Figure 1: British Columbia properties location map
Figure 2: Properties relative to Cascade Arc
Figure 3: Cu-Au-Mo resources by geological age
Miocene Metals' seven properties cover in excess of 1,400 square kilometres in south-western British Columbia (Figure 1). The property portfolio comprises three advanced and four grassroots stage properties. MacKenzie (Cu-Au), Rogers Creek (Cu-Au) and Salal (Mo-Re-Ag) are the focus of exploration. Rogers Creek and MacKenzie are recent discoveries with significant surface exposures. All properties have drill ready surface targets where the principal objective for 2012 is to bring at least one of these properties to resource drilling stage in 2013. The four grassroots properties are gold-base metal vein properties where the principal objective in 2012 is develop drill targets on at least one property for testing in 2013.
The Company's property portfolio is located along a 250 kilometre segment of the Cascade Magmatic Arc (Figure 2), a belt of Tertiary (<65 Ma) and younger intrusive and extrusive rocks, which stretches from Northern California up to the southern end of the Alaska Panhandle.
The Cascade Magmatic Arc formed as a result of the subduction of various Pacific Ocean plates, transform faults and ridges beneath the nascent North American continent over the past 65 million years. This process was identical to the formation of Tertiary-aged porphyry Cu-Au-Mo belts in Chile, Peru, the United States and Indonesia. The majority of the Cu, Au and Mo resources being mined in the world today come from similarly-aged belts of porphyry intrusions (Figure 3).
In the United States, this belt of rocks has produced mineral deposits approaching giant size, such as Quartz Hill (1.6 BT of 0.127% MoS2) in Alaska, and Glacier Peak (1.7 BT @ 0.334% Cu and 0.015% MoS2) and Margaret (597 MT @ 0.465% Cu-Eq.) in Washington State (all historic resources).
What is surprising is that very large or giant deposits have not been found in the Canadian segment of the Cascade Arc although the geology and subduction processes are the same on both sides of the international border. We believe that our property portfolio has excellent potential for discovery and we look forward to unlocking that potential.
The "logging road" discovery of mineralized outcrops at Rogers Creek and the mountainside prospecting discovery of MacKenzie in 2003 have provided strong support for Miocene's idea that the Cascade Magmatic Arc in Canada is still under-explored and not well documented. Early exploration successes by Miocene at Rogers Creek and MacKenzie have shown that we were right and recently led to a substantial increase in the size of our MacKenzie property.
Miocene Metals' seven properties occur in an area of British Columbia that has excellent road, railroad, power, water and human resources. Only two of the properties, Salal and Mackenzie are located greater than 30 kilometres from paved highway, and single or double track railroad but these properties are located within 40 kilometres of hydro-electric power dams; All properties are within three to four hours drive from the Port of Vancouver.
All properties are on First Nations' Traditional Territory and all First Nations have been receptive to the ideal of economic development. Miocene recognises First Nations' territorial rights and actively engages with First Nations communities for our mutual benefit.