Projects

Grizzly, BC

Property Status

Inmet optioned the Grizzly in early 2008, committing to conduct $5 million in exploration over 4 years and staged cash payments totalling $250,000 to earn a 51% interest in the project in 2008. Inmet will fund a two phase program of mapping, prospecting and IP geophysics to outline targets for drilling in a second phase program in the fall.

The Grizzly Showing is hosted in rocks compositionally similar and thought to be age-equivalent to the Copper Mountain Plutonic Suite associated with mineralization at the Galore Creek copper - gold deposit. A 2006 chip sampling program re-sampled previous trenches and filled in large areas not previously sampled, yielding a 38.0 metre interval of 1.1 g/t gold, 0.74% copper and 3.4 g/t silver in one trench. The exposed dimensions of the Grizzly Showing are approximately 350 metres long by 50 to 100 metres wide. Soil sampling by previous workers indicate this showing is contained within a one square kilometre of anomalous copper, gold and molybdenum results.

The Grizzly Showing is 52 kilometres east of Novagold/Teck Cominco's Galore Creek Deposit and only four kilometres from the proposed Galore Creek access road.

Property Overview

The Grizzly property is located 50 km east of Teck Cominco/Novagold's Galore Creek Project (748.9 Mt of 0.52% Cu and 0.30 g/t Au) in northwest British Columbia. The partially constructed Galore Creek access road passes within four kilometres of the Grizzly project. In addition to the road, plans for an extension of the electrical grid into the region could provide a huge benefit to area projects.

With potential for aggressive infrastructure development in the region the prospects for the Grizzly Project is greatly enhanced.The Grizzly is high grade alkalic porphyry prospect in a prolific mineral district that has yet to be drilled.The immediate area centred on the showing shows great promise, however, the robust mineralizing system indicated over a 7 km trend contains numerous targets and it is expected to reveal many more as work progresses in 2008.

Maps

Click to enlarge.

Highlights

• Copper/gold porphyry target located 4 km from Galore Creek project access road (currently under construction) that will greatly enhance project logistics and infrastructure once completed.
• Strong copper and gold results from surface chip sampling from trenching program. Results include 38.0 metres averaging 0.74% copper and 1.1 g/t gold.
• Geological setting, volcanic host rock geochemistry, regional magnetics, hydrothermal alteration and high gold/copper metal ratio similar to that found at Teck Cominco/Novagold's Galore Creek deposit, 50 km to the west.

The Grizzly copper-gold porphyry target shows many similarities to productive Cu-Au alkalic porphyry systems and in particular Galore Creek. Features in common with Galore Creek include its geological setting, volcanic host rock geochemistry, regional magnetics, hydrothermal alteration and high Au/Cu metal signature. The Grizzly is largely covered by glacial till and vegetation, but soil geochemical sampling by previous workers outlined a one kilometre square area highly anomalous in copper, gold and molybdenum that remains open in three directions. Within this area, Kiska resampled old trenches returning wide copper and gold bearing intervals such as 38 metres averaging 0.74% copper, 1.1 g/t gold and 3.4 g/t silver. To the northeast, soil sampling highlights a 1.0 by 2.5 km area of anomalous geochemistry at the Mirko Grid. A source for the Mirko Grid molybdenum, gold and copper anomaly has yet to be investigated.