|McFarlane/Lydy, British Columbia
The property is located immediately east of Kootenay Lake and immediately west of, and contiguous with, the Lydy property. The property comprises 3,058 ha (7,556 acres) located immediately adjacent to, and partially overlapping, the Crawford Bay Stock, a Cretaceous age granitic intrusive.
The property has had previous work completed, which resulted in identification of surface soil anomalies for molybdenum, copper, lead, zinc and limited tungsten, between McFarlane and Birkbeek creeks. Subsequent diamond drilling in 1981 returned anomalous molybdenum values grading up to 8,000 ppm over 1.22 m.
Previous soil and diamond drill programs have documented anomalous molybdenum plus tungsten in the area currently covered by the property. Furthermore, the property’s western boundary is located approximately 1 km west-southwest of the area of active drilling on the Sphinx property, for which an Inferred Resource of 62,005,615 tonnes grading 0.035% Molybdenum, using a cut-off grade of 0.01% Molybdenum, was recently announced. The resource is associated with an interpreted Cretaceous age intrusive body, with mineralization occurring as “disseminations and within quartz-pyrite stockwork veins hosted by both sedimentary and intrusive rocks”.
Jasper's initial initial exploratory program in 2006 consisted of a total of 7 drill holes from 3 drill pads, resulting in recovery of 1,821 metres of drill core, intended to follow-up anomalous surface soil results. The subsequent Phase I program in 2007 comprised 5 drill holes from 5 pads, totaling 1,210 metres of drill core, intended to evaluate more aggressive anomalies proposed by Aeroquest from their airborne geophysical survey flown in 2006. The subsequent Phase II drill program of 81 drill holes was initiated to test a mineralized vein system identified between two adits documented on the property (see News Release dated January 21, 2008). Phase II drilling commenced in the fall of 2007, with an initial 21 drill holes completed by mid-December.
Since re-mobilizing to the property on Feb. 12, 2008 to continue the Phase II program, a total of 60 additional drill holes have been completed along the existing road network between the two adits, resulting in recovery of approximately 14,580 metres of drill core. Therefore, approximately 17,600 m of drill core has been recovered by the Company from the McFarlane property to date. Drill holes vary between 100 and 370 m in length and have been drilled to further develop and evaluate a molybdenite-bearing vein system which contains very encouraging grades of mineralization as documented in hundreds of mineralized intercepts documented to date.
Management is very encouraged by the results of the Phase II program to date, particularly with documented molybdenite grades to 3.235 % Mo (5.396% MoS2) over 0.26 m, and multiple composite widths exceeding 0.100% (0.167% MoS2) up to 2.83 m (Note: not true width).
Anomalous molybdenite mineralization exceeding 100 ppm has been documented in hundreds of intercepts and from virtually every hole completed to date. Molybdenite mineralization varies from coatings several mm thick along vein contacts through fine- to very coarse-grained disseminations within quartz veins up to 1.6 m thick. Visually pure molybdenite veins up to 2 cm thick have also been documented (including a vein sub-parallel to core that returned 0.889% over 7.3 m - News Release dated July 12, 2007). The vein system generally trends east-west with dip varying between steeply north and steeply south dipping. Quartz monzonite is the predominant host lithology, with overlying metasediments (metamorphosed sediments) hosting a subordinate proportion of molybdenite-bearing veins. Mineralized veins typically consist of quartz +/- pyrite +/- sericite +/- alkali feldspar.
While no resource estimate has been made, the Company believes it is in the process of delineating a high grade vein-hosted molydenite deposit. The Phase II program has been, and continues to be, undertaken to identify the limits of the mineralized vein system and develop continuity between veins within the vein system, both along trend (strike) and to depth (down-dip). To this end, the extent of the mineralized vein system documented to date is approximately 920 m northeast - southwest by 400 m wide (northwest - southeast), with the two adits separated by 480 m within the mineralized trend. The mineralized trend has high grade molybdenum at surface in the 2 adits and extends to a depth of at least 175 m vertical and remains open at depth. The western end of the trend is defined by the Ben Derby adit, in which high grade molybdenite mineralization has been described (and sampled - see News Release dated October 22, 2007). The eastern end of the trend is defined by mineralization noted in Holes 75 - 77, recently completed from a single pad, having the same azimuth, with inclinations of -45 degrees, -55 degrees and -65 degrees, respectively. Therefore, the high grade mineralized molybdenum trend remains open along the vein system in both directions and at depth.
