Axe

  • Introduction

    Commodity: Cu±Au porphyry
    Location: British Columbia, Canada
    Size: 50 km2
    Status: Seeking Exploration Partner
    Stage: Geophysical Survey, Geological Mapping and Prospecting for Drilling

    Overview

    The Axe Project is a 50 square kilometre, early stage exploration property, prospective for gold-rich copper porphyry mineralization. It is ideally located in southern British Columbia’s Omineca Belt, 20 kilometres north of Princeton along Highway 5A, and 30 kilometres north of Copper Mountain Mining Corporation’s producing Copper Mountain Mine. Evrim’s acquisition of the property is part of its strategic focus on quality, as it upgrades its portfolio with well mineralized assets having significant upside and in the best regions.

    • Located in a geologically highly prospective region containing significant deposits and mines
    • Moderate topography located close to infrastructure which significantly enhances the economics of any discovery
    • A large land package which hosts several copper and gold systems yet remains significantly underexplored
    • High quality data from historic exploration programs, demonstrated targets that remain open for testing
    • Newly identified copper-gold-magnetite targets adjacent to economic intersections
    • 100% ownership by Evrim.
    • Evrim is committed to developing positive and mutually beneficial relationships based on respect and transparency with local First Nations and communities in the areas in which we operate

    Regional geology:

    The Axe Project is a 50 square kilometre, early stage exploration property, prospective for gold-rich copper porphyry mineralization. It is located 20 kilometres north of Princeton along Highway 5A, and 30 kilometres north of Copper Mountain Mining Corporation’s producing Copper Mountain Mine. A 238 kV power line crosses the southwest corner of the property, while a network of logging roads immediately east of Highway 5A provide excellent road access.

    The property is located within the Intermontane Belt in the southern portion of the Quesnellia Terrane in southern British Columbia. Southern Quesnellia is composed of Triassic Nicola Volcanic Belt rocks and associated Jurassic to Cretaceous intrusions. The belt extends from the Canada/USA border to north of Kamloops and is characterized by several producing mines and advanced stage mineral development projects.

    • 35 kilometres north of the Copper Mountain Mine (724 Mt at 0.25% copper and 0.11 g/t gold in total reserves and resources)
    • 100 kilometres southeast of the Highland Valley Mine (2.3 Gt at 0.27% copper in total reserves and resources)
    • 340 kilometres southeast of the Gibraltar Mine (933 Mt at 0.25% copper and 0.008% molybdenum in total reserves and resources)
    • 115 kilometres south of the New Afton (128 Mt at 0.72% copper and 0.59 g/t gold) and Ajax Mines (597 Mt at 0.25% copper and 0.18 g/t gold) in total reserves and resources)

    In 2006, a NI 43-101 resource of 39 million tonnes (“Mt”) at 0.38% copper in the indicated category and an additional 32 Mt at 0.38% copper in the inferred category was estimated, although gold was not included as it was not assayed in most previous drilling.

    The content of this page has been reviewed by Stewart Harris, P.Geo., Vice President, Technical Services for the Company. Mr. Harris is a Qualified Person as defined under the terms of National Instrument 43-101.

  • The Axe porphyry complex is represented by a cluster of four known porphyry centres including the West zone, Adit zone, Mid zone and South zone within a 5.0 kilometre by 3.5 kilometre hydrothermal footprint where various exploration programs were completed since the 1960s, including work by Cominco Ltd. (1980-1993) and Xstrata Canada Corporation (2012-2013). Evrim has completed an extensive data review including detailed logging of over 5,000 metres of historic drill core, reprocessing of geophysical data, and digitization of old records.

    In 2006, a NI 43-101 resource of 39 million tonnes (“Mt”) at 0.38% copper in the indicated category and an additional 32 Mt at 0.38% copper in the inferred category was estimated, although gold was not included as it was not assayed in most previous drilling.

    Significant copper intersections include:

    Drill Hole A07-08

    • 124.5 metres grading 0.35% copper and 0.22 grams per tonne (“g/t”) gold from 121.5 metres, including 10.5 metres grading 1.55% copper and 0.94 g/t gold from 234.0 metres

    Drill Hole 14A-04

    • 71.5 metres grading 0.31% copper and 0.17 g/t gold from 180.0 metres

    Significant gold intersections include:

