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The Rateria and West Valley properties comprise 65 mineral claims totalling 14,450 hectares (144.5 square kilometres) bounded to the north by Teck's Highland Valley Copper mine property near Logan Lake, British Columbia, Canada. Highland Valley is made up of several deposits including the Valley, Lornex, Highmont, JA and Bethlehem. During 2008, Highland Valley Copper produced 119,000 tonnes of copper from ore averaging 0.32% copper and reported an operating profit of $426 million before depreciation.
Highland Valley
The Rateria Property comprises 16 mineral claims totaling approximately 5,275 hectares (52.75 square kilometres), bounded on the north and west by Teck's Highland Valley Copper mine property. The Company has carried out several stages of three dimensional induced polarization (3D IP) geophysical surveys and identified by drilling two new zones containing potentially economic grades of copper.
Zone 1 was first discovered in 2006 and followed up in 2007. Results include 10.35 metres grading 1.545% copper, 100.0 metres grading 0.285% copper, and 84.0 metres grading 0.302% copper. These encouraging results prompted further 3D IP and magnetic geophysical surveys and identified several new and positive areas of interest. Drilling results from 2008 on Zone 2 (previously referred to as the "A" anomaly) include 153.1 metres containing 0.237% copper, including 17.5 metres containing 1.12% copper in hole R08-01. Approximately 200 metres to the south, drill hole R08-05 returned 177.0 metres of 0.366% copper, including 27.0 metres of 1.051% copper, 0.019% molybdenum, 5.01g/t (grams per tonne) silver and 0.24g/t gold. Both Zone 1 and 2 are undefined and open in extent.
Approximately six kilometres south of R08-05 a 15 metre long and 4 metre wide section of an extensive shear zone averaged 1.487% copper and 8.4 g/t silver, and 400 metres to the south, an outcrop grab sample returned over 1.00% copper, 8.16 g/t silver and 0.10 g/t gold.
The geology, alteration and mineralization on the Rateria property are interpreted to be consistent with a deeper-seated porphyry copper system and share similarities with deposits in the Highland Valley. The presence of elevated gold and silver in R08-05 is also thought to be significant. All of the results to date suggest Zone 2 is part of a "corridor" between 500 to 1,000 metres in width and over five kilometres in length. This corridor and several other prospective targets are thought to have potential to develop significant copper deposits and further drilling is warranted.
West Valley
In October 2008 the Company purchased a 100% interest for $25,000 in 49 mineral claims totalling approximately 9,175 hectares (91.75 square kilometres) that are located approximately four kilometres west of the Rateria property. Several additional claims were also acquired for less than $5,000 in cash. The West Valley property is contiguous with the south and west side of Teck's Highland Valley property. In early October 2008 the Company conducted stream sediment, rock sampling and prospecting of the property. At the Fir prospect, rock samples contain 0.32% to 1.2% copper in grab samples over a 600 metre distance and an old trench returned 0.70% copper over 10 metres. Two kilometres northeast at the LL prospect, an old trench returned 0.40% copper over 6 metres. The West Valley property contains favourable geology, historical copper prospects and values of copper in rock and stream sediment samples that are positive and similar to early stage results from the Rateria property. In 2009, geological mapping and geochemical sampling is planned to identify where a 3D IP geophysical survey will be performed.
Geology
The Rateria and West Valley properties are underlain with the same rocks hosting the copper deposits currently being mined to the north by Teck Cominco. The Guichon Batholith is comprised of multiple intrusive phases, progressively younger in age towards the centre. The Rateria property covers a portion of the central to eastern phases of the Batholith that are quartz diorite to quartz monzonite in composition and includes the Bethsaida, Skeena, Bethlehem and Chataway phases, respectively. Dykes of younger rocks cut older ones, and geological contacts between the different phases and dykes are important structures that control fracturing, associated hydrothermal alteration, and copper mineralization.
The copper sulphide minerals identified to date on the Rateria property are comprised dominantly of bornite (63.3% copper) and minor chalcopyrite (34.6% copper). Chalcocite (79.8% copper) also occurs to depths of over 140 metres either as a primary mineral or as a secondary mineral replacing bornite. Pyrite (iron sulphide), a very common and abundant mineral in most types of porphyry copper deposits, is actually quite low in overall quantity in Highland Valley deposits. Minor copper oxides malachite, azurite, and black pitch copper (neoticite), occur in minor amounts near surface, and historical drill logs indicate native copper is present in minor amounts locally. The copper sulphides occur within fractures containing quartz, muscovite (sericite), and clay (kaolin/montmorillonite), commonly referred to as phyllic and argillic alteration, respectively, and are typical of Highland Valley deposits. K-feldspar, quartz, magnetite-hematite alteration minerals also occur but to date appear less common. The best mineralized zones are controlled by the degree of fracturing and intensity of phyllic to argillic alteration, and in part spatial proximity to geological contacts between various phases of the Guichon batholith.
Page last updated: July 2009
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