A porphyry copper-gold target in the prolific Quesnel Trough Porphyry Belt in central British Columbia.
Exploration has outlined kilometre scale areas of anomalous Cu-Au-Mo-As in soils, potassic alteration and >20 mV/V chargeability flanking the nose of "West Arm" magnetic anomaly.
Widespread airborne magnetic and radiometric anomalies, which may indicate additional parts of the mineralized system.
Logan has entered into an option agreement with Equity Exploration Consultants Ltd., whereby Equity Exploration has granted Logan the option to acquire up to a 100% interest in the Chuchi Property. Under the terms of the agreement, Logan can exercise its option by making cash payments to Equity Exploration totalling $260,000; issuing a total of 1,000,000 common shares of Logan to Equity Exploration; and incurring exploration expenditures totalling $3,650,000 over the course of four years. Logan has appointed Equity Exploration to carry out the exploration work on the Property. The option agreement includes standard representations and warranties, termination provisions, a five kilometre area of interest and a 3% net smelter royalty, of which 1% can be purchased for $1 million, payable to Equity Exploration.
The 2011 program is now complete and consisted of linecutting, soil geochemistry surveys, geological mapping and prospecting. Induced polarization (IP) survey aimed at identifying additional areas of potential mineralization was also carried out.
Mineralization in this area is commonly associated with smaller, structurally controlled intrusions, apophyses and dykes or sills emanating from the main batholith and these are commonly associated with regional lineaments. Government mapping and mineral exploration on the east half of the Chuchi property has shown a large alteration halo consisting of propylitic and potassic alteration with scattered copper-gold mineralization associated with numerous small intermediate to felsic intrusions.
The Chuchi Property represents an early stage prospect that has not had significant exploration attention despite several factors suggesting porphyry copper-gold mineralization may be present, including:
• prospective geology such as the presence of high level, multi-phase, porphyritic monzonitic and dioritic intrusions that are characteristic of many porphyry deposits worldwide and in the Nation Lakes area in particular.
• multiple, several hundred metre to kilometre scale, copper-gold-molybdenum-arsenic soil geochemical anomalies with strong values (up to 2032 ppm Cu, 1330 ppb Au), related to structures that appear to have controlled intrusion emplacement as well.
• the West Arm magnetic anomaly that likely reflects hydrothermal alteration associated with a structurally controlled intrusion and is flanked by anomalous soil geochemistry, strong IP chargeability results, and rocks with potassic, sodic and propylitic alteration.
• a syenite intrusion in the north central part of the property has associated with it highly anomalous copper and gold results in soil and anomalous gold results in rock and the area has been only partially covered by soil geochemistry and has no reported geophysical coverage.
Initial exploration of the property in the late 1980’s and early to mid-1990’s indicated large Cu-Mo-As-Au soil geochemical and induced polarization chargeability anomalies associated with the intrusions primarily in the south-central and eastern portions of the property. At the time, minor drilling and trenching was done on the Moss and Witch showings, just east of the property.
Adrian Bray, P.Geo., is a Director of Logan and a Qualified Person as defined by National Instrument 43-101 for the above mentioned project. The QP is a member in good standing of the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) as a registered Professional Geoscientist (P.Geo.). Mr. Bray has reviewed and is responsible for the technical information disclosed above.