Trident Copper Project 2006 Exploration Update (Feb 9, 2007)
Title:
Trident Copper Project 2006 Exploration Update (Feb 9, 2007)
Text:
Aries Resource Corp., (“Aries” or the “Company”) operator of the Trident Copper Project, is pleased to present a summary of joint exploration activities in the Trident Copper Project Area, approximately 90miles SW of Ft.
Nelson, BC in conjunction with its joint venture partner Action Minerals Inc. (“Action”).
General Aries and its joint venture partner Action Minerals Inc. (ATM—TSXV), collectively (the “Companies”), currently
control over 1800 km2 (~695 square miles) in north eastern British Columbia. An all-season 20-person “greenmine”
exploration base-camp (the “Churchill Camp”) was established at the former site of the historic Churchill mill
site at a cost of ~$540,000. This location, which is central to all exploration targets within the Trident Project area, is adjacent to the main haulage road and is proximal to an airstrip, currently utilized by light aircraft. Upon commencing surface work, road repairs were completed along the ~52km (~32miles) haulage road linking the
Churchill Camp to the Alaska Highway. While in good condition, this road has not seen significant activity in over
35 years. The cost for road access improvement from MacDonald Crossing to the Magnum exploration site, along with site preparation, skree removal and the opening of six adits (including the main haulage adit), was approximately $1,000,000. Helicopter costs in the last four months of 2006 averaged $180,000/month. The
Companies have applied for permits from the BC Ministry of Energy & Mines (the “Ministry”) to establish
temporary clear-span bridges at four crossings along the haulage road. With these bridge crossings, the
Companies will have road access to the center of the property, which will significantly reduce logistical costs for exploration. As a result of recent exploration, Action Minerals Inc. has met it’s exploration expenditure
requirements for the Neil, SOX, Talus and Missy properties and is fully vested with regards to its joint venture with Aries Resource Corp. Helicopter Airborne Magnetic and EM Surveys / IOCG Confirmation
In April 2006 McPhar Geosurveys Ltd. was engaged to perform ~2600 line kilometers (~1600miles) of helicopter supported magnetic surveys, to be flown at a line spacing of 100m over a large portion of the property. The goal of the surveys was to locate mafic dykes spatially associated with the mineralized quartz veins, such as the Magnum and Eagle veins and to identify prospective mineralized bodies, such as Olympic Dam-type IOCG (Ironoxide/
Copper/Gold/Silver/Cobalt) mafic intrusive bodies. In addition, some 820 line kilometers (~500 miles) of
frequency electromagnetic surveys were to be flown over areas known to contain large veins with conductive
massive sulphides to determine their geophysical signatures. For increased accuracy, surveys were conducted at low levels (~30m above ground). By fall, inclement weather and the rugged topography forced the replacement of McPhar with Aeroquest Ltd. which completed the expanded surveys. In total, ~1800 line kilometers of Mag/EM
and ~2600 line kilometers of Mag were flown in 2006. Final leveled and interpreted data was delivered to the
Companies at the end of January 2007. The total cost of all surveys and interpretation was ~$1,200,000. The
airborne magnetic surveys were successful in mapping the diabase dykes swarms as well as several large buried
magnetic intrusive bodies.
Magnum: (100% Aries) The airborne electromagnetic survey detected a mineralized vein swarm relative to the Magnum deposit and several large sheeted buried conductors. One of these conductors appears to be a
feeder body to the Magnum vein system. This body is two kilometers long by one kilometer wide. Aries intends to drill this structure in the late spring 2007.
Keys: (100% Aries) The EM also revealed a very large, flat-lying sheeted body which has been traced six kilometers in an east-west direction. This body is located at the northern edge of the EM survey. The anomaly appears to lie between the 1900m and 1700m elevations. The Eagle vein possibly lies as a leakage vein above this body. Through the Racing River Property acquisition, the Companies acquired a large amount of geophysical and surface exploration data. Twenty-Seven Capital Corp. completed a large fixed wing airborne magnetic survey which generally agreed with the detailed helicopter survey completed by the Companies. The fixed wing survey extends this northern magnetic anomaly 5 km to the north. Aries intends to map and prospect this area in the summer of 2007.
