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 - Puella Bay Option

 



Deposit Types
Base metal massive sulphide mineralization hosted within a sequence of volcanic rocks and exhalites are indicative of volcanogenic massive sulphide type base metal mineralization (“VMS”). Detailed examination of the numerous trenches exposing highly altered felsic volcanic rocks mineralized with sphalerite, chalcopyrite and pyrite mineralization indicates the presence of a widespread hydrothermal system that was capable of producing an economic base metal massive sulphide-type deposit. This deposit type is representative of Flin Flon-Snow Lake belt VMS deposits including the Discovery Zone at Reed Lake.

Current Activities on the Property

The Company reported a 1,202 metre drill program in 2009, designed to test 4 targets developed from airborne geophysical surveying and obtain geological information in areas of the property with poor outcrop exposure. This drill program intersected extensive VMS deposit type alteration with minor chalcopyrite and sphalerite in the southern portion of the property. As a result of the drill program, 25 additional claims were added. These claims, more than doubled the size of the Puella land package and covers over 30km of the eastwards extension of the Puella felsic complex that hosts the extensive VMS type alteration.

Holes 1 and 2 tested two geophysical conductors under the lake at the north end of the property. The holes intersected layered siltstones, argillite, graphitic argillite and a felsic rock of unknown affinity. The conductor appears to be related to the graphitic argillite, however, the targeted contact between the argillite and the altered felsic rocks, expected from the geological maps, was not intersected and most likely overshot due to deeper than expected water and overburden.

Hole 3 was drilled to test a VTEM anomaly along strike from historical prospector trenches that contain the minerals sphalerite (zinc sulphide), chalcopyrite (copper sulphide) and galena (lead sulphide). The hole intersected approximately 300 m of altered and pyritized felsic volcanic rocks. The alteration mineral assemblage included pervasive sericite, biotite and pyrite; locally, there are minor amounts of sphalerite, chalcopyrite, galena and arsenopyrite in late veins that cross cut the early synvolcanic alteration. Though the alteration appears to be intensifying down hole, there is no definable target at this time and therefore the hole was abandoned in altered rocks.

Hole 4 was located approximately 300m east of hole 3 and also drilled towards the west. The hole was designed to test a geophysical anomaly and to intersect the contact between the unit of altered rocks intersected in hole 3 and the unaltered rocks containing the VTEM anomaly. The drill hole was collared into unaltered felsic volcanic rocks and the alteration gradually increased towards the bottom of the hole. No conductor was identified in the hole to explain the airborne geophysical anomaly, and so further evaluation of this area will be undertaken ahead of the next phase of exploration.

Geochemical analyses of drill core in the government archives returned 1.4 g/t Au and 4 g/t Ag from a section of chemosedimentary rocks (exhalite).

The Company completed a VTEM airborne geophysical survey of the area staked in 2009 covering the large area staked on the eastern boundary of the claims to cover the eastern extension of prospective geological units identified on the original claim block. This report is pending for submission. The modelling of airborne geophysical survey data was completed by Condor Geophysics of Denver, Colorado, and a report was completed and submitted to the Mines Branch. A ground-based geophysical survey covering approximately 40 line km over an area roughly 1.3 km by 3.8 km was undertaken to test for deep conductors within, and at the margins of, this large alteration zone.

Future Activities Contemplated for the Property
Raw geophysical data have been interpreted to produce a series of priority geophysical responses. These picks have been followed-up with a reconnaissance Mobile Metal Ions soil geochemical survey that is completed. This survey was undertaken to assess the anomalous geophysical responses from the VTEM survey for elevated base and precious metal contents and to help prioritize drilling targets.

Two diamond drill holes were completed on VMS Venture’s Puella Bay property in March of 2012. A total of 957.0 m were drilled to assess EM geophysical anomalies. The two-hole drill program at the Puella Bay Property focused on assessing the potential for base metal massive sulphide type mineralization as suggested by the results of airborne VTEM surveys. The drill holes put down in this program failed to explain the source of the VTEM anomalies being tested. Low assay results were obtained.

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