Exploration

Exploration Upside Potential

Over 25 exploration targets have been identified across the property and have been split into both near mine drill ready targets and greenfields opportunities. Of these, nine priority targets have been selected for field follow-up and are described below.

Near Mine Targets

  • Target 1 - the Corefarm Creek target represents a geophysical anomaly extending 1500 m westward from the Esso Zone. Approximately 150 m of this anomaly has been drill tested, returning several mineralized intercepts including 7.2 m of 2.0% Cu, 5.2% Zn and ~17 g/t Ag in hole E094B3. There remains 300 m of untested Kutcho horizon between hole E094B3 and Esso, along with an additional 1000 m of untested horizon to the west of hole E094B3.
  • Target 2 - the Main-Sumac Gap identifies a 400 m gap between the Main and Sumac lenses that is untested by drilling. A conductive geophysical anomaly coincides with the area and is 360 m long. K003, the most eastern hole to intersect the Sumac lens and located on the western margin of the gap returned 5.12 m of 1.29% Cu, 0.49% Zn and 7 g/t Ag.
  • Target 3 - the FWZ lies beneath the Main zone. A historical estimate(5) conducted in 1979 returned 0.23 million tonnes grading 1.47% Cu, 5.5% Zn, 43.7 g/t Ag and 0.4 g/t Au. The FWZ is open to the east, where it currently ends on a 1.5 m intercept of 3.54% Cu, 6.94% Zn, 316.9 g/t Ag and 1.47 g/t Au in hole E057 and is also open at depth.

    (5)A Qualified Person has not completed sufficient work to classify the historical estimate tabulated above as current mineral resources and the issuer is not treating the above mineral estimates as current mineral resources. The historical estimate is uncategorized and does not use the categories ("inferred", "indicated" or "measured" mineral resource, or "probable" or "proven" mineral reserve) set out in Sections 1.2 and 1.3 of NI 43-101 as defined by the Canadian Institute of Mining, Metallurgy and Petroleum, are not compliant with the NI 43-101. The historical estimate is relevant to obtain a reference to mineral potential present on the property. The Company has not undertaken any verification of the historical data upon which the historical estimates are based on.
  • Target 4 - the MCF lies at the east end of the Main Deposit and is coincident with a conductive VTEM geophysical anomaly and a Cu-Zn soil anomaly. Three historical holes (KC11215, 90K28 and E013) returned ~35 m of semi-massive sulphide while KC11215 intercepted long intervals of strongly altered lapilli tuff with 2-8% pyrite, trace chalcopyrite and sphalerite.

Greenfields Targets

  • Target 5 - the IRJ Northwest was first identified as a conductor in a 1990 ground-based survey and was tested with two drill holes. The holes intersected intensely altered and weakly copper-mineralized intervals, as well as a thick sequence of altered lapilli and ash. The size and strength of the alteration in both holes suggests a prospective target down dip from prior drilling efforts.
  • Target 6 - B-C East is a 3.5 km long conductor inferred to be overlain by 30 m of silica exhalite. Host rocks comprise a narrow band of sericite schist with narrow lenses of massive pyrite and silica exhalite hosted in mafic rocks. Gravity surveys produced a broad and shallow response that suggests a diffuse zone of increased density that could indicate disseminated or stringer-style sulphide mineralization.
  • Target 7 - IRJ Northeast. Three holes drilled in 1990 returned massive to semi-massive sulphide layers up to 1 m in width and associated with argillaceous material. Hole E017 returned ~3 m of a stringer zone with an average of 20% pyrite that includes some massive bands, and which assayed 7.3 m of 0.27% Cu with a high sample of 0.45% Cu. The geochemical trends suggest that the hydrothermal vent area is further east and targeting should focus on this vector.
  • Target 8 is described as a significant VMS-type showing located on the flank of a felsic dome. A prospect pit was excavated and reached “mineralized bedrock” at a depth of 1.6 m, assaying 0.3% Cu, 0.1% Pb, 0.1% Zn and 7 g/t Ag. Soil sampling has defined a 400 x 500 m cluster of strong Cu-Zn anomalies that are coincident with a strong, linear, chargeability anomaly. A Cu-Zn soil anomaly containing up to 0.15% Zn and 0.03% Cu occurs on the southwestern flank of the same rhyolite flow/dome complex that has not been drill tested.
  • Target 9 - the I-PC is associated with cherts hosted in crystal lithic tuffs and is interpreted as a hydrothermal exhalative horizon. E024 and 90K16 are proximal drill holes which show alteration in lithic tuffs and the presence of massive to laminated pyrite with minor disseminated sphalerite and chalcopyrite, indicating proximity to a productive VMS environment. This tuff unit has an apparent thickness of 70 m and occurs upstream from numerous rounded boulders of finely banded, sphalerite- and galena-bearing chert and exhalite.

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