Copper Ridge Explorations Inc. - Clear Lake





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Clear Lake Project, Yukon

Target - Sediment hosted Zn-Pb-Ag massive sulphide deposit.

Property and Ownership Description

On January 25, 2008, the Company announced that it had agreed to terms whereby it may acquire a 100% interest in the Clear Lake zinc-lead-silver deposit, located 70 km east of Pelly Crossing and 225 km north of Whitehorse, in the Whitehorse Mining District (see Figure 1). The initial claim group of 7 claims was expanded by the Company to a total of 55 claims covering approximately 1,200 hectares. Terms of the acquisition include payments of $160,000 and the issuance of 500,000 shares over 5 years, plus a payment of $10,000 and 250,000 shares if an interest in the property is farmed out or sold to a third party. The vendor will retain a 2% Net Smelter Royalty, ¾ of which can be purchased for $1.5 million.

Project Description

Clear Lake is a barite associated, shale hosted sedimentary exhalative massive sulphide deposit that occurs in Devonian-aged Earn Group sediments within the Selwyn Basin. The pyritic massive sulphide body is sigmoidal in shape, approximately 1,000 m in length and up to 120 m wide. Zinc-lead rich lenses are 5 to 30 m thick, 450 m in length and extend at least 300 m down dip (see Figure 2). The Company believes there is excellent potential for the discovery of additional zinc-lead-silver mineralization.

Historical Exploration

Clear Lake has a long exploration history:

1965-67:	Initial claims staked (1,000 claims) followed by an airborne electromagnetic (AEM) survey and a small drill program that intersected a narrow massive pyrite intersection.
1974:	Property re-staked (1,074 claims) by Conwest Exploration - Essex Minerals JV.
1975-77:	Ground magnetometer and electromagnetic (EM) surveys over the entire property, limited mapping, gravity and seismic surveys. 1978: Drilling of seven targets in older (Anvil equivalent) stratigraphy were unsuccessful but drilling an EM-17 target south of Clear Lake lead to the discovery. Test soil geochemistry found to be effective. Additional EM surveys carried out. Additional claims staked south of the Tintina Fault.
1979:	Further drilling of the deposit carried out, plus detailed gravity and EM surveys.
1980:	Getty Mines enters the joint venture. Geophysical surveys over the fringes of the deposit and some of the untested AEM targets.
1981:	Surveys included additional EM, prospecting and aerial photography, plus limited drilling of the deposit.
1982:	"Clear Lake Designated Area" formed. Six holes drilled (6,530 ft.) and exploration surveys including mise-a-la-masse, gravity, Max-Min, 20 overburden drill holes and a 1:10,000 compilation.
1983:	In the Designated Area, drilled 9 holes, surveyed all drill collars and completed the mise-a-la-masse survey. Outside the Designated Area, tested two targets with 5 holes (2,228 ft.), drilled 66 overburden holes and completed EM, magnetics, gravity and mapping surveys. 1984: Completed 1 drill hole (1,500 ft.).
1985-88:	No work completed. Claims outside Designated Area allowed to lapse.
1989:	Total Erickson Resources Ltd. acquires the property. 490 claims staked outside the Designated Area.
1990:	An Additional 108 claims staked, evaluation of 21 earlier identified targets, including geological mapping, soil sampling and overburden drilling.
1992:	Ten drill holes were completed for 3,100 m.
1993:	Three outside targets were tested with gravity, magnetics and 6 drill holes (1,364 m).
2008:	The deposit was staked by B. Kreft and optioned to Copper Ridge.

Recent Results

In July, 2008, Geotech Inc. completed a 235 km Versatile Time Domain Electromagnetic (VTEM) survey over the property. A preliminary interpretation of the data has identified four targets that have similarities to the anomaly over the Clear Lake deposit and will likely deserve follow-up drill testing (see Figure 3). One of these, Target A, was a previously defined high priority target defined by gravity, electromagnetic and Induced Polarization surveys, but has never been drilled. Targets B and D are new targets that have not been drilled. Target C is a weaker anomaly that has seen limited historical drilling.

Future Plans

The Company is seeking a joint venture partner or a buyer for the Clear Lake property.

Figure 1. Clear Lake project location.

Figure 2. Clear Lake deposit cross section.

Figure 3. Clear Lake VTEM survey results showing the response of the Clear Lake deposit and four target areas.

Figures

Clear Lake project location
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Clear Lake project claims
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Clear Lake deposit cross section, near the centre of the deposit
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Show image 'Clear Lake VTEM survey results showing the response of the Clear Lake deposit and four target areas' in New Window

Clear Lake VTEM survey results showing the response of the Clear Lake deposit and four target areas
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Related News Releases

January 18, 2010

Copper Ridge Announces Clear Lake Zinc-Lead-Silver Resource

Visit the Clear Lake Photo Gallery


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