The Powderhorn Lake and Gullbridge properties are in central Newfoundland,
and are held by Copper Hill Resources Inc., a St. John's, Newfoundland-based
private company. Champion is currently in the third year of the three year
option to earn a 70% interest in the Powderhorn Property and has been
granted an option to earn up to an 85% interest in the adjacent Gullbridge
Base Metals Property. The Powderhorn and Gullbridge properties’ VHMS-style
mineralization is hosted by the Roberts Arm Group, a regional geological
unit that hosts a number of world-class, past-productive massive-sulphide
orebodies; e.g., the Buchans and Gullbridge mines.
A 2007 synthesis report by Copper Hill’s J.H. Akkerman (Ph.D), discusses the
Gullbridge Property, which hosts several base-metal occurrences including
the past producing Gullbridge Mine (4.35 Mt grading 1.24% copper). From 1967
to 1972, Gullbridge Mines Ltd. processed 3 million tonnes 1.1% copper (Upadhay
et al., 1972) from stringer- and feeder-style mineralization. The report
states that remaining historic mineral reserves at the Gullbridge comprise
1.6 million tonnes grading 1.04% copper (Gullbridge Mines Ltd., 1971). The
report further states that an additional 90,000 tonnes grading between 1%
and 2% copper are present at the Southwest Shaft showing. The reader is
cautioned that all references to reserves or resources are historical in
nature, are non-compliant to current National Instrument 43-101 reporting
standards.
At the Powderhorn Property, diamond drilling has intersected up to 4% zinc
over 0.6 meters and 3.1% zinc over 5 meters (apparent thickness). Recent
exploration efforts by Champion have focused on lithological, alteration,
mineral zonation and geophysical features in an effort to vector exploration
efforts toward the assumed VHMS source of this mineralization. Understanding
of the regional geological setting has been enhanced by a June 2007
Newfoundland government airborne magnetic survey. Champion’s new geological
model suggests that the extensive sedimentary rocks located between the
stringer copper mineralization at Gullbridge to the northwest and Powderhorn
to the southeast is part of a regional syncline or graben within the Roberts
Arm Formation. The prospective horizons for disseminated, stringer, and
massive-sulphide accumulations could potentially lay immediately beneath the
sedimentary rocks.
The new geological model for the Gullbridge-Powderhorn area is remarkably
similar to that of the prolific Neves Corvo area of the Iberian Pyrite Belt
in Portugal, in both geological and metallogenics contexts. In Neves Corvo,
gravity surveying provided critical data necessary to delineate the
prospective horizons, eventually leading to the discovery of these
world-class base-metal deposits. Champion used a similar strategy by
performing a regional ground gravity survey over prospective areas.
Concurrently, Champion will synthesize existing mine geology data into a 3-D
model to compliment the interpretation of the gravity survey results. Target
areas identified from the gravity and magnetic surveys combined with
modeling results will be drill tested. |
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