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Osilinka Project

Exploration of the Osilinka/CAT copper-gold property, held by the Company for a number of years, has been reactivated in recent years and the property position expanded.

A small drill program totaling 1,447 metres in 8 diamond drill holes was completed in August 2005. The purpose of the program was to test northerly extensions of the Bet copper-gold zone on westerly slopes of Cat Mountain (five holes), the Hoffman zone, a large (150x600 metres) copper-gold soil geochemical anomaly some 100 metres east (two holes), and one hole on the North Zone, an Induced polarization anomaly 1,200 metres north on steep, forested slopes of Cat Mountain.

During September 2007, the Company entered into an agreement with Cadillac, wherein Cadillac will have the option to earn up to a 50% interest in the property by incurring cumulative exploration expenditures of $2,000,000 on or before December 31, 2011 and issuing an aggregate 250,000 of its common shares to the Company on or before December 31, 2010. In addition, Cadillac was required to complete a 2007 drill program (completed) and is committed to spending a minimum $100,000 prior to December 31, 2008. All other expenditures are optional; however, for the duration of the option period Cadillac's annual expenditures on the property will not be less than $200,000.

Location Map click to enlarge

Osilinka Property-Section A-A' looking North click to enlarge

In late Fall 2007, Cadillac commenced a drill program consisting of a total of 1,297 metres - cored in seven holes, DDH07-18 through 24. Each of these drill holes, set to test a northerly trending copper-gold anomaly, intersected significant mineralization (see news release of March 3, 2008).

DDH07-21 intersected 5.15 metres of semi-massive chalcopyrite, pyrite and magnetite which graded 5.7% Cu, 3.1 g/t Au, 4.6 g/t Ag and 500ppm cobalt, including 1.5 metres of 9.9% Cu, 5.8 g/t Au and 0.09% Co.

DDH07-18 and 07-24 intersected mineralization over widths ranging from 1.5 to 3.5 metres which returned values from 1.5% to 1.9% Cu. Gold, silver and cobalt mineralization ranging to 2.1 g/t, 16 g/t and 850ppm, respectively, does not appear to be directly correlated with the highest copper values.

A high-definition ground survey is planned by Cadillac during the early stages of the 2008 exploration season. The intent is to refine magnetic patterns identified by the airborne survey conducted by Lysander during 2007 and identify targets for a summer drill program.

Cu-Au Porphyry Deposits click to enlarge

Overview Map click to enlarge

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This page was created on Fri Sep 10, 2010 at 1:09:39 PM Pacific Time.