|
The Buena Vista IOCG property is located approximately 120 kms northeast of Reno, in west central Nevada. The property consists of 157 unpatented lode claims, one optioned unpatented lode claim (Copper Kettle), and a lease agreement with Nevada Lands and Resources, which controls over 3,100 acres. Boxxer can earn an 80% interest in the property by making exploration expenditures of US$1,000,000 over a period of three years, and assuming the lease obligations and holding costs on the property.
Previous exploration on the property completed in 2002 included detailed grid and reconnaissance geologic mapping, rock chip sampling, IP/resistivity- magneticgrid surveys and one diamond drill hole. Exploration on the property has identified a large (12,000 foot x 2,300 feet wide), northeast trending zone of pervasive iron-carbonate-chloriate and albite-sericite alteration hosting at least 47 copper and copper-gold showings and associated magnetic anomalies. The copper and copper-gold showings are widespread within the alteration zone and consist of disseminated, fracture controlled veinlets of chalcopyrite, bornite and lesser pyrite. Rock chip sampling indicates that most of the showings contain grades typical of IOCG mineralization. Assays range from anomalous to 1%-5% copper, locally up to 22%, with gold grades ≤ 0.6 g/t.
Structurally juxtaposed to the alteration zone is a north-trending structural corridor that has been interpreted as a possible feeder fault system. These faults are characterized by intensely altered (chlorite-sericite-albite alteration) breccia zones hosting structurally controlled massive magnetite replacements and breccias, overprinted by fracture controlled oxidized copper carbonate veins containing from 0.5% to 2% copper.
Recently completed geologic mapping and soil geochemical and magnetic surveys on property was completed to identify drill targets in the mineralized portion of this large alteration zone.
Numerous showings of oxidized copper mineralization, disseminated to fracture-controlled malachite-azurite and well developed leached cappings/hematitic gossans (with residual chalcopyrite and CU values up to 1,500 ppm) occur within four altered, strata-bound units; the largest gossan mapped is approximately 50 feet wide and has been traced along strike for several hundred feet. The four mineralized units range in size from 50 to 400 feet in width with strike lengths of 700 to 2,500 feet.
The interpreted “feeder zone” to the four mineralized units is exposed on an adjacent fault block where twelve fault-bounded massive, magnetite-hematite replacement bodies (up to 80 feet wide and 600 feet lont) are commonly overprinted by variably oxidized, disseminated to fracture-controlled copper sulfide mineralization. The “feeder zone” is approximately 500 feet wide at surface and has been traced along 2,200 feet of strike length. The magnetic data suggests the presence of a large buried and possibly mineralized magnetic-hematite body in the center of the zone; this target will be the focus of the drill program planned for early October 2006.
Exploration completed in August 2006 consisted of 641 soil samples taken over an area of 3,000 feet by 5,000 feet. Assay results for this program are pending. A magnetic survey covering an area of 3,000 feet by 7,000 feet was completed, consisting of 22 survey lines spaced 100 feet apart with station spacing approximately every 20 feet.
A 3000 foot diamond drill program is planed to test five targets in November 2006. |
