Mike Project

Large Property with Significant Potential for Copper, Gold, Silver & Molybdenum

Location: About 235 km's north of Vancouver, British Columbia.
Area: 11,127 ha (27,500 acres)
Ownership: Cresval Capital 100%
Minerals: Copper, gold, silver, molybdenum
Status: Exploration

Technical Reports

Overview

The MIKE Project (formerly the Bridge River Project or Copper claims), located five kilometers south of the HDI/Amarc IKE Project and copper-molybdenum-silver discovery, holds excellent potential for a bulk-mineable, copper±molybdenum±gold deposit.* The project area encompasses three copper porphyry showings, all hosted by the 12x5 km granitic Bridge River Pluton. Recent exploration by Cresval, along with historical exploration by Cominco, Noranda, Phelps Dodge and others, has located significant copper mineralization on the MIKE Project and reinforced the property's bulk-tonnage, porphyry potential.

The widespread copper mineralization within the Bridge River Pluton, the occurrence of mineralized and hydrothermally altered intrusive breccia bodies, the presence of potassic and phyllic alteration, the presence of silica-sulphide alteration and stockwork mineralization and the location within a known porphyry belt are all favourable for the discovery of a deposit of this type. A new exploration program is under consideration.

The deposit model for the property is the bulk-mineable, plutonic hosted, calcalkaline porphyry copper±molybdenum± gold model. Examples of such deposits include Highland Valley Copper and Gibralter in British Columbia, and Chuquicamata, La Escondida and Quebrada Blanca in Chile.

Past Exploration

Copper was first discovered on the claims in 1928. Subsequent exploration on the project, undertaken between 1929 and 1987, involved approximately 95m of underground development, 2010 metres of diamond drilling in 25 holes, hand trenching and chip sampling, and geophysical surveys--all focused on the three known showings. Project operators have included majors such as Cominco, Phelps Dodge and Noranda.

Nichol Showing - High Grade Copper

The Nichol showing, in the eastern project area, covers a 600X400m zone of high grade copper bearing quartz-sulphide and sulphide veins, pods, fracture fillings and disseminations hosted by phyllic to locally potassic altered granite. Previous work concentrated on the high grade veins and did not investigate the porphyry potential, resulting in incomplete sampling in previous trenches and drill holes.

Results include but are not restricted to 4.73% Cu, 32.8 g/t Ag, 0.16 g/t Au, 0.015% Mo over 1m from Vein 1 in Trench 5, 8.91% Cu, 33.1 g/t Ag, 0.043% Mo over 0.6m from Vein 2 in Trench 9 and 2.08% Cu over 4.5m from the mineralized wallrock in Trench 1. Only 412m of diamond drilling has been undertaken on the Nichol showing in 10 holes (all less than 90m in length) yielding significant results including 3.50% Cu, 1.00 oz/t Ag, 0.079% Mo over 8.5m in 79-S1. The vein type mineralization may represent silica-sulphide mineralization in the core of the porphyry system and deeper holes are necessary to explore the bulk tonnage potential.

The Nichol showing remains open to the north, south, west and to depth.

Russnor Showing - Economic Grades

The Russnor showing contains economic grades of mineralization. The Russnor adit contains an average of 1.38% Cu over the inner 30.5m, the portal zone, 1.19% Cu over 12.2m, the cliffs south of the portal, 0.57% Cu over 60m, the cliffs 60m northeast of the portal, 1.00% Cu over 16.2m and an open cut 25m north of the portal, 0.94% Cu over 12.8m, with minor values in gold, silver and molybdenum. A maximum of only 790 metres of diamond drilling in 11 holes, with a maximum depth of 163m, has been undertaken on the showing. Significant copper values were obtained from the drill programs, commonly with anomalous copper throughout the entire hole or the entire sampled interval of core, with 0.30% Cu over 36.6m from DDH 61-5, including 0.51% Cu over 15.2m, 0.30% Cu over 26.5m from DDH 69-1 and 0.074% Cu over 69.3m, including 0.09% Cu over 48.0m from DDH 61-3. Anomalous results were obtained from unsampled intervals of the core from the 1961 drill program.

The Russnor showing is open in all directions. An open-ended, untested soil anomaly with results up to 915 ppm Cu and 47 ppm Mo extends 600m north of the adit. Anomalous stream sediment samples were obtained 200m to 400m southwest of the adit, containing from 60 to 551 ppm Cu.

Proposed Exploration

Based on the widespread copper mineralization evident within the pluton, the basalt cover rocks and lack of exposure in critical locations, a priority for the next phase of exploration will be to focus exploration within the Bridge River Pluton by completing a 150 line km helicopter supported multi-parameter (radiometric, electromagnetic and high resolution magnetic) airborne geophysical survey over the pluton and surroundings. The survey is essential to the overall understanding and evaluation of the mineralizing system and will constitute Phase 1.