The mine closed in 1982 due to low copper prices ($0.60 at the time). Fragmented ownership since the 1980s prevented development of the project. Nicola recently succeeded in consolidating ownership in November 2015 and has actively conducted exploration since.
The Company has been exploring the property over the past three years. This work includes 10 498 meters of diamond drilling and 1 869 meters of RC drilling as well as induced polarization ground surveys in addition to property scale mapping.
During Q4 2018 and Q1 2019 the Company will complete an extensive RC Drilling program on the wastepiles with the intention of providing a resource estimate to further augment the diamond drilling program. The Company will also provide 2018 Exploration summaries for exploration in the Craigmont Central, Craigmont West, Northwest and East Promontory and the Marb Zone.
An airborne survey was conducted over the Thule Copper Property in 2012 by SJ Geophysics Ltd. Memorandum dated December 20, 2012. A technical report on the Thule Copper Property mining leases mineral claims titled “Technical Report on the Thule Copper – Iron Property in Southern BC” was prepared in May 2013 by Jim Cuttle, B.Sc., qqP. Geo. The report was filed under the company’s profile on SEDAR at www.sedar.com on May 8, 2013.
Craigmont Central, which includes the Mineralized Halo; and the historic Wastepiles. Craigmont West, which is a fault off-set extension of the historic Craigmont Mine. Northwest Promontory and East Promontory Porphyry Targets, and Marb Zone Porphyry Target.
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2019 IS EXPECTED TO BE A BREAKTHROUGH YEAR ON EXPLORATION
Boundary outline of Mineral Claims Tenure
The Craigmont Mining lease lies within the New Craigmont Property over the historic open pit and mine terraces, an area of 347 ha. The Merritt Mill is located on the property and benefits from being connected to the BC power grid.
The New Craigmont Property is accessible by paved road-13 km from the city Merritt, British Columbia. Its excellent infrastructure, comprises of paved and dirt roads through out the property, as well as numerous tracks, allowing easy access to all areas of the property.
Regional Geological Setting
The New Craigmont Property is located on the eastern margin of the prolific Quesnel Trough island-arc terrane, which hosts a significant number of British Columbia's major copper districts.
The Upper Triassic volcanics and sediments ( Nicola Group) are laterally the most extensive group. These are intruded by Upper Triassic -Lower Jurrasic batholiths, of which the Guichon Creek batholith and Iron Mask batholith are the most important from a metallanogenic perspective. These batholiths host world-class porphyry deposits, namely Teck's Highland Valley Copper Operations and New Gold's New Afton Mine. Lower-Middle Jurassic sediments are seen more distal to these batholiths. A late Cretaceous volcanic belt (Spences Bridge Group), dominates the west of the property. This belt is known to contain epithermal-style gold mineralisation. Large N-S trending faults have considerable displacement, the most significant of which are the Guichon Creek Fault and Lornex Fault, which are east and west of the New Craigmont Property, respectively. Deposition of Eocene volcaniclastics (Princeton/Kingsvale Group) is controlled by paleotopography. More recent (Miocene to Holocene) volcanism is generally of little economic interest.
The historic Craigmont mine partially exploited the copper-magnetite skarn mineralisation located within the contact aureole of the Upper Triassic Guichon Creek batholith with the Upper Triassic Nicola Group volcanics.
The New Craigmont Property is bounded to the east and west by two large faults, the Guichon Creek Fault and Lornex Fault, respectively. Late Cretaceous volcanics (Spences Bridge Group), west of the property, is partially offset along the Lornex Fault. Eocene volcaniclastics (Princeton/Kingsvale Group) overly the contact between the Guichon Creek batholith and southeast of the property. The historic Craigmont mine partially exploited the copper-magnetite skarn mineralisation located within the contact aureole of the Upper Triassic Guichon Creek batholith with the Upper Triassic Nicola Group volcanics. (Craigmont local geology BCGS.png)
The property covers the southern intrusive contact of the Guichon Creek batholith and the Nicola Group volcanics and volcaniclastics. The intrusive contact is host to the Craigmont skarn deposit, which is known to have mined and milled between 33-36 million tonnes of high grade ore. During it's production it is estimated to have recovered 887.8 million lbs of copper, 1.4 million kg magnetite and minor amounts of gold and silver.
An additional 13 showings of copper mineralization of both skarn and porphyry-style are located on the property. Review of the historic work has indicated that these showings remain largely underexplored, with limited drilling on 3 of these showings.
Reconnaissance geological mapping conducted in 2016 & 2017 mapped the Guichon Creek batholith around the Titan Queen showing and Nicola Group east of the Betty Lou showing (Craigmont local geology.png). This was the first broad reconnaissance mapping since mine closure. The most significant outcome was the identification of the extent of the hydrothermal alteration of the Guichon Creek batholith and the Nicola Group
Airborne Magnetic Survey
An airborne magnetic survey was conducted over 8725 ha of the New Craigmont Property in 2012 to identify large magnetic areas, that geophysically resemble these ore bodies. This survey, conducted by Scott Hogg & Associates Ltd., used a Heli-GT system which measures magnetic gradients, instead of these gradients being calculated. The results of this survey produced high resolution and accuracy of magnetic data. Interpretations of this data was conducted by a third party, SJ Geophysics, which identi
fied 6 major magnetic anomalies (A-F), the majority of which remain untested.