HudBay can earn a 60% interest in the property, 80 km east of Quesnel, by paying $375,000 to Eureka, spending $5.5 million on exploration over five years and assuming underlying prospecting agreement costs totalling $281,000 during the option period. A $400,000 program is proposed for next year.
Eureka recently staked 272 claim units, joining together two property blocks called the Bow and Lottie. The expanded property now measures 10 by 25 km. In 1996, on the Bow claims, prospecting uncovered mineralized boulders running 1-7% copper, trace to 5 grams gold per tonne, trace to 66 grams silver per tonne, and up to 1% zinc.
Continued prospecting on adjacent lands in 1998 uncovered a single, strongly mineralized VMS boulder on the Lottie claims, 7 km south of the Bow area. That boulder assayed 24% copper.
In the early part of July 1999, Eureka dug test pits in the immediate area of the boulder discovery and found 15 additional boulders of a similar nature. The new boulders yielded assays of 10-22% copper. The angularity, frequency and distribution of the boulders suggest that glacial transport has been minimal.
Geochemistry sampling of B horizon soils shows a significant copper anomaly 200-400 metres southeast of the discovery area. Basal till sampling of the C horizon indicates a somewhat more distal source.
A follow-up program this fall included 377 km of aerial geophysical surveys and two types of ground electromagnetic (EM) surveys. Several EM conductors have been identified, and some are associated with copper soil anomalies.
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