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Project Highlights
Former producing mine
4,480,940 tonnes produced at 56% iron with the potential for near term iron ore production.
Direct Shipping to Asia
Strategically located next to port facilities with access to shipping routes to Asia.
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Location
The Redford property is located on the west coast of Vancouver Island near Ucluelet, British Columbia and consists of 26 claims with a surface area of 10,821 ha. The property is accessible by several roads and is ideally situated close to nearby communities and labour supply including Port Alberni, roughly 80km to the northeast. Deep water port facilities are also located adjacent to the Redford property and offer access to shipping routes to Asia.
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2011 Exploration
(Carried out by Ridgemont Iron Ore Corp.)
The 2011 drilling program consisted of 62 diamond drill holes totaling 10,282 metres, as well as ground geophysical surveys and a reconnaissance program. Results from this 2011 program, including the final set of 22 holes, are currently being evaluated in order to plan and budget for the next phase.
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Claim Ownership
Logan and Ridgemont Iron Ore Corp. signed an option agreement on July 27, 2010 whereby Ridgemont may earn up to a 75% interest in the property. Under the terms of the agreement, Ridgemont is required to pay Logan $50,000 on or before each of the first 3 anniversaries of the definitive agreement and must spend no less than $3,000,000 conducting exploration on the property, made up of $750,000 prior to the first anniversary, an additional $1,000,000 prior to the second anniversary and $1,250,000 prior to the third anniversary. Ridgemont must also issue 100,000 shares to Logan on each of the first, second and third anniversaries. Upon completing the terms listed above, Ridgemont will have earned 50% of Logan’s interest in the Project. In order to earn the additional 25% in the property, Ridgemont must pay all the costs and expenses needed to make a production decision on the property and arrange for any necessary financing needed to achieve such production.
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Geology
Several types of mineralization are found on the property including gold in quartz veins, copper‐cobalt in skarn deposits, copper‐platinum‐palladium in Karmutsen volcanics, and gold‐hosted epithermal quartz veins associated with shear zones. However, the main focus of current exploration efforts is the Brynnor iron deposit.
The deposit type on the property is magnetite skarn mineralization, in this case hosted in a roof pendant of metasomized Quatsino formation limestone and calcareous tuffs and Karmutsen formation andesite. The Brynnor deposit was formed by metasomatic alteration of carbonate rocks in the metamorphic halo of major batholiths. Magnetite has the highest concentration of iron at 63.7% of all the iron bearing minerals.
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Historical Exploration and Production
In the past, Logan Resources and its predecessor explored the property for gold but the current interest on the property revolves around the former Brynnor iron (magnetite) deposit developed by Noranda Mines in the 1960's. Noranda mined 4,480,940 tonnes at 56% iron from the open pit part of the deposit and explored the underground part of the deposit from 3 underground levels accessed by an 867ft 3-compartment shaft. The mine closed in 1968 at the expiration of the concentrate sales contract with Japanese steel makers after a protracted labour strike. The underground extension of the deposit was never developed.
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Exploration Work by Logan Resources
In 2008, Logan completed airborne magnetic and radiometric surveys over the property (including the Brynnor area). A reconnaissance MMI (Mobile Metal Ions) soil geochemical survey was completed in the spring along with limited prospecting and rock sampling.
In December 2008, Logan completed a 20 hole 6,678 metre drill program to confirm the Noranda data and to test the down dip and the along strike potential to the east of the Noranda underground mine workings. The mineralized zone is still open at depth in the central part of the mine workings and is open along strike to the west beneath the open pit area.
In 2009, environmental work was completed to determine baseline water quality data in the area.
A detailed ground magnetic survey was completed on the Brynnor area in 2010. The survey outlined a magnetic body interpreted to be approximately 400 metres long and up to 110 meters wide. The eastern end of the magnetic high represents a new untested drill target.
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. |
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