Location and Access
The Coppercorp Property is located approximately 90 kilometres north of Sault Ste. Marie, Ontario. Access to the property, a one hour drive north of Sault Ste. Marie, is by means of paved Highway 17 (Trans-Canada Highway). A network of gravel logging roads provides easy access to much of the interior of the property. Infrastructure is excellent, including nearby water and electricity in addition to the above mentioned road access.
Project Summary
The 50 km2 property covers the past producing Coppercorp Cu-Ag-Au mine that produced 24 million lbs of copper, 2,000 oz of gold and 240,000 oz of silver from copper-rich quartz-calcite veins and vein breccias between 1965 and 1972. While the discovery of additional copper-gold and silver mineralization in such veins is probable, the potential also exists for a bulk tonnage iron oxide copper gold deposit associated with coincident magnetic and gravity highs to the east of the old minesite.
Land Status
Nikos holds a 100% undivided interest free of underlying royalties in 15 of 38 claims comprising 35% of the surface area of the property. The remaining claims are covered by an option agreement whereby Nikos may acquire a 100% interest from the Batchawana group of prospectors under the following terms:
a) 300,000 units (issued) at a value of $30,000 and a cash payment of $24,000 (paid). Each unit is comprised of one common share and one-half share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share for a price of $0.30 for a period of two years;
b) An additional 200,000 common shares (issued) of the Company and a further cash payment of $24,000 (paid) on or before May 11, 2005; and
c) An additional 200,000 common shares of the Company and a final cash payment of $24,000 on or before May 11, 2006.
Nikos also agreed to incur a minimum of $100,000 in work expenditures in each of the three years ending December 31, 2004, 2005 and 2006. Claims covered by the property are subject to a 3% NSR, half of which may be purchased for $1.5 million.
Geology and Mineralization
The Coppercorp Property covers a large portion of the Keewenawan volcanic-sedimentary package exposed on the eastern shore of Lake Superior.
Three discrete targets are present on the property:
Most of the work on the property to date has concentrated along the “mine trend”, an approximately five kilometre long magnetic high that trends northwest across the property sub-parallel to the regional stratigraphy. Surface rock sampling along this trend resulted in 22 samples grading more than 1% copper, and up to 5.36g/tonne gold and 142 g/tonne silver.
Copper mineralization is hosted by basalt and occurs predominantly in quartz-carbonate veins and vein breccias. Chalcocite is the dominant copper mineral, and is often associated with specular hematite. Bornite is locally common, sometimes occurring together with the chalcocite, but chalcopyrite is rare.
Induced polarization surveys over a 2.2km portion of the mine trend resulted in several chargeability anomalies subparallel to the northwest-southeast trending stratigraphy. The longest anomaly extends over 1,600 metres, with minor fault offsets, and is coincident with a MMI copper in soil anomaly over 600 metres.
These anomalies were tested by a six hole, 1,000 metre drilling program during April 2005, the first drilling program to be undertaken on the property in over 30 years. Significant chalcocite mineralization in Hole CP-05-05 assayed 1.62% Cu and 5.3g/t Ag over a true width of 17.8 metres that included 9.49% Cu over 1.85 metres. High grade copper mineralization with significant silver and gold assayed 11.96%Cu, 101g/tonne Ag and 1.12g/tonne Au over 1.18 metres in Hole CP-05-03.
Click here for complete highlights of the program.
Copper mineralization occurs in five of the six holes, and is dominated by chalcocite and native copper with lesser malachite and bornite. Calcite veins and quartz-calcite vein breccias within basalt are common hosts of the mineralization, although chalcocite and native copper also occur as disseminated grains and veinlets in basalt and conglomerate.
While the vein mineralization is structurally controlled, there is also a strong stratigraphic control. The mineralization is commonly found at, or close to, the contact of the host basalt and overlying conglomerate, an association that is also apparent in the IP data, where chargeability anomalies occur near the contacts. This suggests that the conglomerate acted as a trap for hydrothermal fluids ascending along faults & fractures in the basalt.
Potential
Results to date indicate the potential for structurally controlled copper ± silver ± gold mineralization along the Mine Trend lineament over the width of the Coppercorp property. Drilling is ongoing to test targets along this trend.
Nikos is also exploring the regional magnetic high and associated gravity anomaly that occurs to the east of (stratigraphically below) the mine trend mineralization. It is believed that these anomalies may overlie intrusion related mineralization of which the vein related mineralization is a near surface expression. A bulk tonnage deposit of the Iron oxide copper-gold type is the target in this area and surface work continues to assess the potential.
Links
December 15, 2005 - Nikos Completes 6 Hole Drilling Program and Geophysical Surveys at Coppercorp
September 30, 2005 - Nikos Finds More Copper at Coppercorp
July 26, 2005 - Coppercorp Diamond Drilling Program Underway
June 8, 2005 - Corrections to News Release Dated June 7, 2005
June 7, 2005 - Nikos Intersects 17.8 metres of 1.72% Copper at its Coppercorp Project
Apr 18, 2005 - Coppercorp Diamond Drilling Program
Mar 3, 2005 - Results of Geophysical Surveys on Coppercorp Property
Technical Report: Geology and Exploration of the Coppercorp Property, Sault Ste. Marie Mining Division, Ontario. March 23, 2004
Results: Coppercorp Drilling
