Aldever Resources Inc. has entered into an option agreement with Lions Gate Metals Inc. to acquire a 100-per-cent interest, subject to existing royalties, in the Poplar copper-moly property in central British Columbia. The Poplar Copper-Moly property covers an area of 67,862 hectares in the Omineca Mining Division, in the central interior of British Columbia, 50km south of the town of Houston. The project is a copper - molybdenum porphyry associated with the Late Cretaceous Poplar intrusive stock. The Huckleberry Mine located approximately 35km southwest of the property, produces copper and molybdenum from a deposit of similar age and geological setting.
The property is underlain by andesitic volcanic rocks of the Cretaceous Kasalka Group. These rocks are in faulted contact to the northeast with calc-alkaline rocks of the Telkwa Formation of the Lower Jurassic Hazelton Group. The Kasalka Group rocks have been intruded by stock-like bodies attributed to the Lower Cretaceous Bulkley Plutonic suite. Outliers of the volcanic Eocene Ootsa Lake Group overlap the Kasalka and Bulkley Plutonic Rocks. Zones of alteration and sulphide mineralization associated with these intrusions have resulted in the formation of the Poplar porphyry copper - molybdenum deposit.
The status of the Poplar copper - molybdenum deposit is one of active development. Since the drilling of the discovery hole in 1974 the property has gone through successive stages of exploration and development drilling resulting in the publishing of a historical resource estimate in 1982. In 2011 Lions Gate drilled 42 diamond drill holes on the property totaling 16,483 m.
In 2012, G. H. Giroux, MASc., P. Eng. estimated the resource present on the property. A three dimensional solid was constructed to constrain the mineralized area, using a 0.1 % Cu grade shell as a guide. Large internal waste zones were modelled as were some larger post mineral dykes. Of the total data base 129 drill holes totaling 37,205 m were within the mineralized zone and were used to estimate the resource. Drill holes were compared to the mineralized solid and assays were tagged if inside.
In a NI 43-101 technical report prepared for Lions Gate Metals Inc., entitled "2012 Resource Update on the Poplar Deposit" (the "Lions Gate Metals Report"), copper, molybdenum, gold and silver assays within the mineralized solid were capped at 1.4 % Cu, 0.14 % Mo, 0.34 g/t Au and 41 g/t Ag. Five metre composites were formed and used for variography. For this estimate, and to aid with some preliminary planning, the blocks were reduced to 5 x 5 x 10 m in dimension and were estimated for Cu, Mo, Au and Ag by ordinary kriging. The historical resource is classified as Indicated and Inferred based on each block's proximity to data and the grade continuity. At a 0.20 % Cu cut-off within the mineralized solid the Indicated resource is 131 million tonnes at 0.31% Cu, 0.009 % Mo, 0.09 g/t Au and 2.39 g/t Ag while the Inferred resource is an additional 132 million tonnes grading 0.27 % Cu, 0.005 % Mo, 0.07 g/t Au and 3.75 g/t Ag. This historical information was taken from the Lions Gate Metals Report, a copy of which is available on SEDAR under Lions Gate's profile. A qualified person has not done sufficient work to classify these historical estimates as current, and the Company is not treating them as current. As part of its continuing disclosure requirement Glenmark anticipates preparing a technical report on the Poplar project, to update this historical information.
The Project also has a host of similar regional targets, identified through airborne geophysical, all of which have characteristics common to porphyry style deposits. The proposed 2015 program is designed to test these regional targets and expand the resource at Poplar.