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| | Highland Valley Property Highland Valley Properties The Rateria and West Valley properties are comprised of 65 mineral claims totaling approximately 14,450 hectares (144.5 square kilometres) that adjoin Teck Resources' Highland Valley Copper mine property located near Logan Lake and Merritt, British Columbia, Canada. Highland Valley Copper (HVC) is Canada's largest copper producer, currently mining an average grade of approximately 0.25% copper from three different pits (Valley, Lornex and Highmont). Rateria Happy Creek's 100 % owned Rateria property covers important geology having similarities to the deposits currently in production to the north. The property is largely covered by 3 to 20 metres of glacial till that affected historical exploration. The Company has carried out modern, three dimensional induced polarization (3D IP), magnetic geophysical, geochemical and geological surveys and drilling that has located two new zones containing potentially economic grades of copper. Zone 1 and 2 are thought to hold resource potential and several other compelling targets have been developed from on-going surface exploration. Low concentration of pyrite and deleterious elements, predominant bornite-chalcocite mineralogy, and accessory molybdenum, gold, silver and rhenium are positive qualities. This mineralology has potential to create relatively high grade and quality concentrate for copper refineries. Proximity to existing mining infrastructure is also a potential benefit for several economic parameters either for a stand-alone operation or in conjunction with existing mining activity nearby. Zone 1 was first discovered by the Company in 2006 and is located approximately 6.5 kilometres south-southeast of Teck's Highmont mine. The Company has outlined copper mineralization from surface to over 250 metres in depth and within an area approximately 800 metres by 150 metres in dimension. Results include 120.0 metres of 0.38% copper, 100.0 metres of 0.29% copper, 117.5 metres of 0.30% copper and 145.0 metres of 0.25% copper. Higher grade intervals include 37.0 metres of 0.58% copper, 2.72 g/t silver, 45.0 metres of 0.48% copper, 3.5 g/t silver and 11.3 metres of 1.45% copper, 8.0 g/t silver. Zone 1 remains open in extent in several directions. Zone 2 was discovered in 2008. It is located approximately six kilometres east-southeast of Teck's Highmont mine and two kilometres northeast of Zone 1. Widely spaced drilling in Zone 2 has intersected encouraging copper, molybdenum, silver, gold and locally significant rhenium values. Highlights of drilling include 177.0 metres of 0.37% copper including 126.0 metres grading 0.46% copper, 0.008% molybdenum, 0.10g/t gold and 1.71 g/t silver. In January 2010, the Company first announced that significant rhenium values occur in Zone 2 drill core. An interval in R09-6 returned 38.2 metres of 0.11% copper, 0.029% molybdenum, 1.16 g/t silver and 2.14 g/t rhenium or approximately 38.2 metres of 0.41% copper equivalent*. R08-1 intersected 113.0 metres of 0.33% copper including 6.4 metres of 1.65% copper, 0.017% molybdenum, 9.38 g/t silver and 5.20 g/t rhenium. Values of up to 1.5 metres grading 0.27% copper, 0.239% molybdenum and 19.37 g/t rhenium occur. (*Equivalent grades assume 100% recovery and payable metal prices of $3.50/lb copper, $16.0/lb molybdenum oxide, $5,000/kg rhenium and $28.0/oz silver and prices in U.S. $). Approximately 600 metres to the east and northeast of these first intercepts, R10-7 and R10-9 returned 40.0 metres of 0.32% copper and 7.1 metres of 1.01% copper and 4.20 g/t silver, respectively. These holes have significantly expanded the known mineralized area. Positive and potentially economic grade copper values have been intersected in drill core in an area approximately 1.5 kilometres by 1.0 kilometre in dimension that remains undefined and open in extent. Zone 2 is part of a geological corridor that is over five kilometres in length through the Rateria property with several other prospects occurring on this trend. With experience gained in the discovery of Zone 1 and 2, the Company has performed on-going surface exploration and identified several other priority target areas on the property. The High Resistivity, South Yubet, Moss 4, Copper Creek and Sho targets have positive geological, geophysical and geochemical results that are thought to indicate the presence of additional copper zones. Future drilling is planned to continue the definition of Zone 1 and 2 with a view to generating a resource, and test a number of these high priority new targets. West Valley In October 2008, the Company acquired a 100% interest in 49 mineral claims located approximately four kilometres west of the Rateria property, that adjoin the west side of the HVC mine property. Historically fragmented, cursory style work, older technology, and large areas covered by glacial till have limited previous exploration effectiveness. The Company has performed preliminary reconnaissance geochemical, geology and prospecting that have identified potential for copper deposits in several different areas. The first stream sediment sampling program identified multiple drainage areas containing up to 497 ppm copper and 21 ppm molybdenum. At the NTP prospect located at the northern end of the property, new outcrops containing positive copper and gold values were exposed by recent logging activity. Two grab samples approximately 65 metres apart returned 1.7 percent copper, 0.37 g/t gold and 1.4 percent copper, 0.27 g/t gold. An induced polarization (IP) and magnetic geophysical survey identified a considerable positive anomaly that was tested by three reconnaissance drill holes in 2010. All holes were directed at a portion of the large geophysical anomaly where the highest IP readings occur to the east of the mineralized outcrops. Drilling cut long intervals of low grade copper values within moderate propylitic and locally sericite alteration, pyrite and several felsic dikes of the younger phases of the batholith. Up to 1.2 g/t gold over 2.5 metres occur at the top of one hole that confirms positive gold values occur. The geology, alteration and mineralization are consistent with the periphery of a potential porphyry system, and additional drilling is planned. To the south of the NTP area, prospecting, geological mapping and rock sampling at the Fir prospect have returned values of 0.32% to 1.2% copper and an old trench returned 0.70% copper over 10 metres in a representative grab sample. Approximately one kilometre northeast of the Fir, at