Historical Merry Widow Pit 2008 Measured and Indicated Resource
Tehnical Report on the Copper-Gold Resource for the Merry Widow Property written by G.H. Giroux, dated November 30, 2008 is availabe on Sedar under Grande Portage Resources Ltd. dated January 22, 2009.
The Empire Mine Property is an exploration stage property comprised of 29 mineral claims and 57 fee simple crown grants covering approximately 15,764 hectares ("ha") that is easily accessed through a large network of forest service roads with elevations ranging from 100 metres ("m") to 1370 m thus providing for near year round exploration. The property covers 22 mineral occurrences, including 3 past producing open pit and two underground past producing mines for magnetite, copper, gold, and silver.
Previous drill intercepts including 2006 drillhole3 MW06-17 which returned 6.51 g/t gold and 1.41% copper over 50.32 m, 1. 6 km prospective strike length outlined by historical 2005-2008 geophysical work and drilling. The property has excellent infrastructure and access due to logging, limestone quarrying and power generation operations in the area as well as easy access to ports at both Port McNeil and Port Alice.
The Merry Widow skarn deposit is hosted within an apparent fold within the Parson Bay Formation and upper Quatsino Formation. Down dip has not been tested by drilling and poses potential for discovery of more mineralized skarn horizons and pods.
Work Completed by Coast Copper
Coast Copper has increased the land package to 15,764 ha (covering an area approximately 8km wide by 20km long). Continued community engagement with the Quatsino First Nations, secured a 65-line km IP permit and a 100-drill pad permit. Compiled and completed a comprehensive database from previous field work include the collection of 192 rock, 703 soil and 100 channel samples. Compilation and sampling programs have highlighted that significant potential in areas outside the main historical work area exists. Highlights include:
- Channel samples returned 10.5 m of 9.77 g/t Au, 2.35% Cu and 28.41 g/t Ag over the Copper Knob Showing,
- Expansion of known soil anomalies including soil samples taken north of the Merry Widow Pit which outline 400 m long NNE trending > 100 ppb Au in soil anomaly with a high to 3260 ppb Au,
- Three new copper-gold discoveries at West Marten, North Notch and AT Showing with highs of 38.4 g/t Au and 22.90% Cu,
- Expansion of IP anomalies and encounter of two brand new area of IP anomalies located south of Benson Lake Mine and northwest of the Merry Widow Pit,
- Significant massive sphalerite findings at Battle Mountain (13.3% Zn), magnetite and copper (0.89% Cu) was noted in boulders.
- Continued data compilation including detailed examination of previous resource estimates and proposed drillhole layout.
- Continued surface exploration programs including soil, rock and silt sampling.
- Continued IP in areas of new discoveries.
- Complete ~4,000 m of phase 1 Drilling on the Property in Q4 2021.
- Additional phases of drilling to be completed once results have been received and analyzed.
- Continue discussions with local communities and the Quatsino First Nations.
Under the terms of the Empire Option Agreement, Coast Copper can acquire a 100% interest in the Empire Mine Property from Mirva Properties Ltd. ("Mirva") by making aggregate cash payments of $1,250,000, issuing 3,000,000 common shares of the Company and undertaking work commitments totaling $2,000,000 over a five (5) year period, including making an initial cash payment of $50,000 and issuing 200,000 common shares of the Company upon receiving final TSX Venture Exchange ("TSX-V") approval. Mirva will retain a 2% NSR on the Property of which 1% may be purchased for $1,000,000 at any time up to 120 days after commencement of commercial production. The agreement was structured such that this NSR plus all other NSRs which may currently exist and be payable on the Empire Mine Property do not exceed in aggregate 2.5% before buydowns.