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Stares/Calvert
Property, Ontario
The Stares-Calvert property is an exploration project for polymetallic
base and precious metals in the Shebandowan greenstone belt
approximately 55 kilometres west of Thunder Bay, Ontario The
land position represents a nearly continuous parcel measuring
6 km by 12 km. RJK currently holds a 50% interest with its joint-venture
partner, GLR Resources Inc., retaining the other 50% interest.
There are a total of 32 contiguous unpatented mining claims
(390 units) and one patented mining claim which cover an aggregate
total area of approximately 6,192 hectares in parts of Aldina,
Marks, Sackville and Adrian Townships. The claims were acquired
under an option agreement with the property vendors in 1999.
The Company and its joint venture partner have met all provisions
under the option agreement with the vendors retaining a 3% Net
Smelter Royalty subject to a 2% buy-back provision.
The property was acquired on the basis of a prospecting discovery
of a three tonne massive sulphide polymetallic boulder and mineralized
debris in 1996. A subsequent property option and follow-up work
by a junior exploration company failed to identify the source
of the glacial debris. The Company acquired the property in
1999 and carried out limited exploration work. In 2000, following
the discovery of a series of largely-buried boulders located
a further 1500 metres to the south of the original boulders,
the Company began an extensive exploration program which lead
to the surface and follow-up drilling discovery of a Zn, Au,
Ag-rich polymetallic zone which the Companiy believes explain
the source of the originally discovered boulder debris. The
largest of these was the 15 tonne, over three-metre wide Calvert
boulder, which contains an average grade 18.6% Zn, 1.76 g/t
Au, 93 g/t Ag.
During 2003, minimal exploration work was undertaken on the
property with expenditures being approximately $14,000; however,
during the spring of 2004, four holes totaling 897 meters were
completed in the discovery area to test the down-plunge potential
of the previously discovered zinc mineralization. In addition,
two holes totaling 215 meters were completed, testing geophysical/geochemical
targets elsewhere on the property.
In the spring of 2004, four holes totaling 897 meters were completed
in the discovery area to test the down-plunge potential. Two
holes totaling 215 meters tested geophysical/geochemical targets
elsewhere on the property. Airborne TDEM and magnetic survey
were completed to provide a complete and detailed geophysical
coverage of the property. During late 2004 and early 2005 an
additional 25 kilometers of line cutting and time domain IP
surveying was completed on the property.
Between November
2005 and January 2006, a 9-hole, 826m diamond drilling program
tested wider possibilities for the source of the boulders
in three areas. These included a 700 meter-long segment west
of the discovery area; a felsic horizon with TDEM and IP anomalies
2 kilometers to the north; and an IP trend between these.
Four holes were lost in heavier overburden. Only a trace amount
of zinc (0.01% over 1m) was intersected on the IP trend. Holes
testing the westward extension found some zinc and a trace
amount of copper (up to 0.16% Zn and 0.04% Cu over 2 m). A
single hole tested the northerly TDEM and IP anomalies and
in two separate sections cut 0.36% zinc and 0.03% copper over
2.1 m; 0.22% copper and 0.02% zinc over 1.0 m. Additional
geophysical targets remain to be tested.
In addition, Sabina Silver Corp. are planning an extensive
exploration program on claims recently acquired in close proximity
to the Company’s land position during 2007. Results
of their program may aid the Company in directing further
work on the property.
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