100% Ownership of Iliamna Consolidated; Geochemical Sampling Program Completedadmin
September 2, 2008 Filed Under: Copper Mining, Precious Metal
Geocom Resources Inc. and TNR Gold Corp announce the transfer of ownership of Iliamna from BHP Billiton such that Geocom and TNR shall hold 100% legal title to the Property.
In 2003 TNR granted an option to Geocom and the Company subsequently earned its 51% interest in the Iliamna Project’s D Claims block and a 75% interest in the H Claims block that together comprise the Iliamna Project. Geocom and TNR have agreed to combine each Company’s respective interest to consolidate ownership and facilitate future exploration and development activities.
A district-level geochemical sampling program has been completed to enhance the successful drill results achieved in 2003, 2004, and 2006 drill campaigns, and to identify new drill targets in conjunction with available magnetic, resistivity, and IP chargeability data. The Companies utilized sensitive deep-looking geochemical techniques that have proven successful at delineation of copper-gold anomalies elsewhere in Alaska and at the Pebble deposit. With the recent success at the Pebble deposit and attention paid to exploration potential of the area, Geocom and TNR are optimistic that value-added exploration efforts will aid delineation of drill targets to supplement the previously successful drilling, which encountered copper-gold mineralization in disseminated and veinlet form in intrusive rocks.
The Iliamna property covers 412 sq km of land approximately 100km from the highly-visible Pebble deposit held by Northern Dynasty Minerals Ltd. The Pebble deposit contains an indicated mineral resource of 31 million ounces of gold and 18.8 billion pounds of copper. Initial target definition at Pebble occurred in areas covered by glacial overburden and/or Tertiary volcanic rocks, as is the case at the Iliamna Project. In 2000, Rio Algom carried out an airborne magnetic survey, reconnaissance geology, and IP/Resistivity surveys. These surveys led to the successful identification of several geophysical anomalies, including the Iliamna Project. The airborne magnetic survey successfully outlined three regional anomalies: the Pebble intrusive complex, the Nushagak anomaly, and the Kvichak anomaly, which includes the Iliamna property. Following the regional geophysical programs, site-specific IP/Resistivity Surveys targeted and successfully located several anomalies that are similar in size and characteristics to the Pebble deposit. Subsequent drilling encountered copper-gold mineralization in an intrusive setting at Iliamna’s H Claims.