Isintok, British Columbia
Copper, Molybdenum, Gold Silver
The Isintok property consists of 3,007 ha (7,432 acres), located approximately 25 km west of the Okanagan Valley and the community of Summerland. It is also approximately 20 km north of the Nickel Plate Mine at Hedley and 40 km south of the former Brenda Mine at Peachland.
Based upon results of the 2005 Fugro Airborne Surveys (“Fugro”) geophysical survey of the Isintok property, additional surrounding claims, comprised of 9 tenures totalling 1,237 ha, were acquired from a prospector in the spring. The claims are believed to provide sufficient additional surface area in which to evaluate the numerous airborne geophysical anomalies identified from the Fugro survey.
As part of the 2006 exploration program, the additional tenures acquired were flown by Fugro. The resulting 2006 airborne data are consistent with the 2005 data, in that anomalies previously identified along the margins were confirmed by the 2006 survey, either extending their length and/or providing closure to anomalies at the margins of the 2005 survey. As a result, the Company now has complete airborne geophysical coverage of the entire Isintok property, with numerous anomalies identified for further evaluation. In particular, a prominent resistivity linear, trending northeast-southwest, extends throughout the centre of the property. It has been tested by a single drill hole (ISIN-05-01) which documented low grade copper mineralization in a vertical hole.
In addition, a total of 16 diamond drill holes were completed in two phases during the 2006 field program, holes 1 through 10 during the summer and 11 through 16 in the fall. The holes were intended to continue the Company’s evaluation of sub-surface mineralization in an area identified by previous drill programs in 1982 and 1996-1997.
Holes 15 and 16 were collared approximately 50 m south and north, respectively, of percussion hole PD-11, which documented 42.7 m of 0.28% copper and 315 ppm molybdenum. PD-11 is tentatively interpreted to have been drilled down, and within, a mineralized vein system and, therefore, to have been mineralized along virtually the entire length of the hole. Holes 15 and 16 were intended to document the same mineralized system passing, however, from the west side to the east and thereby allowing a determination of its thickness and orientation.
Hole 14 was drilled in an attempt to define one or more mineralized systems identified in, and farther to the north of, previous drilling. The hole did, indeed, intersect three visually identified, separate and distinct mineralized intervals, associated with stronger alteration.
Given the occurrence of multiple short intervals of semi-massive to massive chalcopyrite in holes 15 and 16, together with three intervals of mineralization in Hole 14, management believes the results of these three holes to be material. The strength of the mineralization is visually better than that noted (or described) in any previous hole completed by the Company and may be comparable only to previously drilled hole PD-11. In addition, the greater extent of alteration associated with mineralization is tentatively interpreted to indicate a location relatively closer to an, as yet unidentified, mineralized source.
Coincident with drilling, the Company completed soil sampling and an IP survey. The results of soil sampling are very encouraging. In particular, the Company’s Grid B returned a high proportion of anomalous results for elements of interest, including copper (Cu), molybdenum (Mo), silver (Ag), tungsten (W) and gold (Au). Virtually the entirety of Grid B (consisting of 15 separate lines between 1.0 and 1.3 km in length, oriented east-west, totalling approximately 16.5 line kilometres) returned anomalous values for these metals, with a relatively high grade core oriented north-south. This core is a minimum of 1.3 km north-south by 400 m east-west and remains open to the south.
Management believes these soil results are very encouraging as they are supported by sub-surface mineralization as documented by drill results, from previous programs as well as those completed by the Company. Furthermore, preliminary interpretation of drill results appears to support a generally north-south trend to the mineralization, as documented by the soils. Finally, drilling to date has utilized the existing road network, with all holes drilled on, or west of, a north-south access road to the drill area. The high grade soil anomaly is located east of the road to the south and crosses the road at a shallow oblique angle to the north, passing across the road to the west side. As a result, the mineralized intercepts documented to date may represent lower grade mineralization on the west side of the mineralized zone, as defined by soil results.
