterly trending anomalies on the mining claims, which are parrallel to each other by 2,000 feet apart, and dip towards each other. Further indications from this survey resulted in a 4,400 foot long anomaly zone to the northeast, and the south east anomaly is 3.600 feet long.
Drilling within this time period resulted in 4 surface holes, totalling 1,802 feet in length on the Northwest anomaly. Magnetic Iron formations were soon outlined which had been formed under a capping of sediments 50 to 125 feet thick. Much of the whole entire iron formation is considered to occur in two separate bands bands dipping south, and are seperated by narrow feldspar porphyry dike. Other explorations indications revealed that the southerly band is considered to be 100 feet wide, 1,000 feet long, and contains 26.6% acid suluble iron. A hole which was driven 1,000 feet northeast on the strike had also intersected to banded iron formations with low economical results. Predictions had stated that the iron formation appears to have been pinching in that direction to conduct more drilling.
An option agreement was considered to have been made on August, 1975, with M. Rash, and Co, Limited of Toronto. Optioning deals in titled the company to 240,000 shares, and $60,000 in net proceeds to be received by the company.
The geology of the are was considered to have mainly been made up of Archean Magnetite Quartz (Jaspar) Iron formation with hematite overlain by cobalt segments, and Nipissing Diabase. Drilling on the north band intersected 170 feet, and 100 feet wide iron formation in 2 holes, 50 to 100 feet below the surface. Drilling on the south banded intersected an iron formation that was 450 feet wide, and overlain by 350 feet of sediments. Other indications revealed that this iron formation was mixed in with a sulphide zone containing pyrrphotite, and chalcopyrite.