Calico’s executive management team is creating shareholder value by acquiring projects that give the Company a “pipeline of opportunities” ranging from near term production to exploration and progressing them to production in a manner consistent with “sustainable development” principles. The Grassy Mountain Project fits our “pipeline of opportunities” model perfectly, as it contains both a well-defined NI 43-101 resource and 17 additional targets that have been identified and, in many cases, drill tested. The primary target has also been the subject of numerous and detailed environmental and engineering studies which will serve as the template as we progress to development.
The management has a track record of success both as individuals and as a team. As a team, we located, explored, engineered, permitted and financed a district scale iron oxide-copper-gold (IOCG) system stretching across the borders of Sweden and Finland. The first mine and processing facility is now under construction.
We are committed to “sustainable development” and have demonstrated the ability to develop and operate projects in a safe and environmentally sound manner. Numerous awards have been received by operations led by Calico executives in the areas of health, safety and environmental compliance.
The executive team is excited about being reunited in Calico Resources. We are executing a plan to deliver on a strategy designed to increase shareholder value and are confident that in so doing, we will benefit the employees, communities and other stakeholders in the areas in which we operate.
President and CEO
Calico Resources has 2 projects.
Calico Resources Corp. (formerly Cobre Exploration Corp.) holds an option to acquire a 60% interest in the Iron Lake property from Eastfield Resources Ltd. Iron Lake is a 7,116 hectare property containing anomalous concentrations of copper-nickel plus, gold and platinum group metals. It is located 45 kilometres northeast of the community of 100 Mile House, BC.
The Iron Lake property covers a large mafic to ultramafic intrusive body in which pyroxenite, olivine pyroxenite, gabbro, sodic pegmatite and diorite occur in contact with a granodiorite batholith. In many ways the Iron Lake Complex is comparable to the Turnagain Ultramafic Complex in northern BC and also to the Lac Des Isles deposit in Ontario. Important criteria that support this comparison include the large size of the igneous complex (several tens of square kilometers), the presence of multiple phases of magma dominated by mafic and ultramafic components and strong palladium and platinum soil anomalies indicating the presence of platinum group metals. In 2000 significant copper, gold, palladium and platinum mineralization was discovered in several samples of olivine pyroxenite rubble (average; 7173 ppm Cu, 402 ppm Ni, 676 ppb Au, and 312 ppb Pd+Pt from six samples). In 2004 the Iron lake Property was flown by Fugro Airborne Surveys and a number of conductors were identified. The conductors were further defined by a 2006 UTEM ground survey. Targets from both surveys were drill tested in 2005-06 identifying intersections of significant thicknesses of pyrrhotite dominant massive sulphides. The most recent drill program was completed at the Iron Lake property was in 2006.
Mineral exploration at the Iron Lake property has identified potential for copper and nickel massive sulphides (cobalt rich) and for disseminated sulphide mineralization containing copper, platinum group metals and gold in ultramafic rock. In 2008 Calico funded an expansion of the soil grids and trenching on the property and a technical review. Several new anomalies from the 2008 work remain to be evaluated. The trenching program, while generally inconclusive owing to deeper than expected overburden, generated additional geologic insight, particularly with regards to the surficial geology of the area and will additionally provide new access for ongoing exploration. The depth of overburden encountered in 2009 justifies a reassessment of areas of the property where spotty geochemical results formerly were interpreted to limit the permissiveness for mineralization, but in fact may be a function of overburden too deep to respond.
A staged ongoing exploration program is being developed for the Iron Lake property.
Grassy Mountain is an advanced stage fold exploration in Malheur Co. Oregon.
1,271,300 oz. Au and 4,139,300 Ag
Averaging 1.055 g/t at a 0.34 g/t Au cutoff
305,600 oz. Au and 1,056,500 Ag
Averaging 0.604 g/t at a 0.34 Au cutoff
Grades as high as 595 g/t Au have been encountered through drilling and indicate the potential for a very robust, shallow and low cap-cost underground mine.
17 additional targets identified through mapping, soil and rock chip sampling and drill testing
Calico Resources Has the Option to Acquire 100% Interest