Missy: (50/50 Joint Venture Property) The airborne surveys also showed a large magnetic anomaly under the Missy Property, which begins ~10km west of the Churchill Camp. Strong linear magnetic anomalies trace the location of dykes related to the Missy mineralization. No EM data has been flown at this time. Drilling is set to commence on the Missy Property. Goat/Matnick: (50/50 Ownership between Aries & Action) The Goat/Matnick property was also found to be
underlain with electromagnetic and magnetic anomalies. The Goat/Matnick is located just 2km north of the Churchill Camp. In an assessment report filed in 2006 on the Muskwa Property, Archer Cathro & Associates
located float boulders of massive chalcocite and hematite mineralization and a 1.72m chip sample across the
strongest mineralized section of the Matnick vein assayed at 41.3% copper. In a 2005 short-hole drilling program,
Twenty-Seven Capital Corp. intersected the Matnick vein on two of ten holes drilled. Assays performed by ALS
Chemex of North Vancouver BC, (an accredited analytical laboratory), returned values of 0.49% copper over 1.4m and 0.28% copper over 2.64m, using 34 element Aqua Regia ICP-AES procedures. The Company assayed one of the aforementioned float samples at Acme Analytical Laboratories Ltd. of Vancouver, BC (an accredited analytical laboratory), by multi-element ICP analysis techniques. The float sample graded 23.9% copper and 18.35% hematite. These regional IOCG styles of mineralization require much more investigation before being
tested by drilling. In addition to mapping and prospecting this area, the Companies intend to conduct Mag and EM survey over this area in the summer of 2007.
Magnum Underground (100% Aries) During a program of scree and talus removal, which took approximately seven weeks, the six adits of the Magnum Mine were uncovered and visual inspection found them to be in good condition. Subsequently, an application has been put forward to the Ministry to re-open and re-certify the underground workings, as a prelude to an
underground drilling program designed to re-establish the historical reserves and to drill for extensions. The Trident Property includes the historic Magnum Copper Mine, where Churchill Copper Corp. processed 549,000 tons of ore averaging over 3% copper, between 1970 and 1974. Prior to production, Chapman, Wood & Griswold, (1969) calculated a proven and probable reserve of 1,178,100 tons or ore, grading 3.92% copper. The
mineralization is open at depth and along strike. Significant resources remain to be confirmed and developed.
Aries has designed an underground development and drilling program to confirm known mineralization and test
for extensions of the mineralized zones. Aries intends to test the size and grade of these many veins with an aggressive program of both underground and surface diamond drilling.
Disclaimer: It must be cautioned that this reserve calculation prepared by the following consultants is considered historical
and does not meet NI43-101 standards since it does not use terminology outlined by the Canadian Institute of Mining and Metallurgy (CIM). Under CIM definitions, historical proven reserves would be classified as “measured resources,” and
probable and possible reserves would be classified as “indicated and inferred resources.” The Company is not treating the reserve calculations as NI 43-101 defined resource or reserve verified by the Company’s Qualified Person. The Company’s Qualified Person, J. Kowalchuk P.Geo. has not verified assay results nor the resource calculations. These reserve calculations were prepared by reputable engineering firms and are thought to be reliable. These historical reserve calculations are relevant in defining a mineral inventory for property. No estimates have been made since that date. In addition, the mineral resource cannot be converted to mineral reserves without further drilling and engineering studies. This
historical estimate should not be relied upon.
SOX Property Drilling and VLF Mapping (50/50 Joint Venture Property)
In October 2006, the Companies mobilized drills onto the SOX Property. This helicopter–supported drill program was designed to test the down-dip extent of the Janet, John and Bullnose veins, which are visible on surface.
