Properties
Passport Metals is pleased to announce our two-phase exploration of this property. Pre-existing exploration of this site has been completed with successfully results. Full documentation is provided in our Maroon Report pdf, while a brief summary is immediately available here
Summary
Passport Metals (PPI-X) is exploring the Maroon Project for its auriferous polymetallic vein potential. The 1730 hectare Maroon Property lies kilometers north of Terrace, British Columbia. Though secondary logging roads reach to within 2 kilometres of the property, the rugged topography necessitates the use of helicopters to reach the main showing areas.
Passport Metals can earn a 100% interest in the Maroon property, subject to a 2.5% NSR royalty, by making payments of $105,000, issuing 300,000 common shares and completing a total of $1,000,000 in exploration expenditures over the next 3 years.
The historic exploration of the present Passport Metals Maroon property, completed by several individuals and corporations over the last 90 years, has been successful in locating the Bear vein system, an 1800 metre auriferous, polymetallic vein system. Most of the historic effort has been directed toward the section of the Bear Vein system known as the Bear occurrence, which was developed by three adits and several surface pits and trenches. Two mineralized lenses have been identified within the Bear occurrence: the southwest lens (168 metres of 8.98 gram/tonne gold over 1.43 metres) and the northeast lens (140 metres of 21.93 grams /tonne gold over 1.24 metres). The remainder of the 1800 metre long Bear Vein system has not been explored to the same extent as the Bear occurrence.
The limited sampling completed in August 2007 has confirmed the earlier historical sampling results in the areas tested.
A two-phase, success contingent program of surface exploration and initial diamond drilling, followed by further diamond drilling is recommended to continue with the exploration of Bear Vein system on the Maroon property.
Phase one has a two-pronged thrust. The initial thrust is surface exploration that will consist of mapping, prospecting and sampling of all known workings, including adits, pits and trenches. This thrust will also include a soil geochemistry grid over the entire 1800 metre strike length of the Bear Vein system. The second thrust of Phase I will be an initial 1000 metre diamond drilling program. The 1000 metres will be aimed at evaluating the down extensions the two known mineralized sections in the Bear Vein system. The surface exploration is budgeted at $75,000 and the initial 1000 metres of diamond drilling is budgeted at $180,000 total phase I budget of $255,000.
A successful conclusion to Phase I will initiate Phase II. Phase II will consist of a further metres of diamond drilling at an estimated cost of $275,000.
| Soil Geochemistry and Resampling | $ 75,000 |
| Diamond Drilling (1000 m) | $180,000 |
| $ 255,000 | |
| Diamond Drilling (2500 m) | $ 380,000 |
| Total Budget | $ 635,000 |