Junior
The main target is an electromagnetic (EM) geophysical conductor southeast of an area where high-grade copper boulders were discovered. HudBay planned to drill a minimum of three holes.
Under the option agreement, HudBay can earn a 60% interest in the property by spending $5.5 million on exploration and paying $375,000 over five years. The Lottie Lake property comprises a 260-sq.-km package of ground, near Bowron Lake, 25 km northwest of Wells.
A single, well-mineralized massive sulphide boulder was discovered on the Lottie claims in 1998. That boulder assayed 24% copper. Eureka returned to the area in the summer of 1999 and dug a series of test pits that uncovered at least 15 additional boulders of a similar nature, assaying from 10% to 22% copper. The angularity, frequency and distribution of the boulders suggests that glacial transport has been minimal.
A series of aerial geophysical surveys and ground EM surveys revealed several EM conductors. On the basis of this work, Eureka signed an option agreement with HudBay in April 2000. Working within this year’s budget of $500,000, HudBay completed 320 km of airborne geophysics over the eastern portion of the property, as well as reconnaissance geochemical sampling, geological mapping, glacial surficial mapping and additional claim-staking.
The company also carried out trenching in the Lottie Lake area of the high-grade copper float, in conjunction with ground EM surveys.
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