Annual report on mineral tenement EL 27965

Abstract

In year 4, this company has made a considerable progress in conducting data collections and research, field prospecting, sample collections and geochemical analysis. A total of 28 samples were collected during the fieldwork and assayed by ALS. From the Silver Valley 1 Area, two samples from the southeast end of the veined zone, SV1-02 and SV1-03 have returned a higher level of copper mineralisation, with 3840 ppm and 3750 ppm Cu respectively (0.384 and 0.375 percent Cu). They contained only minor silver (4.6 ppm and 1.8 ppm Ag) and gold (0.07 ppm and 0.65 ppm Au). Other elements, including lead, were not significantly elevated. The other four samples were from more towards the northwest end of the mineralised zone. No significant level of mineralisation has been found for major elements in these four samples. Among the 15 samples collected from the Silver Valley 2 Area, one sample SV2N-3, which was collected from the north area of Silver Valley 2 presents a comparatively high grade of gold - 74ppm Au. All other samples did not return high level of gold. However, samples SV2M-2 and SV2M-4 returned high level of copper mineralisation at 11.7 percent and 3850ppm respectively. Sample SV2M-2 also show over 20 percent of lead and silver at 554ppm Ag. A high level of lead mineralisation has been returned in 10 samples. It can be been that these lead-rich samples are mainly from the Silver Valley 2 area. It indicates a good prospective for lead mineralisation which is likely to associate with silver mineralisation. In the Silver Valley 3 Area the samples from the east-west vein were all mineralised, with four of the six samples assaying over 1 percent lead. Lead assays included 1.65 percent, 2.95 percent, 3.18 percent and 9.76 percent. These were obviously selective samples with visible mineralisation. The 'usual' associated elements (as seen in the other Silver Valley mineralisation) were not as anomalous as elsewhere, however - possibly indicating that this is towards the margin of the main mineralised region (or possibly a result of this being an east-west vein, rather than more north-trending. Two samples returned a high level of lead mineralisation, SV3-03 and SV3-04, with Pb at 2.95 percent and 4250ppm respectively. Iron mineralisation also exists in several samples although its grade is not at significant level. Two samples -SV4-01 and SV4-02 were collected and assayed from the Silver Valley 4 Area. None of them show significant level of mineralisation for elements.