Black Pine Project, Lemhi County, Idaho USA
Available for Joint Venture
The Black Pine Property is located approximately 17 miles from the town of Salmon, Idaho, in Lemhi County, proximal to the Company's Idaho Cobalt Project. Stratiform sulphide mineralization is found in massive sections which typically contain pyrite and chalcopyrite. Aside from the copper rich strata, there are a number of narrower cobalt-gold rich arsenopyrite-bearing beds present in the copper mineralized section. Primary cobalt mineralization within the Regina target has returned some broader cobalt intervals as well as multiple stacked narrower beds. The narrower strata typically carry values sufficiently high to be minable when diluted to a 6 foot mining width. Due to its proximity to the Idaho Cobalt Project, the Black Pine deposit is considered a potential source of future feed material for the ICP mill.
Mineralization was first discovered in the area of the present Black Pine property in the late 1800s with several short adits, crosscuts and a shaft completed by 1947. By the 1960's, operators had estimated a historical mineable reserve in one of twelve defined target zones of 340,000 tons grading 3.5% copper (Shockey, P.E. and Calaghan, E.E (1962), referenced in Roscoe Postle Associates Inc. "Report on the Blackpine and Sunshine Properties, Lemhi County, Idaho for Formation Capital Corporation", dated May 05, 1995 - Note: these resources although relevant are historical in nature and are not NI 43-101 compliant and therefore should not be relied upon. The 1962 resource categories do not use current NI 43-101 resource categories and the company has not done sufficient work to convert the resources to current mineral resource categories. Additional work will be required to verify their presence and economic viability. The Company is not treating these resources as current.
In 1992, eCobalt Solutions optioned the Black Pine property and shortly thereafter staked additional claims. Since the acquisition of Black Pine, Formation has spent CAN$3.2 million on property payments and exploration including geological mapping, soil geochemistry, geophysical surveys, trenching and drilling programs. Formation has completed 100 diamond drill holes totaling 44,954 feet, and 100 reverse circulation holes totaling 15,625 feet in the late 1990's.
Management has since concentrated its development efforts on its nearby Idaho Cobalt Project, but the Blackpine project remains an attractive copper, cobalt and gold property with historical resources that require additional exploration to evaluate its full mineral potential.
The Morning Glory Project & Queen of the Hills Projects, Lemhi County, Idaho USA
Available for Joint Venture
The Morning Glory and Queen of the Hills projects is situated in Lemhi County, Idaho, USA, approximately 4 miles northwest of the town of Salmon, Idaho, where mineralization was first discovered in the 1890's. The Company has a 100% interest in certain mineral claims with prospects for gold and silver. These two projects are currently avaiable for possible joint venture consideration.
The Morning Glory property contains shear hosted oxide gold occurrences believed to be amenable to open pit mining techniques processed by heap leach recovery techniques. Meridian Gold's Beartrack Mine which was shut down in the early 2000's due to depressed gold prices, located 4 miles west of the Morning Glory property, is a similar shear hosted, heap leachable oxide gold deposit. Numerous high grade gold sulphide-quartz veins are also present on the Morning Glory property.
The Queen of the Hills property encompasses three known gold-bearing quartz veins. The Queen vein supported an underground mining operation during the late 1800's to early 1900's, and most recently on a small scale during the mid 1980's. About 75,000 ounces of gold were reported to have been produced from this vein, and workings were developed on five levels to a depth of 400 feet (125 metres). The average grades of gold production were between 0.25 - 0.5 oz. per ton.
Previous work on the properties included property wide reconnaissance surveys, soil sampling programs, geophysical surveys, preliminary trenching, old mine workings rehabilitation and the completion of 23 reverse circulation drill holes in 1995 & 1996 exploration seasons on the Morning Glory. A soil survey conducted in 1992 suggest that the Queen vein may be auriferous over at least 2,400 ft (750 metres).
The Company also has a 100% lease option on certain additional mineral claims located in the same area. A total of US$45,900 has been paid to date to the optionor. To exercise the option, the Company must pay a total purchase price of US$1,000,000 including the advance annual minimum royalty payments.
The Morning Glory and Queen of the hills claims remain in good standing.