Redbird Molybdenum, Copper, Rhenium Property
The Red Bird molybdenum property consists of three mineral claims situated in the Skeena Mining Division of west central British Columbia 133 kilometers southwest of Burns Lake and 105 kilometers north of Bella Coola. The property covers an area of 444.49 hectares centered on latitude 53°17’44” North and longitude 127°00’34” West in NTS map area 93E/6.
The Company presently holds a 25% undivided interest in the Red Bird Property. The Red Bird Property represents an advanced molybdenum, copper and rhenium porphyry target. The Red Bird Property comprises 3 tenures for a total of 444.49 ha. All three of the tenures expire on June 30, 2026. There is no further work required to keep these tenures in good standing.
Historic Estimate
A 2007 drill program was carried out by Volt Carbon (formerly Torch River) under the supervision of QP Andris A Kikauka, P Geo. The program consisted of the completion of 10 core holes for an aggregate length of 2,645 metres during the period July – September, 2007. The resource estimation was completed by G.H. Giroux, P.Eng. who visited the property in August 2007. A technical report was been prepared in compliance with the requirements of National Instrument 43-101 and Form 43-101F1 (the “Historical Technical Report”) and was intended to be used as supporting documentation filed with the Alberta Securities Commission, the British Columbia Securities Commission and the TSX Venture Exchange. A qualified person has not done sufficient work to classify this Historical Technical Report as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves. The historical estimates should not be relied upon and there can be no assurance that any of the mineralization, in whole or part, will ever become economically viable. Please see the disclosure below regarding the Historical Technical Report. Information used in the preparation of this Historical Technical Report includes a number of internal company reports prepared by Craigmont Mines Limited detailing diamond drilling results and a preliminary economic analysis of the subject property completed in 1979 and 1980.
The Historical Technical Report provides that the 2007 drill campaign resulted in a 103% increase in indicated tonnes at slightly lower grade at a 0.03% Mo cutoff and the total resource (indicated and inferred) stands at 195.5 million lbs of Molybdenum.
Mineral Resources Disclosure Information
This webpage contains mineral resources disclosure information within the meaning of applicable securities laws. The mineral resource statements on this webpage include but are not limited to statements with respect to: the existence of sources of molybdenum the Company’s mineral permit holdings in British Columbia, the historical concentrations of molybdenum in the Company’s project areas (the “Historic Estimate”).
A qualified person has not done sufficient work to classify this historical estimate as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves. The historic estimates should not be relied upon and there can be no assurance that any of the mineralization, in whole or part, will ever become economically viable.
| Source and date of the Historical Estimate (including the existing technical report, if any) | The Resource estimate was last updated on Jan 11, 2008, by G.H. Giroux, P.Eng., MASc. from Giroux Consultants Ltd. |
| Relevance and reliability of Historical Estimate | Management understands that no development has taken place since the date of the report which at the time was owned by Volt (formerly Torch River Resources). The claim titles and locations have been verified by Volt. |
| Key assumptions, parameters, and methods used to prepare the Historical Estimate | This report is based on a review and digital compilation of available historical data, including detailed diamond drill hole logs for 57 holes completed by Craigmont Mines Ltd. in 1979 and 1980. In addition to the historical data, in July of 2003, In July 2003, Andris Kikauka, P. Geo. on behalf of Fundamental Resources Limited visited Red Bird and sampled 101 metres of drill core from holes 79-95 and 79-96 (Kikauka, 2004). A total of 21 samples (all 5 metre lengths except one 1 metre length) were submitted for 47 element ICP analysis. During the 2006 field season Scott Geophysics Ltd. completed a limited Induced Polarization (IP) study and Magnetometer survey on the Red Bird Property (Scott, 2006). A total of 6.7 km of IP and Magnetometer survey was completed on six north-south lines. Also during the 2006 field season soil Geochem samples were taken at 50 m spacing along the lines used for the geophysical surveys. A total of 143 soil samples were collected and run for 30 element ICP. The results from the 2005 re-sampling of historic drill core and 2006 drill programs resulted in the development of the Historical 43-101. |
| Resource categories used (see CIM Definition Standards on Mineral Resources and Mineral Reserves) | The resource categories are indicated mineral resource and inferred mineral resource. |
| More recent estimates or data available | No further work has been performed since the Historic 43-101. |
| Work that needs to be done to upgrade or verify the historical estimate as current mineral resources or mineral reserves | An independent Qualified Person will be required to review and validate the historical data and historical estimates and compile an updated current Technical Report in accordance with NI 43-101. |