News today from HRCLeicester Cu-Au project optioned to Yale Resources.
This deal was signed in March, 2005, and allows Yale an opportunity to earn up to a 75-per-cent interest by financing all exploration costs to the completion of a bankable feasibility study. The first year commitment of $300,000 has been advanced to the company, and exploration activities have commenced.
To date the company has completed high-resolution magnetics, soil sampling (1,584 samples including duplicates), resampling old Falconbridge Ltd. trenches (180 samples covering a total of 323 m of trenching) and gradient array IP geophysics (90 line km), which have identified numerous targets, the most significant of which is a seven-kilometre-long IP anomaly located between a regional fault and a strong magnetic anomaly. Recent prospecting has discovered the Quest showing (see news release in Stockwatch dated Aug. 31, 2005), extending the strike length of intermittent copper mineralization along the Rehderstal fault to over 10 km.
Current activities include geological mapping, extensions to the soil sampling and gradient array IP grids, and infill pole-dipole IP geophysics over priority areas to better define drill targets. Drilling is anticipated to commence in late 2005.