Nickel Offsets
Nickel Offsets Property -- URSA Major has an option agreement with United Reef Limited ("United Reef")(TSX-V:URP) whereby URSA Major can earn a 70% interest in United Reef's 100% owned Nickel Offsets Property, located 40 km northwest of Sudbury, Ontario. The Nickel Offsets Property is located in Foy Township, Ontario and consists of certain contiguous patented mining claims and certain unpatented mining claims covering 358 ha (884 acres). The property hosts the past-producing Nickel Offsets (Ross) Mine which between 1943 and 1957 produced 208,551 tons of nickel and copper ore with reported recoveries of 4.56 million lbs of nickel and 3.32 million lbs of copper. The past-producing mine has two shafts and was developed to a maximum depth of 1,599 ft (487 m). The property covers a 2.25 km strike length of the Foy Offset Dike which is part of the Sudbury basin. Sulphide mineralization on the property consists of pods, lenses and veins of massive and semi-massive pyrrhotite, pentlandite and chalcopyrite. Subsequent to the historical production, the property was explored by United Reef Petroleums Limited (1987-1988), Inco Limited (1990) with 8,680 meters of drilling in 10 holes, and United Reef Limited -- International CHS Resources Corporation (2004-2005) with 1,830 meters in 9 holes. Since optioning the Nickel Offsets Property in 2008, URSA has undertaken two diamond drill programs totalling 4,389 meters in 12 holes.
In November 2010, the Company completed a 2,582 meter diamond drilling program over seven holes and new borehole EM surveys to follow up on massive sulphide targets identified in the 2009 work program. Assay results for the 2010 program confirm the presence of high-grade nickel, copper and platinum group metals. To date, assay results have been received for three holes in the 2010 drill program. Hole U15-10 is of particular interest, intersecting 2.89 meters of nickel-rich massive sulphides grading 2.90% nickel, 0.97% copper, 0.16% cobalt, 0.94 g/t platinum, 1.28 g/t palladium, and 0.11 g/t gold. Hole U15-10 also intersected an additional 2.0 meters of precious metal mineralization grading 3.04 g/t platinum, 2.00 g/t palladium, 0.82 g/t gold, with 0.07% nickel and 0.37% copper in disseminated sulphides in the footwall of the nickel-rich massive sulphides. This drilling program and bore hole EM surveys have defined further targets for follow up drilling.
URSA Major can earn a 70% interest in the Nickel Offsets property by making cash payments totalling and completing exploration expenditures on the property totalling $1.25 million.
In November 2010, the Company completed a 2,582 meter diamond drilling program over seven holes and new borehole EM surveys to follow up on massive sulphide targets identified in the 2009 work program. Assay results for the 2010 program confirm the presence of high-grade nickel, copper and platinum group metals. To date, assay results have been received for three holes in the 2010 drill program. Hole U15-10 is of particular interest, intersecting 2.89 meters of nickel-rich massive sulphides grading 2.90% nickel, 0.97% copper, 0.16% cobalt, 0.94 g/t platinum, 1.28 g/t palladium, and 0.11 g/t gold. Hole U15-10 also intersected an additional 2.0 meters of precious metal mineralization grading 3.04 g/t platinum, 2.00 g/t palladium, 0.82 g/t gold, with 0.07% nickel and 0.37% copper in disseminated sulphides in the footwall of the nickel-rich massive sulphides. This drilling program and bore hole EM surveys have defined further targets for follow up drilling.
URSA Major can earn a 70% interest in the Nickel Offsets property by making cash payments totalling and completing exploration expenditures on the property totalling $1.25 million.