A comprehensive USGS Geological Bulletin on the Murray area can be downloaded on the following link: USGS PUBLICATION – Geology of the Murray Area. Past exploration work in the 1970’s consisting of ground magnetic surveys disclosed a very strong magnetic anomaly near the Murray Peak fault. This evidence, along with the outcrop of silver and copper mineralization along a cliff wall, led to the discovery of the deposit. The Murray Peak fault, a major geologic feature of the project, is believed to be the feeder of mineralizing solutions for copper, silver and a byproduct amount of gold. Because payable amounts of gold is not often present in these types of regional bedded deposits, it is hypothesized that the gold mineralizing event may have occurred at a later time than the copper and silver.
After several rounds of drilling by different companies, a historic resource estimate of copper/silver mineralization at the Niagara was completed resulting in a total indicated and inferred resource of 17.8 million tonnes grading 15.5 grams/tonne and 0.39% copper. Gold was not included in this resource estimate. Investors and other parties should note that this resource estimate is not compliant with current resource estimation standards such as N.I. 43-10. The Company is currently planning added drilling to confirm the existing resource as well as determining the full extent of the deposit in the Upper Revett formation. An additional goal is to firm up the potential gold grades. Future drilling plans and a Plan of Operation are being written that will be submitted to the U.S. Forest Service for approval. Fortunately, the Niagara Project Area has a substantial, existing, usable road network which should aid in the permitting of future drill pads and keep new disturbance to a minimum.
In addition to confirming the substantial historic resource, the strike extent of the mineralized zones is open to the east for several thousand feet. Also, the existing resource is confined to one of the upper beds of the Revett quartzite formation, and the highly favorable beds of the Lower Revett remain untested. Several of the future drill holes will be planned to extend down into the Lower Revett zones for testing. Finally, the full economic potential of the Niagara deposit could be enhanced by determining the extent of the gold by-product potential.