Mineralized quartz veins have been documented as sub-surface intercepts in drill holes, surface veins (chip sampled) and as veins exposed within both adits (grab samples - see News Release dated October 22, 2007). Mineralization noted within both adits consists of relatively large masses of high grade molybdenite mineralization intimately associated with pyrite and sericite, separated by visually barren quartz veins (with pyrite +/- sericite). Therefore, management believes many of the visually barren to low grade intercepts described in the core, having all the characteristics of high grade molybdenite-bearing veins (quartz +/- pyrite +/- sericite +/- alkali feldspar) may represent locations adjacent to higher grade mineralization in a manner analogous to the “nugget effect” associated with gold mineralization. More specifically, veins recovered in drill core having all the visual characteristics of a high grade molybdenite-bearing vein, yet appearing barren or containing only low grade mineralization, may represent a mineralized vein similar to those exposed within the adits (as described above), in which the drill has passed between mineralization present within the vein.
In addition, an Induced Potential (IP) geophysical survey was completed as part of Phase II on the property by S.J. Geophysics of Delta, BC, earlier this year (see News Release dated January 21, 2008). The survey grid consisted of 11 tightly spaced survey lines approximately 560 metres in length, having a line spacing of 50 metres. The lines were oriented at an azimuth of approximately 330 degrees and, therefore, oriented approximately perpendicular to the interpreted trend of the molybdenite mineral vein system. The total surveyed grid comprised 5.76 km and was completed to evaluate the response of: a) high grade molybdenite-bearing quartz veins, b) the host quartz +/- veins and/or c) the sericite +/- alkali feldspar (potassic alteration) accompanying the mineralized veins. The results of the IP survey have been received and reviewed by the Company, with several Resistivity and Chargeability anomalies identified and subsequently drill tested.
In 2007, additional mineral tenures were acquired so as to control sufficient area with which to evaluate the mineral potential believed to exist on the McFarlane property, resulting in a contiguous property with an area of 3,058 ha (7,556 acres). The resulting property covers two adits reported on the property (Ben Derby MINFILE occurrence 082FNE125), as well as the area underlying previous exploration programs for molybdenum. Furthermore, the resulting property is now contiguous with the adjacent Lydy property. Together, the McFarlane and Lydy properties comprise a composite property encompassing an area 11 km east-west by 4 km north-south, totaling 4,259 ha (10,524 acres). Both the Lydy and McFarlane properties are 100% owned by the Company with potential for molybdenum plus copper plus/minus gold mineralization. In an interesting recent development, all available ground around the McFarlane - Lydy property has been covered by Mineral Tenures by competitors, extending for a considerable distance in all directions.
A total of 189 soil samples were recovered along both roads and contours and continue to document anomalous values for molybdenum (less than 393 ppm), copper (less than 120 ppm), lead (less than 141 ppm), zinc (less than 914 ppm), silver (less than 2.3 ppm), gold (less than 18 ppb) and tungsten (less than 50 ppm). Many of the results, although of low grade and abundant, are interpreted to suggest the possibility of a mineralized halo.
In addition, an Aeroquest International (“Aeroquest”) airborne geophysical survey was completed on the property, together with the nearby Lydy property. The resulting data document a strong magnetic signature, interpreted to represent the Crawford Stock, extending from Kootenay Lake into the western portion of the claims, consistent with interpretations from previous limited mapping in which intrusive lithologies were identified at surface on the property. Prominent magnetic and EM anomalies are evident, oriented north-south, sub-parallel to the previously mapped geology. There is a strong association between magnetic and corresponding EM anomalies, although generally not coincident, which is interpreted to reflect anomalies within individual stratigraphic formations underlying the property. At this time, it remains uncertain whether these anomalies are inherent to the strata or if they reflect anomalies associated with alteration and/or mineralization due to proximity to Cretaceous intrusive bodies correlated to the Bayonne Magmatic Belt.
Review of the drill hole data with regard to the airborne geophysical results suggests the holes were collared along the eastern fringe of the Crawford Stock. There appears to be a strong eastward trending magnetic response which terminates in the vicinity of the Ben Derby (MINFILE 082FNE125) molybdenite occurrence. The seven holes comprising the 2006 drill program were drilled along the eastern and southeastern fringe of an apparent donut-shaped magnetic low along the eastern margin of the Crawford Stock. Finally, the best drill results from the 2006 program were documented along the western edge of a moderate magnetic band which may represent the mineralized fringe of the Crawford Stock. This general area constitutes an area of interest for further review and evaluation, particularly with regard to the 2006 soil sampling program, for which results are expected in the near future.
As a result of the surface soil and sub-surface drill hole data, a small claim in the heart of the property was acquired from two prospectors in the fall. In addition, an additional mineral tenure was acquired to cover a number of interesting geophysical anomalies identified on the western edge of the property.
