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| April 17, 2014 --- Vol. 08, No. 16 | April 2014
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Yukon Territory (continued)
POLYMETALLIC – Manson Creek Resources Ltd. April 15 provided an update on financing and 2014 planned exploration program at the Tell property, located some 140 kilometers (85 miles) northeast of Mayo, Yukon Territory. Manson initially staked Tell as a high priority target in 2002. Due to poor market conditions at the time and lack of activity in the region, the property did not see significant work except for short field programs in 2005, 2011 and 2012. This work outlined seven zones of metal bearing gossanous material at surface, occurring either as coatings on exposed rocks and talus, zones of iron oxide coated soils and surface materials, or as active sinters/spring sources. These gossans all carry high level of various metals including zinc, nickel, cobalt, as well as anomalous amounts of tracer materials such as cobalt, barium, arsenic, mercury and locally silver. Of significance, there is a large zone of abnormally stunted vegetation, also known as a kill zone, which is framed by the known gossans. These zones often develop due to high acidity in soils as well as high metal contents that can be related to underlying sources of mineralization. The core of this kill zone is approximately 1,000 meters long in an east-west direction with widths of 100 to 500 meters. In 2005, a small grid of soil sampling centered on the main Tell gossan outlined a zone 400 meters by 400 meters with anomalous zinc values above 100 parts per million, with a core area roughly 240 meters by 75 meters with values ranging between 10,000 to 49,600 ppm (1 to 5 percent) zinc, and a coincident 250 to 2600 ppm (0.26%) nickel anomaly. Barium, cobalt and silver were also found to be anomalous in various parts of the grid. In 2012, an induced polarization surface geophysical survey grid was established to cover the area of the main gossan trend and associated kill zone. The survey outlined a large zone of conductivity with a coincident chargeability anomaly. Preliminary field mapping of the target area to date has not identified any geological unit at surface that could be responsible for the metal signatures or geophysical anomalies revealed by the surveys, and it is interpreted that a shallow metal bearing massive sulfide target may be the source of the anomalies. This interpretation is supported by extensive historical regional work identifying both volcanic rocks and exhalative units in the region. In March 2014, Manson Creek entered into an agreement with Guatavita Gold Corp., a private non-arm's length company, to create a strategic alliance to conduct further exploration at the existing Tell property and regionally. The alliance is anticipating a two phase program of regional and focused exploration to advance Tell into the drill stage. Total program expenditures are anticipated to be C$1 million dollars in two stages, for which Guatavita may earn a 50 percent interest in the property by contributing C$650,000 of the expenditures, at which point a joint venture will be formed. The project operator is Manson. The 2014 exploration program consists of regional airborne helicopter supported magnetic-electromagnetic geophysics aimed at defining the extent of the Tell conductor, as well as identifying any similar conductors in the region. This work will be followed up with ground checking, mapping and sampling, as well as completion of a soil grid over portions of the Tell target that was not previously fully covered with systematic sampling. This first phase of work is currently budgeted at C$368,000, and subject to financing being in place, is estimated to take place between May and June. The second phase of work will consist of at least 800 meters (four holes) of drilling. This second phase of work is currently budgeted at C$632,000, and is anticipated to take place mid-July to mid-August. The program has been fully permitted.
LITIGATION – Western Copper and Gold Corp. April 14 responded to a petition filed by Little Salmon Carmacks First Nation in the Supreme Court of Yukon on April 10, 2014 naming the Yukon Environmental and Socio-Economic Assessment Board and Western’s wholly-owned subsidiary Casino Mining Corp. as respondents. The First Nation challenged the authority of YESAB which determined that Casino Mining met their duty to consult the First Nation regarding its proposed Casino open-pit gold, copper, silver and molybdenum mining project as outlined in section 50(3) of the Yukon Environmental and Socio-economic Assessment Act. Little Salmon also has the opportunity for additional consultation during additional phases of the YESAB review. The part of the project that is located on the First Nation’s lands is a portion of the proposed access road some 200 kilometers (124 miles) from the proposed mine site. Casino Mining believes it met and exceeded the level of consultation required for submission of its application to YESAB. “We believe LSCFN chances of success with this petition are very limited. We do not expect this petition to have any significant effect on the timing of the assessment of the Casino Mining Project,” the company said. Casino Mining has spent C$18 million over 5 years preparing the application for YESAB and is fully confident that this project will go ahead as planned.
GOLD – Comstock Metals Ltd. April 7 said it intends to commission a resource estimate for its QV Project located in the White Gold District of central Yukon Territory. The estimate will based upon the results of 17 core drill holes totaling 3,422 meters that were completed in 2012 and 2013. Details of all exploration completed, including the resource estimate will be contained within a technical report issued within 45 days of the company’s initial reporting of the results of the resource estimate. The resource estimate will be done in accordance with CIMM Standards for the Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and supported by a technical report conforming to NI 43-101, Standards of Disclosure for Mineral Projects. Comstock has hired Susan Lomas, P. Geo and Jean Pautler, P.Geo to complete this work during the second quarter of 2014. The company is evaluating opportunities to fund its 2014 field program including drilling through strategic partnership.
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