Joss'alun
Projects
Joss'alun Property, British Columbia
Property & Ownership Description |
Project Description |
Historical Exploration |
Recent Results |
Future Plans |
Maps and Figures |
Related News Releases |
Target: Cyprus-type volcanogenic copper massive sulphide deposit
Property & Ownership Description
Joss'alun is a copper massive sulphide discovery, 75 km southeast of Atlin, made by a survey party of the British Columbia Geological Survey in 2002. The Company owns 100% of the Joss'alun Property which consists of 31 MTO claims for a total of 2,033 hectares in the Atlin Mining Division. The claims over the main showing were acquired from a related party for the cost of staking and the adjacent D claim group was acquired from Tenajon Resources Corp. ("Tenajon"). Tenajon retains a 1% NSR, half of which can be purchased by the Company for $250,000. Additional surrounding claims have been acquired by staking. The discovery lies 75 km southeast of Atlin, British Columbia.
In the second quarter of Fiscal 2007, the Company entered into an agreement with Lomiko Resources Inc. ("Lomiko" -- now Lomiko Metals Inc.) whereby Lomiko has the right to earn a 51% interest in the Joss'alun Property by issuing 440,000 common shares to the Company, paying $10,000 cash (paid) and incurring $2.5 million in exploration expenditures over a four-year period. Lomiko may acquire an additional 9% interest in the Joss'alun property (for a total of 60%) by issuing an additional 200,000 common shares to the Company and by incurring an additional $1.5 million in exploration expenditures over the fifth- and sixth-year period. The Company received 40,000 common shares of Lomiko on regulatory approval. Subsequent to the period end, the Company received an additional 100,000 common shares of Lomiko.
On August 30, 2007, the Company reached an agreement to set back by six months the anniversary date for the completion of annual work commitments. The new anniversary date will now be October 31 for 2008 and July 31 for each year thereafter. The anniversary date for the payment of shares remains the same at February 28 of each year.
The mineralization consists of a series of lenses of semi-massive chalcopyrite with lesser pyrite within basaltic oceanic volcanic rocks, in a geological environment that appears to be favourable for Cyprus-type volcanogenic massive sulphide mineralization. Samples collected within the discovery area included 7.33% copper over 35 cm, 3.35% copper over 90 cm and grab samples of 7.34% copper, 10.15% copper and 7.55% copper.
Historical Exploration
In Fiscal 2004, the Company entered into an agreement with Imperial Metals Corporation ("Imperial") whereby Imperial had the right to earn a 100% interest in the Joss'alun Property. Imperial completed a program of prospecting, geological mapping and geochemical sampling, followed by nine core holes totaling 1,511 metres. Highlights of the drilling include hole NAK-03-05 with 17.75 and 6.92 metres of 0.94% and 1.15% copper respectively, hole NAK-03-07 with 53.45 and 33.62 metres of 0.34% and 0.41% per cent copper respectively and NAK-03-09 with 3.15 metres of 1.06% copper. The property was returned to the Company in the fourth quarter of Fiscal 2004.
During Fiscal 2005, the Company entered into an agreement with Norsemont Mining Inc. ("Norsemont") whereby Norsemont had the right to earn up to a 75% interest in the Joss'alun property. In Fiscal 2005, Norsemont completed an IP survey totaling 4.6 km along five lines. The results of this program were encouraging, however Norsemont elected to return the Joss'alun property in December 2005. No work was carried out at Joss'alun in 2006.
Recent Results
During the 2007 field season, a program of geological mapping, prospecting and sampling was completed on the property. Lomiko completed an airborne geophysical survey early in 2008, followed by additional soil sampling geochemical surveys and IP geophysical surveys.
In September 2008, a core drilling program including 760 m in three holes tested extensions to the original Joss'alun showing as well as new targets identified on the adjacent Lomiko ground optioned from Imperial Metals. Results were disappointing and included a 0.66% Cu assay over 3.12 m. Two additional holes were drilled on the adjacent Nak property, under option to Lomiko from Imperial Metals, and did not contain significant mineralization.
Future Plans
Lomiko's future plans for the Joss'alun property have not yet been defined.
Maps and Figures
Figures
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Related News Releases
| December 02, 2008 | Joss'alun Drill Results | |
| September 09, 2008 | Drill Mobilized To Copper Ridge's Joss'Alun Copper Project | |
| October 16, 2006 | Copper Ridge Options Joss'alun Copper Property to Lomiko Resources | |
| January 18, 2005 | Drill Targets Defined at Joss'alun Copper Prospect | |
| October 26, 2004 | Geophysical Survey Completed At Joss'Alun | |
| June 08, 2004 | Copper Ridge Farms Out Joss'alun Copper Property | |
| February 27, 2004 | Joss'alun Copper Property Update | |
| October 16, 2003 | Imperial Metals Intersects Copper Mineralization on the Jossalun Property | |
| September 02, 2003 | Imperial Metals Commences Drilling at Joss'alun | |
| July 09, 2003 | Copper Ridge Farms Out Joss'alun Copper Project | |
| January 29, 2003 | Copper Ridge Acquires New Joss'Alun Claims | |
| December 16, 2002 | Copper Ridge Acquires New High Grade Copper Discovery | |