    Drill Hole A06-05

    • 49.5 metres grading 1.23 g/t gold from 25.5 metres

    Drill Hole A07-07

    • 25.5 metres grading 1.09 g/t gold from 114 metres

    Detailed logging of historic drill core recognized that high-grade copper and gold mineralization (greater than 0.5% copper and 0.3 g/t gold) is mainly associated with stockworked potassically-altered zones in diorite, syn-mineral porphyry intrusions, and intrusive and volcanic breccias, where massive magnetite and/or millimetre- to centimetre-scale magnetite veins contain coarse-grained chalcopyrite and traces of bornite. Higher grade mineralization is also found in late-stage quartz-carbonate-massive pyrite-chalcopyrite veins commonly found peripheral to the porphyry systems. A three-dimensional (3D) inversion of the 2012 airborne magnetic survey reveals untested magnetic highs within the core of the West and South zones and a new target at the Ohio prospect. These magnetic highs are due to increased magnetite within the rocks, and when combined with the logging interpretation of high copper and gold grades associated with magnetite in potassic alteration, present attractive drill-ready targets. B-Horizon soil geochemistry data outlines a 1,000 metre by 400 metre copper (greater than 300 ppm) with gold, molybdenum, bismuth, tungsten and zinc anomaly to the east of the Summers Creek fault. The target, known as the 1516 zone, coincides with an Induced Polarization high and an outcropping chlorite, pyrite, epidote gossan with minor chalcopyrite and potassium feldspar. Three shallow holes drilled in the area in 1971 and 1982 intersected a porphyritic intrusive but does not adequately explain the geochemical anomaly. This area represents another drill-ready target on the project. The project is in good standing with no expenditure required to maintain this status until February 2023.

    2018 Axe Program

    The 2018 program at Axe included mapping, four diamond drill holes and 39 reverse circulation (“RC”) drill holes. The West, South, Adit and the newly-identified Ohio zones were tested with diamond drill holes and the RC drilling was used to test a number of magnetic targets over a wide area beneath thin till cover. A total of 2,113.6 metres of diamond drilling and 695.3 metres of RC drilling was completed testing porphyry centres with untested magnetic highs where re-logging of historic drill core identified a strong association of high-grade copper and gold with magnetite.

    Drilling at the West zone targeted a strong magnetic high beneath historic drill hole A06-05 that intersected 49.5 metres grading 1.23 g/t gold from 25.5 metres downhole and adjacent short intervals of copper mineralization including 12 metres grading 0.53% copper and 0.28 g/t gold from 85.5 metres downhole in A07-06. Drill hole AXD18-01 intersected discontinuous mineralization throughout the hole including 28.8 metres of 0.52 g/t gold and 0.13% copper from 2.6 metres. The West zone comprises a well-zoned porphyry system with copper-gold mineralization associated with magnetite skarn mineralization on the edges of a porphyry intrusion.

    The South zone represents another strong magnetic high beneath historic hole D69-02 that intersected 91.4 metres grading 0.31% copper from 100.6 metres downhole including 15.2 metres grading 0.52% copper from 134 metres downhole. Drill hole AXD18-02 drilled a porphyritic intrusion with zoned porphyry-style alteration. The porphyry contains intense vein development but only weak sulphide content.

    Drill hole AXD18-03 targeted the Ohio zone, a previously untested magnetic high located west of the Adit zone. The drill hole intersected magnetic potassic alteration with no significant sulphides.

    Mapping defined the Adit zone as a higher priority target with a 200 metre wide zone of chalcopyrite mineralization overprinted by sericite alteration. The target was tested by drill hole AXD18-04, which intersected a porphyritic intrusion containing zones of fine-grained chalcopyrite largely overprinted by sericite alteration. This mineralization includes 63.0 metres grading 0.20% copper with narrow intervals of high copper grades: 8.0 metres grading 0.63% copper from 311 metres and 7.0 metres grading 0.70% copper from 432.0 metres. Potential for more continuous mineralization exists at depth and laterally, although post mineral intrusions limit the potential to the southeast.

    Table 1 - Axe Significant Intersections

    Hole ID From
    (metres)
    To
    (metres)
    Width
    (metres)
    Gold
    (g/t)
    Copper
    (%)
    AXD18-01 2.6 31.4 28.8 0.52 0.13
    And 76.55 87.0 10.45 0.72 0.30
    And 192.9 210.0 17.1 0.71 0.08
    And 242.55 263.0 20.45 0.13 0.32
    And 278.9 300.0 21.1 0.07 0.18
    And 367.0 398.5 31.5 0.34 0.06
    AXD18-02 156.0 192.14 36.14 0.07 0.18
    And 278.0 302.47 24.47 0.05 0.21
    And 596.32 633.0 36.68 0.08 0.29
    AXD18-03 No Significant Intersections
    AXD18-04 196.0 224.0 28.0 0.14 0.23
    And 248.0 266.0 18.0 0.04 0.15
    And 270.0 333.0 63.0 0.03 0.20
    Including 311.0 319.0 8.0 0.04 0.63
    And 341.0 363.0 22.0 0.01 0.15
    And 432.0 439.0 7.0 0.01 0.70

    The RC program formed a grid of shallow holes to sample the top of bedrock beneath thin till cover and identify potential porphyry centres for diamond drill testing. The Ohio diamond drill hole tested one of these RC targets and the Company is interpreting the results of this work. The program also helped extend the geological map under cover to the west but no significant targets were generated.