Regarding LIT, here issome info on their JV in Ungava:
Nunavik (Ungava) area of Northern Quebec
The Company has as of August 25th, subsequently to the formal letters of intent the company has executed formal agreements with Canadian Royalties Inc. ( CZZ:.TSX-V), the recent discoverers of a substantial volume of high- grade Ni-Cu-PGE mineralization on their Trend assemblage in the Nunavik (Ungava) area of northern Quebec ( Nunavik). This important discovery occurs along the South Raglan Trend. Little Mountain will have the right to acquire a 50%-interest % in 2, 100 %- CZZ-owned prospects.
CZZ's highly prospective properties in the area are proximate to two of the new Ni-Cu-PGE discoveries occurring along this Ni-Cu-PGE horizon. Both properties, the Generals Prospect and the Lac Felix Prospect, host peridotite-pyroxenite-gabbro intrusive complexes generally similar to the ultramafics underlying the Mesamax Northwest, Expo, Tootoo Deposits, and several occurrences along the Raglan South Ttrend and being systematically explored by CZZ. Many of the Ni-Cu occurrences in the area host significant volumes of mineralized ultramafic rocks that have not been systematically explored for precious metals in earlier programs. Importantly, the Nunavik (Ungava) area of Northern Quebec is a well known nickel-copper-platinum-palladium producing area where Falconbridge invested over $ 700 million dollars into its profitable Raglan mining and milling operations.
Lac Felix Property
The Lac Felix property comprises contiguous claims ("MDU's")totaling approximately 3600 acres/ 1440 hectares more or less and is located approximately 30 km east-southeast of the Falconbridge Donaldson Deposit, ( ( 3,510,000 tonnes @ 3.75 % Ni, 0.83 % Cu, 6.6 g/t PGE ) and approximately 30 km north-northeast from of the high- grade Mesamax Northwest zone. Past exploration in and around the Lac Felix Prospect has identified a synclinal fold trending east-west, which shows its axis to plunge west- east. The rock sequence comprises sedimentary rocks with multiple areas of gossan, volcanics and mafic / ultramafic sills. Recent airborne surveys clearly identifies this folded structure
Generals Prospect
The Generals property comprises contiguous claims totaling approximately 1930 acres/600 hectares more or less and is located some 35 km south-southwest of the Raglan (Katinniq) Mine and approximately 25-km west of the Tootoo Ni-Cu-PGE discovery. Past exploration carried on the area has included Airborne V L F and Radiometric Surveys which have indicated definite several EM anomalies. Sampling programs carried out at a base metals occurrence showing ± 1 km east of Generals yielded up to 0.47 % Cu and 0.69 % Ni in boulders near a dacite ridge. Another showing, located at ± 2 km south-west of Generals, yielded up to 0.4% Ni and 0.38% Cu, near the contact between mafic / ultramafic rocks and sediments.
Under the terms of the Letters of Intent covering both prospects, Little Mountain will have the right to acquire a 50 % interest in each, subject to a 1% NSR to CZZ, by completing the following terms and conditions:
1. Reimbursement of staking costs and fees incurred to date
2. Issuance of 200,000 common shares of Little Mountain for each property upon acceptance of the LOI by the TSX and the respective boards of directors of both Little Mountain and Canadian Royalties.
3. Incurring exploration expenditures on each property as follows:
$2,000,000 in exploration and development expenditures as follows:
(i) $250,000 before December 31, 2003;
(ii) an additional $500,000 before December 31, 2004; and a further $1,250,000 before December 31, 2005, resulting in an aggregate $2,000,000 in exploration and development expenditures on or before December 31, 2005. Little Mountain shall pay to CZZ an annual advance royalty of $10,000 per year, commencing on January 1, 2006, and such advance royalties will be credited and set-off against the NSR, if any, that becomes payable.
Canadian Royalties will be the operator of the joint ventures and all work will be carried out under their direction and supervision. More details are expected to be announced shortly.
The Company has entered into a Letter of Intent ("LOI") with Golden Valley Mines Ltd.
( GZZ:TSX-V), to acquire a 50 % interest in the Shoot Out West Project located in Nunavik (Ungava), Québec. The property comprises 91 map-designated units (MDU'S) and is situated 9-km south of the Delta Deposit (Nickel, Copper, Platinum, Palladium) owned by Falconbridge Ltd. (and others), and 10 km-west of the Canadian Royalties Inc. ("Crocodile Tears") property. The property is situated in the ultramafics of the "Raglan South Trend" which host several Ni-Cu-PGE occurrences further to the east (Mesamax, TK-, Expo-Ungava, Mequillon, Tootoo).
At least two base metals (Ni-Cu) occurrences have been identified through earlier work programs completed within the property. Previous diamond drilling at the "Alpha Showing" on the Property returned values ranging up to 3.1% Ni, 2.3% Cu over 5.4-feet (1976). Sampling for Platinum Group Elements ("PGE's") at the Alpha Showing (1987) returned values from grab samples ranging from background to 0.5 g/t Pt, 2.75 g/t Pd.
Most of the property was covered by an airborne magnetic and EM survey (1996). Some of the target areas identified were followed up with geological and geophysical surveys and with ground-based grids. Grab samples selected from the Alpha Showing returned values of up to 3.2% Cu, 2.93 g/t Pd. Several targets are considered "drill ready".
Under the terms of the Letters of Intent covering the prospect, Little Mountain will have the right to acquire a 50 % interest, subject to a 3% NSR, by completing the following terms and conditions:
4. Cash payments in the aggregate of $ 100,000, payable as to:
1a. $ 20,000 on the execution of the LOI
2a. $ 20,000 six months thereafter
3a. $ 30,000 on the first anniversary of the LOI
4a. $ 30,000 on the second anniversary of the LOI
5a. Issuance of 500,000 common shares of Little Mountain within 5 business days upon acceptance of the LOI by the TSX and the respective boards of directors of both Little Mountain and Golden Valley.
6a. Incurring exploration expenditures on each property as follows:
$2,000,000 in exploration and development expenditures as follows:
$350,000 before December 31, 2003 an additional $550,000 before December 31, 2004; and a further $1,100,000 before December 31, 2005, resulting in an aggregate $2,000,000 in exploration and development expenditures on or before December 31, 2005. Little Mountain shall pay to GZZ an annual advance royalty of $10,000 per year, commencing on January 1, 2006, and such advance royalties will be credited and set-off against the NSR, if any, that becomes payable.
Golden Valley will be the operator of the joint ventures and all work will be carried out under their direction and supervision. More details are expected to be announced shortly.
