nustar updateThe Miner Mountain Project:
This 860 acre copper (gold-palladium) property situated just north of Princeton, BC, has undergone considerable exploration work since the 1950's. The project was filed on November, 2002 as an earn-in joint venture with Nustar that would qualify as a major transaction. After considerable discussions and frustrations and some minor changes it was accepted by the TSX as a qualifying project. The current, independent geological appraisal performed by Ronald J. Nethery, P.Eng. recognizes the large, low grade, copper (gold-palladium) porphyry zone that occurs in the central area of the property. To the west and east of this central mineralized zone occur two induced polarization (IP) chargeability zones. He also suggests the possibility of a mineralized occurrence in the large, untested area on the eastside of the property, hence a recommendation for additional IP lines and diamond core drilling. This project from the jv partner's viewpoint requires the expenditure of $200,000, that when completed will earn it 50% of the property and possibly a viable, continuing joint venture of economic importance.
Christmas Lake Gold Project:
Summary:
The Christmas Lake property has been advanced from grassroots exploration to the drilling stage. This was achieved through a series of exploration programs that include geological mapping, soil and rock geochemistry, VLF-EM, magnetometer, induced polarization (IP) surveys and excavator trenching.
Drill targets have been identified on the South Grid area of the Christmas South mineral claim. In particular, a large, coincident geochemical soil/rock and IP anomaly (+45 ms) bracketing an area that has returned many anomalous gold assays. These values are seen to range up to 5,910 ppb, (0.18 oz/ton) or 5.9 gms/ton of gold.
Location and Access:
The Christmas Lake property is comprised of the Christmas South and Lisa mineral claims that are located 33 miles northeast of the Town of 100 Mile House, BC in the Clinton Mining Division.
The claim area is accessible by a good, all weather gravel road from Eagle Creek, BC. A number of solid based, logging roads traverse the property.
Property:
The Christmas Lake property consists of two located, lode, mineral claims, Christmas South and Lisa that are comprised of 20 and 9 units respectively, with a total area of 1,790 acres.
Geology and the Model:
The property is underlain by a succession of interbedded flows and volcanic derived sediments and tuffs with a regional trend of southwest, dipping moderately to the northwest. These units are seen in places to be in contact with and/or underlain by fine to medium grained intrusive rocks.
The mineralization and alteration within the large anomalous area is as pyrite, pyrrhotite, chalcopyrite, galena, sphalerite and minor arsenopyrite. The gold appears to be accompanied by iron and manganese that on the surface form "crackle" fracture-welded zones of pyrite and hematite.
Conclusions and Recommendations:
A large 2,400' by 500' area that has revealed a number of gold-bearing rock exposures has been outlined on the Christmas South claim.
A minimum of 6 x 500' holes should be drilled into this coincidently anomalous high chargeability IP and gold soil and rock geochemistry zone.
An earn-in joint venture situation similar to that negotiated for the Miner Mountain Project, i.e. $200,000 work commitment to earn 50% is presently being negotiated by the Company.
The other proposal concerns the acquisition of a molybdenite property in the Endako Mines area in central BC that currently has a drill indicated reserve of 135,000,000 tons of 0.08% MoS2. Negotiations are continuing in a positive direction and an announcement is expected real soon.
The Company expects real interest and action to increase considerably in it's shares.
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