Yava Property, Canada
Location and Description
The Yava Property is in the Mackenzie Mining District, Territory of Nunavut, approximately four hundred and fifty kilometers northeast of Yellowknife. The Yava Property consists of one mining lease of 1,304 hectares and 16 unpatented mineral claims that in the aggregate cover 4,449 hectares.
Yava Key Highlights
The Yava Property envelopes four known base and precious metal occurrences mid-way along the length of this greenstone belt.
The north end of the Hackett-Back River greenstone belt hosts the Hackett River base and precious metal resource currently being held by Glencore. Glencore (Xstrata) paid $50 million for the Hackett River project. According to Xstrata’s December 31, 2012 report, Hackett River’s resource estimate includes 25 million indicated tons of 4.2% zinc, 0.6% lead, 0.5% copper, 130 g/t silver and 0.3 g/t gold as well as 57 million inferred tons of 3.0% zinc, 0.5% lead, 0.4% copper, 100 g/t silver and 0.2 g/t gold.
Known metal occurrences at the Yava Property, the Hackett River occurrence and the Musk occurrence are at or near the interface between uppermost felsic volcanic rocks of the greenstone belt, and overlying sedimentary rocks.
The Yava mining lease includes 9 km of northwest-trending strike-length along the aforementioned volcanic-sedimentary rock interface. Three of the mineral claims are contiguous with the mining lease and cover this strike-length for 2.5 km to the southeast. Five of the mineral claims cover, although not continuously, a 25 km northwest extension of this strike-length. The other eight mineral claims cover volcanic rocks in the footwall of the volcanic-sedimentary rock interface.
Brascan Resources Ltd. estimated that the Yava Main Zone contained 1.3 million tons of 4.96% zinc, 1.03% copper, 1.60% lead, 3.42 oz/t silver, and 0.008 oz/t gold to a depth of 300 feet (Salaken, March 15, 1976).
Jonathan Gagne, P. Eng, is a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for our website. Mr. Gagne is not independent of the Company.
Cautionary Statement on Historical Resource Estimate
This estimate predates N I 43-101 and constitute a historical estimate under that policy. However, based on the definitions of Mineral Resources and Mineral Reserves used in NI 43-101, Brascan’s 1976 estimate is comparable to an Inferred Mineral Resource that is inferred from geological evidence, but not confirmed because data from outcrops, trenches, pits, and widely-spaced shallow drill holes, are limited. Dr. Hodder, the NI 43-101 author, was not able to identify assumptions and parameters used in the Brascan resource estimation and neither Dr. Hodder nor the Company are treating this historical estimate as current Mineral Resources under NI 43-101. Historical estimates should not be relied upon.