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Andover Ventures Inc. has secured an option to acquire 60% of Full Metal Minerals Kamishak Property, a Cu-Au porphyry system, with particularly high gold grades. The property is located 40 km west of Kamishak Bay on the west side of Cook Inlet, approximately 440 km southwest of Anchorage, Alaska. The prospect is located in the Iliamna area where Northern Dynasty’s world class Pebble porphyry copper-gold deposit is being explored.
The property is comprised of 49 State of Alaska Claims, totaling 3,172 hectares of prospective land.
The target is a Jurassic dioritic intrusion which exhibits porphyry-style alteration and mineralization. An associated highly magnetic feature suggests the intrusion was sufficiently oxidized for porphyry copper-gold formation. Two mineralized breccias containing porphyry clasts have been discovered to date, as well as a diatreme cutting quartz diorite porphyry. Age dates collected by Full Metal suggest an Eocene age for the mineralization.
A previous operator completed 17 shallow core holes in the early 1990’s in one of the two breccia zones, named the North Breccia zone. Both disseminated and breccia pipe copper-gold mineralization consisting of chalcopyrite, pyrite and magnetite was discovered. Wide zones of mineralization up to 75 meters in thickness contained >0.35% Cu and >1 g/t Au plus narrower zones of >1.0% Cu and 12.0 g/t Au. Select intercepts include 1.0 g/t Au and 0.37% Cu over 59m and 0.6 g/t Au and 0.44% Cu over 71.6m. This drilling may have been drilled parallel with the breccia body, and the structure may have been displaced by faults and both the north and south ends.
The primary target is an intrusive-related breccia pipe hosting copper-gold mineralization. A previous operator completed 17 shallow core holes in the early 1990s in one of the two breccia zones. Highlights of historic drilling include:
- 50.0 meters of 1.32 g/t gold and 0.22% copper
- 21.3 meters of 0.85 g/t gold and 1.08% copper
- 3.05 meters of 12.6 g/t gold and 0.49% copper
The property is located 20 km west of tidewater, and 80km south of Northern Dynasty’s Pebble Deposit. Kamishak is approximately 440 km southwest of Anchorage, Alaska
In 2005 mapping and sampling completed by Full Metal identified extensions to the breccia to the south; interpretation of the historic drilling suggests that the breccia is open for expansion to the west and east and to depth.
The 2006 program will consist of a minimum 750 meters of diamond drilling and additional surface exploration. The initial phase will focus on expanding the extent of known mineralization identified in historic drilling.
Andover Ventures is earning a 60% interest in the Kamishak property from Full Metal Minerals by incurring exploration expenditures of $US2 million over four years including $US300,000 during 2006. Andover must also make cash payments totaling $US 80,000 and issue 525,000 shares over the four year option term. Full Metal will manage the exploration program for a 10% management fee.
The area of this prospect is underlain by a Jurassic-aged biotite-hornblende quartz dioritic porphyry that intrudes a hornblende gabbro body.
The westernmost breccia is about 30-to-50 meters wide and cut by a narrow malachite-stained fault zone and by many smaller sulfide and magnetite-rich veins.
The second mineralized breccia zone is a pipe-like body measuring 150-by-75 meters and extends to at least 75 meters in depth. Copper mineralization is disseminated and in veinlets. Locally there is abundant biotite, strong silicification, and the presence of sericite-pyrite, and chlorite alteration.
The zone appears to dip steeply to the northwest and may be truncated by one or more north-south faults. Regional magnetic data indicate the breccias occur entirely within a large (2500-to-3300 meter in diameter) magnetic high.
The Kamishak breccias are situated on the eastern margin of this feature.
A previous operator completed 17 shallow core holes in the early 1990s into one of the two breccia zones. Both disseminated and breccia pipe copper-gold mineralization consisting of chalcopyrite, pyrite and magnetite were discovered. Wide zones of mineralization up to 75 meters in thickness contained in excess of 0.35% copper and over 1 g/t gold.
To view North Breccia Drilling Summary click here
To view historical Drill Results click here |
