Green zone boosts potential of Imperial’s Mount Polley

Vancouver — Drilling by Imperial Metals (III-V) has confirmed the presence of high-grade gold-silver mineralization in the Northeast zone at the Mount Polley mine, near Williams Lake, B.C.

Several holes returned high-grade mineralization from the Green zone, within the Northwest zone. Highlights include 25.1 metres grading 4.43% copper, plus 1.28 grams gold and 26.92 grams silver per tonne, in hole 161, and 15 metres grading 5.86% copper, 3.13 grams gold and 39.06 grams silver in hole 179.

An earlier discovery hole at the Green zone returned 10.6 metres grading 5.43% copper, 3.08 grams gold and 30.22 grams silver. The zone, described as “amenable to underground mining,” has been identified over a 70-metre strike length and is open along strike in both directions.

Imperial intends to revive the 20,000-tonne-per-day mine, which began production in 1997 at a cost of $115 million. Production came from the Cariboo and Bell pits, where 27.7 million tonnes were mined to produce 133 million lbs. copper and 370,000 oz. gold. In 2001, operations ceased because of low metal prices.

Initially, Imperial decided to revive Mount Polley because of the roughly 31.9 million tonnes grading 0.36% copper and 0.34 gram gold that remain in the Bell and Springer deposits (the latter has yet to be mined). The project’s potential brightened in the summer of 2003, when prospecting in a previously untested area led to the discovery of the high-grade Northeast zone. Grades of more than 1% sulphide copper (with associated gold and silver) in numerous holes were reported.

Subsequent trenching and drilling outlined a high-grade, copper-gold-silver deposit 1.5 km northeast of the Bell pit. Four rigs are being mobilized to the site to delineate and test the zone; while at the Springer deposit, drilling will test numerous targets.

Mining is to begin in the first quarter of this year. Site work is under way, and about 100 of the expected work force of 225 have been hired. Stripping of waste has started in the Bell pit, and mill re-commissioning and modifications, including the installation of more flotation cells and a new thickener, are almost complete.

The Bell and Springer pits are fully permitted for mining. The near-surface, oxidized mineralization at Springer cannot be processed by conventional sulphide flotation methods, and testing of advanced recovery methods suitable for this material are ongoing. Initial mining operations will be focused on the Bell deposit, and will be followed by the Northeast zone, once additional testing and permitting are complete.

Imperial recently expanded the Mount Polley property to 198 sq. km using the new “paper” staking method introduced by the British Columbia Ministry of Energy and Mines. The newly acquired ground will undergo geological mapping this summer in hopes that this will lead to the discovery of more mineralization similar to the Northeast zone.