Drilling was interrupted by an assessment by the Ministry that the Magnum Camp was at risk from avalanche danger. After the avalanche engineering company Chris Stetham & Associates satisfied the Ministry that the risk from avalanches was low, drilling subsequently resumed. The Ministry required that a fully qualified avalanche technician be present in the camp in order to continue operations. Throughout the balance of the 2006 winter program, the risk of avalanche was never greater than low. The Magnum Camp has since been relocated to the site of the historic Churchill mill site. Approximately 800m of drilling was completed. Five of the seven holes intersected the surface veins at depth. Core was spilt and samples were sent to Acme Analytical Laboratories Ltd.
of Vancouver, BC (an accredited analytical laboratory), and were analyzed by multi-element ICP analysis
techniques. Samples greater than 10,000ppm were assayed using aqua regia digestion with atomic absorption finish. Drilling results from five holes are shown in the following table:
SOX Drilling Fall 2006
Diamond
Drill Hole
Core
Type
From
(m):
To
(m):
Apparent
Width (m):
Cu
(%)
Au
(g/mt)
Ag
(g/mt)
True width
(m)
SX06-01 AQTK 25.91 27.43 1.52 1.13 0.10 trace 1.25
SX06-01 AQTK 47.35 49.11 1.76 0.82 0.04 trace 1.40
SX06-04 NQ 69.87 71.02 1.15 2.98 0.15 trace 0.65
SX06-05 NQ 71.87 72.92 1.05 1.72 0.05 trace 0.52
SX06-06 NQ 72.63 73.20 0.57 6.51 Not assayed trace unknown
SX06-07* NQ 12.83 13.70 0.87 7.06 Not assayed trace unknown
SX06-07* was abandoned in progress and only partially sampled and assayed up to 13.70m.
These veins parallel a basic dyke with a 030 degree strike direction. The mineralization consists mainly of halcopyrite with minor bornite and pyrite within quartz-carbonate veins that intrude parallel shear zones within and on the margin of the dyke. These near vertical veins are only exposed on the steep banks of the stream.
Otherwise the veins are mainly covered by thick overburden.
Prior to drilling, mapping, surface magnetic and VLF electromagnetic surveys were completed over a strike length
of about 600m to pinpoint the extended strike length and position of veins under the soil cover. The VLF signal strengths on both ends of the projected mineralization extensions, indicate that the veins extend further in both
directions. It is estimated that the veins could be at least 1000 to 2000m in length, based on the geology of the
regional area. Further mapping, VLF work and drilling are planned for the future. Diamond drilling thus far indicates that the VLF strike positions strongly correlate with vein positions intersected in the drill holes. Further drilling on the SOX Property will continue at a later stage in order to test the potential of the John and Janet veins along strike as interpreted from the VLF surveys. In 2006, the cost for SOX drilling was $350,000, including the costs of setting up additional drill-pads that are to be utilized later in the season to complete the drilling of the property. The cost for VLF mapping was ~$150,000.
Missy Drilling (50/50 Joint Venture Property) The Missy veins, which consist of 4 (1-2m -wide) veins, are currently drill-ready on winter pads. The Missy forward camp and pads were established at a cost of ~$110,000. Drilling has been designed to test the four parallel structures. In 2006, Reza Mohammed, B.Sc., sampled the Missy veins. All of Mohammed’s samples were sent to Acme Analytical Laboratories Ltd. of Vancouver, BC (an accredited analytical laboratory), and were analyzed by multi-element ICP analysis techniques. Samples greater than 10,000ppm were assayed using aqua regia digestion with atomic absorption finish. Assay results revealed that all samples carried significant copper values ranging from 5.2% to 26.30% copper, as well as anomalous amounts of cobalt, zinc, nickel, gold
and silver. Images of the rock samples are available at: www.ariesresourcecorp.com or
www.actionminerals.com . These samples are all selected high grade samples and are not representative of the average grade of the mineralized zones. Systematic chip or channel sampling has not yet been completed. Anomalous amounts of cobalt, zinc, nickel, gold and silver and the large size of the structures continue to reinforce the IOCG OLYMPIC DAM model.
Missy Property Rock Sampling 2006
The qualified person responsible for the content of this release is John Kowalchuk P.Geo. For more information
contact Reza Mohammed at (604) 839-7392 or at info@fannybay.com.
On behalf of the Board of Directors of
ARIES RESOURCE CORP. &
ACTION MINERALS INC.
