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|  |  Carruthers Pass is located in central British Columbia, approximately 70 kilometres south of the Kemess gold-copper mine and 200 kilometres north of Smithers. The property is under option to Cariboo Rose from Phelps Dodge Corporation of Canada. Carruthers Pass is a volcanogeic massive sulphide target discovered by Phelps Dodge in 1997 and explored by them between 1997 and 2000. The property consists of 130 mineral claim units covering 3250 hectares. Geology Claims were staked at Carruthers Pass following the release of a National Geochemical Silt Survey in 1997 which indicated that several streams draining the area were highly anomalous in base metals, particularly copper. Evaluation of the claims resulted in the discovery of a block of massive sulphide, measuring several square metres, protruding form a talus apron. This discovery was subsequently interpreted to be a large boulder. Material from the boulder, when analyzed, returned significant values in copper, zinc, silver and gold. A series of samples from this exposure excerpted from a March 2001 summary report of Phelps Dodge:
Six diamond drill holes were completed in 2000 to test the area above the boulder where a layer of massive sulphide was found to be outcropping (from two sites). While the initial drilling failed to intersect economic mineralization, it did encounter significant thicknesses of pyritic volcanoclastic sediments with anomalous base metal and silver values. Soil and talus fines sampling completed by Phelps Dodge indicate that the geochemical signature of the mineralization can be traced along strike for approximately six kilometres in a roughly east-west orientation. In 2005 four diamond drill holes were completed in several areas without notable results. A reconnaissance geological program costing $130,000 was completed by Hawthorn Resources Ltd. Status Under the terms of the agreement with Phelps Dodge, Wildrose may earn a 100% interest in the Carruthers Pass property by completing $750,000 in exploration and issuing shares in Cariboo Rose valued at $100,000 to Phelps Dodge before the sixth anniversary of the agreement. Phelps Dodge retains a back-in privilege to earn back a 60% interest by incurring exploration expenditures that are the greater of 200% of Cariboo expenditures or $1,500,000 up to 90 days past the sixth anniversary. Phelps Dodge may earn an additional 10% interest by completing a feasibility study within three years of earning its back-in interest. Should Phelps Dodge elect not to exercise its back-in privilege it will be entitled to a 2.5% net smelter royalty that may be reduced to 1% by payment of $1,500,000. An option agreement was completed in early 2006 with Hawthorne Resources Ltd. They may earn 60% in the property from Cariboo Rose by making payments equivalent to $140,000 in cash or shares and completing $1M in exploration expenditures by 2011. In 2006, Hawthorne completed a surface mapping and prospecting program costing $130,000. Access The property is located 29 km off both the power line to the Kemess Mine and the Omineca road. Access is currently by helicopter from nearby towns. Maps
Technical Document CarruthersPass NI43-101 (pdf) | |
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