projects > ax silver property
The Ax silver and base metals property consists of 15 mineral claims covering 5,664 hectares along a 10km mineralized trend hosting a number of showings., located approximately 40 km north of Cassiar, 40km southeast of Silvercorp's Silvertip Deposit and 10 km north of the Company's Haskins-Reed polymetalic property. See map below.
Mineralization on the Ax Property consists of stratigraphically and structurally controlled mantos-type bodies that appear to be of the same type as at the Silvertip Deposit (Indicated resource: 2,349,055 tonnes grading 352g/t Ag, 6.73% Pb, 9.41% Zn & 0.54g/t Au),. Mineralization is of a high grade, silver-lead-zinc-copper carbonate replacement type with potential large high tonnage "chimney" mineralization which may exist at depth closer to the hyrothermal fluid source. Ax mineralization is associated with up to 15 metre wide silicified zones of brecciated dolomite, hosted in carbonates belonging to the Lower Cambrian Rosella Formation. Mineralization comprises massive to disseminated galena, chalcopyrite, covelite, sphalerite, chalcocite, malachite, barite, iron oxides.
The Ax property was explored in the late 1960s and 1980s. The most significant assay values obtained from three structures traced over 500m are as follows:
10.0m @ 12.5g/t Ag, 1.3% Cu, 4.8% Pb
1.0m @ 37.7g/t Ag, 1.5% Cu, 10.6% Pb
1.0m @ 34.0g/t Ag, 1.1% Cu, 1.3% Pb
2.5m @ 36.0g/t Ag, 1.2% Cu, 1.2% Zn
Historic soil geochemistry indicates the presence of several new mineralized structures within the prospective belt. The Company's initial 2010 exploration program will consist of soil and rock sampling, mapping, and trenching.
Under the option agreement, the Company can acquire a 100% interest in the Property by making cash payments totalling $246,000 and issuing an aggregate of 1,000,000 common shares over a five-year period, with $8,000 and 100,000 shares payable in the first year.