Reza Mohammed
Reza Mohammed, BSc.
President & CEO, Aries Resource Corp.
President & CEO, Action Minerals Inc.
Nelson, BC in conjunction with its joint venture partner Action Minerals Inc. (“Action”).
General Aries and its joint venture partner Action Minerals Inc. (ATM—TSXV), collectively (the “Companies”), currently
control over 1800 km2 (~695 square miles) in north eastern British Columbia. An all-season 20-person “greenmine”
exploration base-camp (the “Churchill Camp”) was established at the former site of the historic Churchill mill
site at a cost of ~$540,000. This location, which is central to all exploration targets within the Trident Project area, is adjacent to the main haulage road and is proximal to an airstrip, currently utilized by light aircraft. Upon commencing surface work, road repairs were completed along the ~52km (~32miles) haulage road linking the
Churchill Camp to the Alaska Highway. While in good condition, this road has not seen significant activity in over
35 years. The cost for road access improvement from MacDonald Crossing to the Magnum exploration site, along with site preparation, skree removal and the opening of six adits (including the main haulage adit), was approximately $1,000,000. Helicopter costs in the last four months of 2006 averaged $180,000/month. The
Companies have applied for permits from the BC Ministry of Energy & Mines (the “Ministry”) to establish
temporary clear-span bridges at four crossings along the haulage road. With these bridge crossings, the
Companies will have road access to the center of the property, which will significantly reduce logistical costs for exploration. As a result of recent exploration, Action Minerals Inc. has met it’s exploration expenditure
requirements for the Neil, SOX, Talus and Missy properties and is fully vested with regards to its joint venture with Aries Resource Corp. Helicopter Airborne Magnetic and EM Surveys / IOCG Confirmation
In April 2006 McPhar Geosurveys Ltd. was engaged to perform ~2600 line kilometers (~1600miles) of helicopter supported magnetic surveys, to be flown at a line spacing of 100m over a large portion of the property. The goal of the surveys was to locate mafic dykes spatially associated with the mineralized quartz veins, such as the Magnum and Eagle veins and to identify prospective mineralized bodies, such as Olympic Dam-type IOCG (Ironoxide/
Copper/Gold/Silver/Cobalt) mafic intrusive bodies. In addition, some 820 line kilometers (~500 miles) of
frequency electromagnetic surveys were to be flown over areas known to contain large veins with conductive
massive sulphides to determine their geophysical signatures. For increased accuracy, surveys were conducted at low levels (~30m above ground). By fall, inclement weather and the rugged topography forced the replacement of McPhar with Aeroquest Ltd. which completed the expanded surveys. In total, ~1800 line kilometers of Mag/EM
and ~2600 line kilometers of Mag were flown in 2006. Final leveled and interpreted data was delivered to the
Companies at the end of January 2007. The total cost of all surveys and interpretation was ~$1,200,000. The
airborne magnetic surveys were successful in mapping the diabase dykes swarms as well as several large buried
magnetic intrusive bodies.
Magnum: (100% Aries) The airborne electromagnetic survey detected a mineralized vein swarm relative to the Magnum deposit and several large sheeted buried conductors. One of these conductors appears to be a
feeder body to the Magnum vein system. This body is two kilometers long by one kilometer wide. Aries intends to drill this structure in the late spring 2007.
Keys: (100% Aries) The EM also revealed a very large, flat-lying sheeted body which has been traced six kilometers in an east-west direction. This body is located at the northern edge of the EM survey. The anomaly appears to lie between the 1900m and 1700m elevations. The Eagle vein possibly lies as a leakage vein above this body. Through the Racing River Property acquisition, the Companies acquired a large amount of geophysical and surface exploration data. Twenty-Seven Capital Corp. completed a large fixed wing airborne magnetic survey which generally agreed with the detailed helicopter survey completed by the Companies. The fixed wing survey extends this northern magnetic anomaly 5 km to the north. Aries intends to map and prospect this area in the summer of 2007.
