|
The Company is pleased to report a final summary of the 2002 Exploration
Program on its Malachite prospect near Bathurst, New Brunswick.
Trenching on the Malachite Property has uncovered a previously
unknown felsic volcanic unit within the Greys Gulch Formation of
the Silurian aged Chaleur Group. These rhyolites show primary extrusive
textures such as varioles and flow banding and also shows evidence
of extensive hydrothermal alteration in the form of pervasive carbonatization
and sulphide mineralization.
A new mineralized zone (Main Zone) located approximate 200 metres
west of the old "Malachite Occurrence" (URN 1339) was
delineated during trenching. The Main Zone was exposed on line L5+00N
near 0+50 W and L4+00 N near the baseline and varies in width from
25-30 metres. The mineralization within this zone is typically 1-2%
disseminated chalcopyrite +/- pyrite with cobaltite. Malachite,
Co-oxide and manganese are common along fractures within the zone.
The Main Zone contains brecciated section with 3-5% chalcopyrite
as stringers and veinlets with abundant Co-oxide along fractures.
Best assays results from grab samples taken from the main Zone on
L 5+00N are sample # 57286 (0.1% Co, 0.6% Cu); sample # 57289 (172
ppm Co, 1.3% Cu) & sample # 57293 (341 ppm Co, 2.08% Cu).
The Main Zone is coincident with a property scale VLF conductor
that crosses the entire grid. Historical trenching near this VLF
anomaly at L 10+00N exposed mineralization and geology similar to
the Main Zone. A rock sample collected from the surface rubble pile
at this trench returned assay values of 152 ppm Co and 6,890 ppm
Cu. Because of this, the Main Zone is interpreted to trend between
L 4+00N and L 10+00N and have a strike length of at least 600 metres.
The Main Zone is untested over most of its length.
Recommendations for a Phase II programme includes further trenching
of the Main Zone along strike (grid north) and diamond drilling.
If Phase II returns encouraging results it is recommended that a
Phase III programme be initiated that includes more trenching and
diamond drilling along the Main Zone. Phase III includes an IP geophysical
survey to delineate areas of high sulphide mineralization along
the Main Zone and possibly elsewhere on the property and subsequent
diamond drilling of any IP anomalies.
GENERAL
Management is actively seeking financing and negotiating with various
parties in its efforts to raise sufficient funding required to meet
Tier II Maintenance requirements, before it can be brought back
to active trading status.
|