News

SIGN UP

Enter your name and email address to receive Gunpoint newsletters

Your Name:
Email Address:

News 2005

Mr. Ab Ablett, President, is pleased to provide results of the geophysical program conducted at the Company's optioned Craigmont property, located 16 km NW of Merritt, British Columbia.

Management is encouraged by the identification of a large, highly resistive body, - possibly a skarn, - in the Embayment Block of the, formerly operating, Craigmont Mine. Operating on the hypothesis that this may be either an extension or an offset of the original ore body that was developed as the Craigmont Mine, the Board of Directors has approved, for immediate implementation, an initial drilling program recommended by Garth Kirkham, P. Geoph. The program will comprise a number of "step-out" drill holes, drilled at planned intervals from the S100 drill hole, tracking the identified resistive anomaly along the limestone unit in the Embayment Area. Drilling will begin imminently. It is believed that this program will enable the Company to confirm the potential of this project and move forward to advanced project status by the most cost effective means and in the shortest time possible.

JDSemi of Kelowna, B.C. and Frontier Geosciences of North Vancouver, B.C. completed a comprehensive geophysical survey program that included a detailed surface magnetic survey and an induced polarization (IP) survey that also included a downhole IP component in addition to surface GPS surveying.

Twenty eight survey lines were completed, each approximately 800 to 1700 meters in length. The lines ran from north to south on a local grid surveyed and marked by Amex Exploration Services of Kamloops, B.C. The time domain resistivity /IP was run using a pole-pole array as well as dipole arrays of 100 and 200 meters length and included current injection points in boreholes. Voltage measurements were made on 100 meter spacings using two full waveform receivers of eight channel capacity each together with a multi-conductor potential cable with 100 meter take-outs connected to the ground through porous pots. The eight dipoles were tested for contact resistance before each reading was taken.

The magnetometer survey was carried out using a GEM Systems, GSM-19, portable, high sensitivity, Overhauser-effect magnetometer. The unit is a standard for measurement of the earth's magnetic field, having 0.01 nT (nanoTesla) resolution and 0.2 nT absolute accuracy over its full temperature range. In operation, a strong RF current is passed through the sensor head mounted on an aluminum staff. This creates a polarization of the proton-rich fluid in the sensor followed by a process of "deflection" whereby a short pulse deflects the proton magnetization (secondary magnetic field) into the plane of precession (earth's magnetic field). A slight pause in the process allows the electrical transients to die off, leaving a slowly decaying proton precession signal above the noise level. The proton precession frequency is then measured and converted into magnetic field units. Essentially, the data collected is a measurement of the earth's magnetic field plus any effect on the secondary magnetic field by ferrous objects and/or high concentrations of ferromagnetic minerals.

In addition, state-of-the-art geophysical processing techniques were employed, specifically including 3-dimensional inversion which is an enabling technology that allows the company to not only identify prospective drilling targets but also to develop a 3D picture of the nature, extent, orientation and character of the anomalous zones.

Station spacing in the field was measured using slope distances. Grid position and topography information was obtained using GPS measurements carried out by Amex Exploration, together with the digital elevation model in the old Imperial Mine Grid coordinates. In addition, the NTS TRIM map information was used to determine the exact coordinate transformation from Mine Grid to NAD83 UTM coordinates. The Mine Grid map proved to be more detailed than the TRIM map and, once converted to NAD83, was used as the base for the work. The resistivity and IP measurements were converted to the input format of the 3D Loke RES2DINV inversion program from Geotomo Software. The inversion routine employed by the program is based on the smoothness-constrained least-squares method (deGroot-Hedlin and Constable 1990, Sasaki 1992). Output from the inversion program may then be sliced vertically or horizontally, and input into a 3D visualization program such as Mayavi and Minesight 3D.

In addition, historic surface drillhole and selected underground drill data has been input from paper logs into a detailed database which includes collar, downhole survey, assay (i.e. Cu% and Fe%), lithology, into the processing and visualization software for analysis and for developing a complete 3D picture.

In developing a complete exploration model and consequently opportunities for further investigation and drill targets, the most prospective areas would have more than one of the following characteristics:

  1. Magnetic trends and anomalies.
  2. IP chargeability highs and trends.
  3. Resistive lows.
  4. Favorable lithologic conditions and skarn occurrences.
  5. Zones of mineralization evidenced by Cu and Fe assay confirmation.

A surface plan of total field magnetics (Figure 1) was created in addition to profiles of inverted IP (chargeability) and resistivity were produced at 10m intervals in plan (1050 meters through 1650 meters), section and long section as shown in figures 2 through 5.

Figure 1: Total field magnetics with surface geology overlaid along with historic surface drillholes. Trends and target anomalies denoted by O with +.

 

Figure 2: Resistivity lows and trends within target areas.

 

Figure 3: Resistivity lows and trends within target areas.

 

Figure 4: IP Chargeability highs and trends within target areas.

 

Figure 5: IP Chargeability highs and trends within target areas.

 

The data has delineated a large discrete body of low resistivity and high chargeability trends (Figures 2 and 5) within the Embayment Block (shown bounded by the faults in blue in Figure 1). In addition, this area has been intersected by historic drilling that has intersected actinolite-epidote skarn along with Cu and Fe mineralization.

The second chargeable body is defined on the western end of the study area which is evidenced by a chargeability high, resitivity low along with a magnetic anomaly (Figures 1, 3 and 4). Again, this area has intersected favorable lithology and mineralization by historic drilling activity.

High chargeability bodies are commonly associated with economic sulphides and, as these bodies are spatially related to elevated values of Cu and Fe, these bodies identified by the survey represent high priority targets. Additionally the resistivity data model, in the embayment block defines a large highly resistive body. This resistive body is juxtaposed to the chargeable features, and may be a large skarn. In addition, as the Cu mineralization is commonly associated with the existence of magnetite, it is safe to assume that magnetic anomalies offer a good indication of highly prospective areas.

All of the geophysical targets will require drill testing along with the anomalous copper areas previously reported. The Company is currently applying for the necessary drill permits.

Management is encouraged by the identification of a large, highly resistive body, - possibly a skarn, - in the Embayment Block of the, formerly operating, Craigmont Mine. Operating on the hypothesis that this may be either an extension or an offset of the original ore body that was developed as the Craigmont Mine, the Board of Directors has approved, for immediate implementation, an initial drilling program recommended by Garth Kirkham, P. Geoph. The program will comprise a number of "step-out" drill holes, drilled at planned intervals from the S100 drill hole, tracking the identified resistive anomaly along the limestone unit in the Embayment Area. Drilling will begin imminently. It is believed that this program will enable the Company to confirm the potential of this project and move forward to advanced project status by the most cost effective means and in the shortest time possible.

The Company's Qualified Person, Garth Kirkham, P.Geoph., has visited the property and is coordinating the company's exploration program for the Craigmont property. Mr. Kirkham has reviewed the content of this news release

On behalf of the Board,

Albert Ablett, President & CEO

Forward Looking Statements. This Company press release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

For further information contact:

Albert A. Ablett, President & CEO (250) 573-3111