Missy: (50/50 Joint Venture Property) The airborne surveys also showed a large magnetic anomaly under the Missy Property, which begins ~10km west of the Churchill Camp. Strong linear magnetic anomalies trace the location of dykes related to the Missy mineralization. No EM data has been flown at this time. Drilling is set to commence on the Missy Property. Goat/Matnick: (50/50 Ownership between Aries & Action) The Goat/Matnick property was also found to be
underlain with electromagnetic and magnetic anomalies. The Goat/Matnick is located just 2km north of the Churchill Camp. In an assessment report filed in 2006 on the Muskwa Property, Archer Cathro & Associates
located float boulders of massive chalcocite and hematite mineralization and a 1.72m chip sample across the
strongest mineralized section of the Matnick vein assayed at 41.3% copper. In a 2005 short-hole drilling program,
Twenty-Seven Capital Corp. intersected the Matnick vein on two of ten holes drilled. Assays performed by ALS
Chemex of North Vancouver BC, (an accredited analytical laboratory), returned values of 0.49% copper over 1.4m and 0.28% copper over 2.64m, using 34 element Aqua Regia ICP-AES procedures. The Company assayed one of the aforementioned float samples at Acme Analytical Laboratories Ltd. of Vancouver, BC (an accredited analytical laboratory), by multi-element ICP analysis techniques. The float sample graded 23.9% copper and 18.35% hematite. These regional IOCG styles of mineralization require much more investigation before being
tested by drilling. In addition to mapping and prospecting this area, the Companies intend to conduct Mag and EM survey over this area in the summer of 2007.
Magnum Underground (100% Aries) During a program of scree and talus removal, which took approximately seven weeks, the six adits of the Magnum Mine were uncovered and visual inspection found them to be in good condition. Subsequently, an application has been put forward to the Ministry to re-open and re-certify the underground workings, as a prelude to an
underground drilling program designed to re-establish the historical reserves and to drill for extensions. The Trident Property includes the historic Magnum Copper Mine, where Churchill Copper Corp. processed 549,000 tons of ore averaging over 3% copper, between 1970 and 1974. Prior to production, Chapman, Wood & Griswold, (1969) calculated a proven and probable reserve of 1,178,100 tons or ore, grading 3.92% copper. The
mineralization is open at depth and along strike. Significant resources remain to be confirmed and developed.
Aries has designed an underground development and drilling program to confirm known mineralization and test
for extensions of the mineralized zones. Aries intends to test the size and grade of these many veins with an aggressive program of both underground and surface diamond drilling.
Disclaimer: It must be cautioned that this reserve calculation prepared by the following consultants is considered historical
and does not meet NI43-101 standards since it does not use terminology outlined by the Canadian Institute of Mining and Metallurgy (CIM). Under CIM definitions, historical proven reserves would be classified as “measured resources,” and
probable and possible reserves would be classified as “indicated and inferred resources.” The Company is not treating the reserve calculations as NI 43-101 defined resource or reserve verified by the Company’s Qualified Person. The Company’s Qualified Person, J. Kowalchuk P.Geo. has not verified assay results nor the resource calculations. These reserve calculations were prepared by reputable engineering firms and are thought to be reliable. These historical reserve calculations are relevant in defining a mineral inventory for property. No estimates have been made since that date. In addition, the mineral resource cannot be converted to mineral reserves without further drilling and engineering studies. This
historical estimate should not be relied upon.
SOX Property Drilling and VLF Mapping (50/50 Joint Venture Property)
In October 2006, the Companies mobilized drills onto the SOX Property. This helicopter–supported drill program was designed to test the down-dip extent of the Janet, John and Bullnose veins, which are visible on surface.
