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| |  Area 10,092 acres (4,084 hectares) Location The Property is located 65 km northeast of the town of Smithers, BC and is easily road accessible from Fort Babine. Geological Setting The Property hosts the Ute and Rio polymetallic silver-gold-copper-lead-zinc veins systems. The vein systems consist of a series of crudely laminated sulphide-quartz-carbonate (siderite) veins within a thick bedded sequence of dacitic to felsic volcanics. The vein systems are shear hosted but are bedding conformable and consist of tetrahedrite with argentiferous galena, chalcopyrite, sphalerite and disseminated to massive pyrite. Historical Exploration The Peak Property was bulk sampled during the mid 1960's and 1970's with reported total sampling of approximately 52 tonnes of ore with an average grade of 7,469.5 grams per tonne (g/t) (or 217.7 ounces per ton [oz/t]) silver, 2.38 g/t (0.07 oz/t) gold, 2.40% copper, 17.19% lead and 1.45% zinc. A historic resource of 2,630 tonnes grading 411 g/t (12.0 oz/t) silver, 2.4 g/t (0.07 oz/t) gold, 5% copper and 14% lead was reported in 1983. Grizzly views the historic resource as an indication of the presence of mineralized rocks only, as the historic resource is not compliant with National Instrument 43-101 guidelines. The Peak Property is located near the southern edge of the Bowser Basin within Stikine Terrane and along the northern flank of the Skeena Arch. The Ute and Rio vein systems are hosted in what was originally mapped as intermediate to felsic volcanics and sediments of Cretaceous Kasalka Group. However, recent paleontological work on spatially associated argillites and marls indicates that the volcanic package is most likely Lower to Middle Jurassic in age, specifically Bajocian, and part of the Hazelton Group. The age and volcanic stratigraphy underlying the property bear strong similarities to the age and stratigraphy of rocks that are known to host the Eskay Creek deposit northeast of Stewart along the northwest margin of the Bowser Basin. Recent grab samples from the Property collected by the property vendor assay up to 39.87 g/t (1.16 oz/t) gold, 2,150 g/t (62.7 oz/t) silver, 15.1% copper, 44.8% zinc and 1.6% lead. These high grade polymetallic anomalies hosted in felsic volcanics along with strong alteration envelopes in combination with spatially associated shallow water Bajocian age sediments are potentially indicative of a volcanogenic setting similar to Eskay Creek, or a high grade volcanic hosted precious metal epithermal system. Further work is required to determine the relationship between the high grade polymetallic anomalies that are spatially associated with a black argillite within the felsic volcanics. Current Exploration Exploration during 2005 will consist of a comprehensive compilation of all prior exploration in the area along with extensive surface prospecting and sampling. This Phase 1 exploration will eventually lead to geophysical surveys followed by drilling during either fall 2005 or winter 2005-2006. | | | | | | |||||||||||||||||||||||||
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