A relatively small IP survey was also completed on Grid B, utilizing the existing soil lines and totalling 16.5 line km. The results of the IP survey independently delineated a prominent anomaly spatially coincident with the surface soil anomaly and sub-surface mineralization. The combination of surface soil, surface IP and sub-surface diamond drill hole data is interpreted to support the presence of a mineralized system in the near sub-surface and that drilling to date may have collared above the anomaly, tested the near surface mineralization and subsequently drilled away from the system.
A total of 54 drill holes have been completed by the Company on the property to date, with 38 of those holes completed as part of the Company’s highly successful 2008 exploration program. Full or partial results have now been released from 27 of these holes. The objective of the 2008 drill program was to evaluate Cu-Mo porphyry style mineralization corresponding with coincident surface soil and Induced Potential (geophysical) anomalies.
The holes from which the current results (below) were obtained were drilled from three pads located on the western flank of the coincident anomaly, drilled east at variable azimuths and inclinations. As such, the holes are interpreted to be moderately to highly oblique to mineralization controlledby steeply, generally west dipping structures.
Management wishes to emphasize that although the project is currently being evaluated as a Cu - Mo porphyry deposit, numerous very high grade molybdenum intercepts have been documented, with single sample intervals to 4.985% Mo (8.315% MoS2) over 0.32 m and composite intervals grading 0.055% Mo (0.092% MoS2) over 44.58 m. Local high grade values for silver (40.30 g/t over 1.18 m), Au (2.591 g/t over 1.18 m) and tungsten (0.25% over 1.12 m) have also been documented.
In particular, determination of a copper equivalency value (“Cu. EQ.”) indicates that consistent silver values throughout many of the individual holes reported to date which contribute significantly to the overall Cu. EQ. grade for these holes. In management’s opinion, the contribution of copper +/- molybdenum +/- silver and, to a lesser degree, gold values over significant thicknesses has resulted in preliminary Cu. EQ. grades of interest over potential bulk tonnage intervals. Preliminary copper equivalency (Cu. EQ.) results for Holes 48, 50 and 51 are presented below:
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1 - The equation used to calculate the copper equivalent is as follows:
Cu. EQ (%) = ((Cu(%)*20* $Cu) + ((Mo%*20*1.5*$MoO3)) + ((Ag*($Ag/34.2857)) + (Au*($Au/34.2857))) ÷ (20*$Cu)where $Cu = $2.20/lb, $MoO3 = $12.00/lb, Ag = $12.00/oz and Au = $900.00/oz.
Management wishes to emphasize that:
1. All holes drilled to date document near surface mineralization, immediately below a thin cover of overburden (up to 4 m thick) to depths up to 395.6 m down-hole or approximately 280 m vertically below surface;
2. There are abundant sampled intervals containing high grade copper +/- molybdenum +/- silver +/- gold +/- tungsten in the majority of the holes completed to date, with hundreds of analytical results exceeding 0.2% copper and/or 0.03% molybdenum;
3. Highly anomalous gold, silver and/or tungsten values have been documented over hundreds of intervals, from multiple holes and are considered worthy of further evaluation, particularly with respect to silver and, to a lesser degree, tungsten;
4. Many holes drilled to date document intervals having a Cu. EQ. value in excess of 0.16%, which is the minimum cut-off the Company is tentatively using to define a potential mineralized volume of interest, and
5. The mineralized volume defined to date is open to the north and south, as well as down-dip to the west.
Management is very encouraged by continued high grade (Cu +/- Mo) analytical results from the majority of drill holes completed in 2008 to test the coincident IP - soil anomaly. Furthermore, Management is unreservedly encouraged by continued analytical results returned from the 2008 field program, confirming high grade, copper +/- molybdenum +/- silver +/- gold +/- tungsten mineralization spatially coincident with, and underlying, surface soil and IP survey results. The 2008 drill program has been completed and further analytical results will be reported as received.
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