The remainder of the property is characterized by curvilinear, broadly coincident magnetic and EM anomalies, many with apparent hook-shaped terminations. In detail, the magnetic and EM anomalies are slightly displaced, and may even be slightly oblique, to one another. This may reflect changes in the respective responses with depth and/or the effects of alteration, and perhaps mineralization, due to fluids sourced from the intrusion. The hook-shaped terminations are interpreted to represent fold closures in which the eastern limb has been truncated due to faulting. Juxtaposition due to faulting has been documented within the upper Purcell Group along the east shore of Kootenay Lake, so this speculative interpretation is consistent with previous regional mapping, but has not been confirmed on the property. If correct, such fold closures may represent favourable locations for mineralization.
The Lydy property comprises a total of 1,205.5 ha (2,969 acres) located approximately 10 km east of Kootenay Lake and 68 km west of Cranbrook on the relatively well maintained Grey Creek Pass Forest Service road.
The property (and the McFarlane property - see below) is located east of a prominent aeromagnetic anomaly associated with the Crawford Stock, a biotite granite intrusion of Cretaceous age correlated to the Bayonne Magmatic Belt. Many of the Cretaceous intrusions of the Bayonne Magmatic Belt have strong aeromagnetic signatures and are associated with anomalous molybdenum mineralization. Furthermore, the property is located immediately south of, and contiguous with, Eagle Plains Resources Ltd’s Sphinx property, for which an Inferred Resource of 62,005,615 tonnes grading 0.035% Molybdenum, using a cut-off grade of 0.01% Molybdenum, was recently announced. The resource is associated with an interpreted Cretaceous age intrusive body, with mineralization occurring as “disseminations and within quartz-pyrite stockwork veins hosted by both sedimentary and intrusive rocks”.
A limited 2005 program included soil sampling (125 samples) and NQ diamond drilling (6 holes totaling 1,165.8 metres). Samples were taken along the existing road network and confirmed the anomalous tungsten values previously reported by Cominco Ltd. In addition, anomalous bismuth and copper values were identified.
The short diamond drill program identified no molybdenum mineralization or felsic intrusive lithologies in any of the holes, however, the presence of pyrrhotite, idioblastic biotite porphyroblasts and variable chloritic alteration is interpreted as indicative of a location within a thermal aureole in relative proximity to a felsic intrusive, probably a quartz monzonite correlative to the Cretaceous Bayonne Magmatic Belt. In addition, a carbonate breccia unit with a porphyritic diorite and possible bedded massive sulphide breccia fragments were intersected in LYDY 05-01 and are interpreted as a possible olistostrome, derived from a high standing block of Mount Nelson Formation, Toby Formation and/or lower Horsethief Creek Group strata.
The 2006 program consisted of an Aeroquest International airborne geophysical survey completed on the property, comprised of electromagnetic and magnetic data. The data documents prominent magnetic and EM anomalies, generally elongate to linear, within the north-trending mapped geology. Eagle Plains has reported their Inferred Resource to be associated with a quartz monzonite having a very small surface exposure approximately 1,300 m north of the Lydy property. The sub-surface projection of the mineralized quartz monzonite and surface geochemistry, as documented on Eagle Plains web-site, extends south-southwest along the west side of Baker Creek toward the Lydy property.
A prominent and very strong magnetic anomaly is evident on the Aeroquest data, extending essentially north-south and may have a sharp, possibly faulted, eastern termination. Underlying the majority of the property is a broad magnetic low, sub-parallel to the geology as previously mapped. However, a spatially coincident EM high is oriented slightly oblique to the magnetic anomaly and has a subtle anomaly trending south-southwest which may represent a response to the mineralized Cretaceous intrusive. According to the Eagle Plains interpretation, the quartz monzonite may have been intruded along a fault oriented north-south, therefore, the prominent north-south oriented magnetic anomaly is interpreted to represent the airborne expression of a nearly blind (largely unexposed) Cretaceous intrusive quartz monzonite. As such, the ridge along the west side of the Lydy property, immediately south of, and contiguous with, the ridge line being actively drilled by Eagle Plains may host the mineralized intrusive. Such an interpretation is consistent with results from the 2005 drill program in which proximity to a causative heat source was interpreted based on drill core. A drill program to evaluate the mutual Lydy / McFarlane property boundary is expected to document the presence of a Cretaceous intrusive body. As such, the results of the Aeroquest survey are considered very interesting and indicates further drilling on the property is warranted.
Jasper Mining Corporation, trading symbol: JSP
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