Drilling was interrupted by an assessment by the Ministry that the Magnum Camp was at risk from avalanche danger. After the avalanche engineering company Chris Stetham & Associates satisfied the Ministry that the risk from avalanches was low, drilling subsequently resumed. The Ministry required that a fully qualified avalanche technician be present in the camp in order to continue operations. Throughout the balance of the 2006 winter program, the risk of avalanche was never greater than low. The Magnum Camp has since been relocated to the site of the historic Churchill mill site. Approximately 800m of drilling was completed. Five of the seven holes intersected the surface veins at depth. Core was spilt and samples were sent to Acme Analytical Laboratories Ltd.
of Vancouver, BC (an accredited analytical laboratory), and were analyzed by multi-element ICP analysis
techniques. Samples greater than 10,000ppm were assayed using aqua regia digestion with atomic absorption finish. Drilling results from five holes are shown in the following table:
SOX Drilling Fall 2006
Diamond
Drill Hole
Core
Type
From
(m):
To
(m):
Apparent
Width (m):
Cu
(%)
Au
(g/mt)
Ag
(g/mt)
True width
(m)
SX06-01 AQTK 25.91 27.43 1.52 1.13 0.10 trace 1.25
SX06-01 AQTK 47.35 49.11 1.76 0.82 0.04 trace 1.40
SX06-04 NQ 69.87 71.02 1.15 2.98 0.15 trace 0.65
SX06-05 NQ 71.87 72.92 1.05 1.72 0.05 trace 0.52
SX06-06 NQ 72.63 73.20 0.57 6.51 Not assayed trace unknown
SX06-07* NQ 12.83 13.70 0.87 7.06 Not assayed trace unknown
SX06-07* was abandoned in progress and only partially sampled and assayed up to 13.70m.
These veins parallel a basic dyke with a 030 degree strike direction. The mineralization consists mainly of halcopyrite with minor bornite and pyrite within quartz-carbonate veins that intrude parallel shear zones within and on the margin of the dyke. These near vertical veins are only exposed on the steep banks of the stream.
Otherwise the veins are mainly covered by thick overburden.
Prior to drilling, mapping, surface magnetic and VLF electromagnetic surveys were completed over a strike length
of about 600m to pinpoint the extended strike length and position of veins under the soil cover. The VLF signal strengths on both ends of the projected mineralization extensions, indicate that the veins extend further in both
directions. It is estimated that the veins could be at least 1000 to 2000m in length, based on the geology of the
regional area. Further mapping, VLF work and drilling are planned for the future. Diamond drilling thus far indicates that the VLF strike positions strongly correlate with vein positions intersected in the drill holes. Further drilling on the SOX Property will continue at a later stage in order to test the potential of the John and Janet veins along strike as interpreted from the VLF surveys. In 2006, the cost for SOX drilling was $350,000, including the costs of setting up additional drill-pads that are to be utilized later in the season to complete the drilling of the property. The cost for VLF mapping was ~$150,000.
Missy Drilling (50/50 Joint Venture Property) The Missy veins, which consist of 4 (1-2m -wide) veins, are currently drill-ready on winter pads. The Missy forward camp and pads were established at a cost of ~$110,000. Drilling has been designed to test the four parallel structures. In 2006, Reza Mohammed, B.Sc., sampled the Missy veins. All of Mohammed’s samples were sent to Acme Analytical Laboratories Ltd. of Vancouver, BC (an accredited analytical laboratory), and were analyzed by multi-element ICP analysis techniques. Samples greater than 10,000ppm were assayed using aqua regia digestion with atomic absorption finish. Assay results revealed that all samples carried significant copper values ranging from 5.2% to 26.30% copper, as well as anomalous amounts of cobalt, zinc, nickel, gold
and silver. Images of the rock samples are available at: www.ariesresourcecorp.com or
www.actionminerals.com . These samples are all selected high grade samples and are not representative of the average grade of the mineralized zones. Systematic chip or channel sampling has not yet been completed. Anomalous amounts of cobalt, zinc, nickel, gold and silver and the large size of the structures continue to reinforce the IOCG OLYMPIC DAM model.
Missy Property Rock Sampling 2006
The qualified person responsible for the content of this release is John Kowalchuk P.Geo. For more information
contact Reza Mohammed at (604) 839-7392 or at info@fannybay.com.
On behalf of the Board of Directors of
ARIES RESOURCE CORP. &
ACTION MINERALS INC.
Reza Mohammed
Reza Mohammed, BSc.
President & CEO, Aries Resource Corp.
President & CEO, Action Minerals Inc.