From the recent news:
The spin-out of Metal Mines will provide the Company's shareholders with an equity interest in two public companies - Metal Mines and the Company - and will allow the Company to focus on developing its gold and rare earth properties which will be continued to be owned by the Company or its wholly owned subsidiaries.
Feb 2, 2010 these were the plans for the same properties.
MetalMines:
Langmuir Property..........Nickel prospects
Based on the recommendation of Micon International Limited in its National Instrument 43-101 compliant resource estimate report (the "Micon Report") for the Langmuir North Deposit and the Langmuir No 1 Deposit (a copy of which can be viewed under the Corporation's profile on the SEDAR website (www.sedar.com)), the Corporation intends to commence a diamond drilling program.
The Micon Report indicated resources of 1,733,000 tonnes grading 0.51% nickel, and 8,324,000 tonnes grading 0.40% nickel in the Langmuir 1 and Langmuir North deposits, respectively for a total of 10,057,000 tonnes and identified at least four (4) exploration target areas of mineralization that are believed to hold the potential to host an additional 20 to 40 million tonnes of nickel mineralization of similar grades.
The proposed diamond drilling program will focus on the four (4) targets as outlined in the Micon report along with additional exploration targets that were discovered during a program of geochemical and geophysical surveying.
Inspiration Mining:
Cleaver Property ........Gold prospects
Previous exploration activities utilizing Reverse Circulation Drilling (RCD) within the central portion of the property returned values in the overburden ranging from 0 ppm up to 3,110 ppm (0.30%) of copper and from 0 ppb up to 521,460 ppb (15.209 oz/t) gold. The known Flinsky copper-zinc showing is located approximately 2.3km southwest of the property.
Drilling of EM conductors in the eastern Cleaver Township gold property was commenced in January 2010. The additional drilling program (consisting 6,000 meters) will target historical high gold values discovered near the bedrock in deep RC till sampling. Diamond drill cores from a late 2009 program on the western side of the property are being logged and sampled. The Cleaver property mineralization is either from gold-rich quartz and carbonate vein systems in volcanics, or gold-enriched zones in volcanogenic sulphide-rich substrate.
The Cleaver Property consists of 13 mining claims containing 192 mining claim units and is located in the northeastern portion of Cleaver Township. The western portion of the property is underlain by felsic metavolcanics and metasediments, which are then overlain by peridotitic komatiites. Numerous airborne electromagnetic anomalies are located at or near the komatiite lower contact. This unit has not been explored for either base metal or nickel mineralization. The eastern portion of the property is underlain by felsic metavolcanics with numerous airborne electromagnetic anomalies and mafic metavolcanics.
Desrosiers Property....Rare Earth Elements Prospects
The Desrosiers Township molybdenum-rare earth prospect lying 95 km southwest of Timmins, has returned encouraging values of molybdenum, bismuth, silver and rare earth elements. Logging and assaying of drill cores is in progress. The property will be the subject of additional mapping, prospecting and drilling later in the season. Baseline environmental sampling will also be started to allow for eventual removal of a bulk sample for metallurgical testing. Historical work, including bulk sampling on this property returned substantial values of molybdenum and non-NI43-101 compliant 50 and 165 ton samples averaged 1.0% and 2.25% MoS2 respectively.
Historical work by Jonsmith Mining in 1960 demonstrated molybdenum mineralization with grades varying from 0.03% to more than 10%, plus significant bismuth. Bulk sampling returned non NI 43-101 compliant results of 165 tons grading 2.255 MoS2, and 50 tons grading 1% MoS2. More recent sampling in 1999 revealed associated bismuth, silver, lead mineralization and low levels of copper, nickel and zinc. Regional lake bottom sediment sampling by the Ontario Geological Survey in 2005 revealed major molybdenum, lithium, niobium and rare earth element anomalies in the region.
Recent exploration efforts concentrated on the main showings on the southeastern part of the property. Follow-up soil sampling, ground EM and magnetic surveying, and geological mapping west of Alike Lake have revealed that molybdenum mineralization is located at the contact between mafic metavolcanic and metasedimentary rocks with granitic rocks. Various pegmatite veins intrude the main northwest-trending mineralized shear zone, 20 to 50 meters wide and at least 800 meters long, carrying molybdenite, minor chalcopyrite, and pyrite. Parallel zones of chalcopyrite and pyrite mineralization are also found in the host metasedimentary rock sequences.