the Jay 2 historical inclined shaft, a dump sample assayed 2.82% copper, 10.4 g/t silver and 0.12 g/t gold. An historical shallow drill hole near the shaft returned two mineralized zones adjacent to dykes. The only two samples taken from the hole returned about 1.0 metre each of 1.87% copper and 1.29% copper, respectively. Two kilometres northeast of the Fir, at the LL prospect, an old trench returned 0.40% copper over 6 metres in chip sampling adjacent a porphyry dyke. The West Valley property contains a number of widely spaced historical prospects with positive copper grades in proximity to dykes of the younger phases of the Guichon Batholith. Positive values of copper in drill core, rock and stream sediment samples, geology, structure and broad alteration zones suggest that the West Valley property is underlain by conditions favorable to host large scale porphyry copper deposits. Geology The Rateria and West Valley properties are underlain by multiple phases of the Guichon Batholith that is Upper Triassic-Lower Jurassic in age. The younger phases of the Guichon Batholith host five large deposits totaling over 1.8 billion tonnes of resources. The oldest rocks are Border phase that are comprised of hornblende rich diorite, gabbro or pyroxenite and occur peripherally to younger phases of the Batholith. The Rateria property covers portions of the younger phases of the Batholith that includes from youngest to oldest, Bethsaida, Skeena, Bethlehem and Chataway-Guichon phases, respectively. These rocks vary from quartz monzonite to quartz diorite and granodiorite in composition. Syn to post-Bethsaida age dykes consist of fine to medium grained grey to pale green colored quartz feldspar phyric or porphyry and orange-tan colored fine grained k-feldspar rich aplite. Locally aplite appears with a micro feldspar porphyritic texture and can contain strong copper mineralization. Proximity with geological contacts of the younger intrusive phases and dykes are associated with hydrothermal alteration and copper mineralization. Regional to district scale fault zones cut the batholith in north, northwest and northeast to east-west orientations that also, in part, control emplacement of the various intrusive rocks, associated hydrothermal alteration and copper sulphides. Pre-mineral, syn-mineral and post-mineral faults occur. Displacement of mineralized zones by faults may be significant in the district and at the south end of Zone 1 an east-west oriented fault is thought to have displaced the zone. Faults may be strike-slip, normal or reverse in sense. Rock alteration varies from potassic (biotite, k-feldspar, quartz), propylitic (chlorite, epidote, carbonate), phyllic (quartz, sericite, muscovite) and argillic (kaolinite, montmorillonite, dickite and other clay). Phyllic and argillic alteration and laumontite, heulandite or other zeolite minerals appear in part to overprint potassic and propylitic alteration. Magnetite is variably altered and martite, hematite, jarosite, goethite and specularite occur. The copper sulphide minerals identified to date are comprised predominantly of bornite (63.3% copper), chalcocite (79.8% copper) and minor chalcopyrite (34.6% copper). Pyrite is generally rare in all alteration assemblages, and much less than 1%. Pyrite appears generally where chalcopyrite greatly exceeds bornite in concentration, and also occurs more frequently and in greater abundance in Border phase rocks on the Rateria and West Valley properties. Zone 1 is located near the contact between Bethsaida and Skeena phase and dykes of aplite to feldspar porphyry occur. Fractures are filled by quartz, sericite and form veins, veinlets, stringers, and stockwork to breccia textures are formed. Dominantly bornite, chalcocite and associated copper and silver values occur to depths of over 250 metres. Chalcocite appears as a primary mineral and secondary mineral replacing bornite. At depth and adjacent the bornite-chalcocite zone, relatively more chalcopyrite occurs. Zone 2 occurs near the contact of Skeena, Bethlehem and Chataway phases of the Batholith, and dikes of quartz feldspar porphyry and aplite occur. Major structures trend north, northeast and northwest and these faults and conjugate fractures form stockwork and breccia textures locally. Zone 2 is less well defined than Zone 1. Significant copper values occur in an area approximately 1.5 kilometres by 1.0 kilometre in dimension and are undefined and open in extent. Zone 2 is comprised of predominantly bornite, minor chalcocite, chalcopyrite and locally molybdenite, with associated copper, molybdenum, gold, silver and rhenium values. Rhenium appears associated with molybdenum. Zone 2 is part of a "corridor" defined by the contact between the younger and older phases of the batholith that can be seen in geophysical surveys for over five kilometres through the Rateria property. In general, mineralized zones are controlled by proximity to geological contacts between younger phases of the Guichon batholith, the intensity of fracturing and phyllic to argillic overprint on potassic alteration. The copper oxides malachite, azurite and native copper occur in minor amounts and generally very near the surface. However, very fine grained native copper averaging 0.02 to 0.09% copper occurs with weak sericite alteration to depths of at least 250 to 300 metres in several widely spaced drill holes to the east of Zone 2. Whether it is hypogene or supergene in origin, and to date found only within certain rocks to the east of Zone 2, the implications of this native copper remains unclear. On the West Valley property, the younger phases of the Batholith outcrop along the east side, in proximity to the Lornex fault, and also appear as dikes that cut the Chataway, Guichon and Border phase rocks further west. Based on the widespread presence of the younger felsic phase dykes, associated copper prospects and broad areas of propylitic to locally phyllic and argillic alteration, there is thought to be potential for porphyry systems to occur near surface and beneath the older phases of the Batholith. At least four large target areas have been identified for follow up exploration. The intra-batholith setting, strong structural controls, predominance of bornite copper sulphides, minimal pyrite within younger phases and more pyrite in the older outer phases of the batholith respectively, suggest in part, that the porphyry copper systems reflect a relatively deep level of formation and have potential to be very large in size. (Updated May 2011)
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