The KM61 property is located in the Caribou Greenstone Belt, which trends ENE along the top of Lake Nipigon, near the northern margin of the Wabigoon Subprovince. A prominent SW-trending portion of the belt wraps around the NW end of a large composite felsic pluton in the property area. The Linear Metals claim group covers a large (1 km x 7 km) lensoid-shaped contact zone between the pluton to the south and metabasalts to the north. Although mineralization has not been dated by isotopic methods, the porphyry bodies and associated mineralization are assumed to be related to the large pluton, indicating a mid to Late Archean age.
History
At various times and in different phases beginning in the early 1950s, the Caribou belt has been prospected for magmatic Cu-Ni sulphide, lode gold, rare element pegmatites, such as at Linear’s adjoining Seymour Lake Project, and volcanogenic massive sulphides. Recent access to the area for prospecting has been greatly enhanced by logging activities.
The KM61 showing was discovered by Linear Gold in 2002 during regional prospecting on the Seymour Lake tantalum property. KM61 was initially evaluated by a limited trenching and sampling program which returned significant values of copper, molybdenum, silver and gold from grab and channel samples. The property was subsequently optioned to Noranda Inc. (later Falconbridge and now Xstrata PLC) which maintained the option from December 2003 to December 2006 when Xstrata returned the project to Linear Metals (Linear Metals had acquired the rights to KM61 from Linear Gold in April 2006).
Noranda conducted exploration programs at KM61 each summer during 2003, 2004, and 2005. In 2003, a grid with 400 metre line spacing was mapped, soil sampled, and an IP survey was conducted. Additionally, channel sampling was undertaken in the Linear trenches. In 2004, Noranda completed a 1,178 metre drill program in the trenched area on the SW end of the porphyry system. In 2005 Falconbridge completed another 2,039 metre drill program stepping out to the NE to more extensively test the remaining IP and soil anomalies. The Noranda-Falconbridge program partially tested an area measuring approximately 1200 by 600 metres (Figure 1).
Linear Metals initiated a Phase I drilling campaign in July, 2007 to verify continuity between the widely spaced Noranda drill holes. This program successfully indicated the continuity of part of the Main Zone, at approximately 100 m drill spacing, completing just over 4,000 m of drilling by the end of October. Linear has now started a 25,000 metre Phase II drilling program (December, 2007) to delineate the deposit.
Geology
The disseminated and vein-type molybdenite-chalcopyrite mineralization at KM61 is hosted by two northeast-trending, quartz monzonite porphyry dyke swarms and their flanking mafic metavolcanics. These porphyries and their wall rocks are extensively stock-worked with quartz and quartz-sulphide veins, and host disseminated chalcopyrite and molybdenite over a drill-indicated total width of 350 metres, and over a drill-indicated strike length measuring greater than 1,500 metres. At an arbitrary cut-off of 0.04% molybdenum, the mineralized zone is up to 350 metres wide, flanked by zones of lower grade mineralization (0.01 to 0.04% molybdenum).
Based on age and metal ratios, Moly Mines’ Spinifex Ridge deposit is a potential model for KM61. Spinifex Ridge, located in Western Australia, and KM61 are both hosted by Archean porphyries and metavolcanic rocks and the bulk tonnage zones have similar metal ratios. Spinifex Ridge has a published measured plus indicated resource of 469 million tonnes at 0.058% molybdenum, 0.09% copper and 1.7 grams per tonne silver. The KM61 project does not have a resource estimate completed, but the grades experienced in drilling on the Main Zone thus far are comparable to those reported at Spinifex Ridge, with the KM61 zones carrying 0.04 to 0.08% molybdenum, 0.05 to 0.2% copper, and 2 to 7 grams per tonne silver. The low grade bulk tonnage model for KM61 is clearly an attractive one in the current molybdenum market.
Map 3. Drill hole locations and mineralized zones at KM61
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Map 4. Geologic cross section
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Noranda-Falconbridge Drill Results
Noranda-Falconbridge’s two drill programs intersected encouraging Mo-Cu mineralization in two large porphyry dominated bodies termed the North and South Zones (as these have now been shown to merge the combined mineralized body is called the Main Zone). In addition, two holes drilled into the metavolcanic rocks between the porphyries produced short but impressive intersections of plus 1% molybdenum highlighted by 3 metres of 1.78% molybdenum in K-05-08. The drill assays obtained by Noranda-Falconbridge were mostly partial results because the company’s focus on copper left considerable core unsampled. This includes some zones which were logged as having disseminated or vein-controlled molybdenite.
Click here for drill hole results from the 2004-5 exploration program and 2007 assay results from the previously unsampled 2004-5 core.
The first stage of Linear’s 2007 exploration program consisted of splitting and assaying unsampled drill core that was generated by the Noranda and Falconbridge programs of 2004 and 2005. The historic core sampling program was successful and produced results that indicate that what was previously thought to be two distinct, and relatively narrow zones, may instead be one broad stockwork zone. Assay results on previously unsampled core from the Noranda - Falconbridge 2004-5 exploration program have increased the width of molybdenum minearlization to over 300 metres of similar grade. 2007 results for hole K-05-06 include 143.2 metres of 0.068% Mo, compared to the 2005 result of 61.2 metres of 0.076% Mo. New results for hole K-05-07 include 193.6 metres of 0.052% Mo, compared to the 2005 result of 128.8 metres of 0.058% Mo. High-grade vein mineralization was intercepted in the old core in K-05-08 and K-05-12 yielding grades of 1.78% Mo over 3.0 metres and 1.41% Mo over 2.9 metres, respectively.
The historical sampling program increased total width of mineralization which has increased the size potential of KM61 at economic grades.
Linear Metals 2007 Drill Results
In 2007, Linear Metals also completed a 4,000 metre Phase I drill program at KM61 that returned significant Mo-Cu-Ag mineralization. Hole K-07-14 intersected 117.7 metres of 0.054% Mo, 0.16% Cu and 3.0 g/t Ag, and bottomed in mineralization. K-07-16 intersected 86.3 metres of 0.075% Mo, 0.13% Cu and 3.3 g/t Ag, and also bottomed in mineralization. K-07-18 assayed 92.7 metres of 0.058% Mo, 0.08% Cu and 2.6 g/t Ag and bottomed in Cu-rich mineralization. Hole K-07-17 assayed 56.9 metres of 0.148% Mo, 0.08% Cu and 1.8 g/t Ag. Even with high grade samples cut to 0.5% Mo, this interval still runs 0.113% Mo. Several 1.5 metre samples within the 56.9 metre interval assayed > 1.0% Mo, indicative of high-grade veining, which could significantly enhance the overall grade of the mineralized system.
With reference to Map 1, holes K-07-14 and K-07-15 were drilled at dips of -50° and -75°, respectively, from the same site. Holes K-07-16 and K-07-17 were also drilled from the same site with respective -50° and -75° dips. K-07-18 was drilled at a -50° dip.
Upon completion of the 4,000 metre program, the extent of mineralization remains open on strike and at depth, and significantly, all of the holes intersect significant Mo mineralization. Many of the drilled holes show increasing molybdenum grade with depth and those holes that bottomed in mineralization, such as K-07-14, -16 and -18, will be deepened in the Phase II 25,000 drill program that commenced in December, 2007.
Click here - 2007 drill hole highlights
IP Survey
In 2007 Linear completed a 26-line kilometre IP survey which offers further evidence of the large scale of the KM61 mineralized system, with IP chargeability highs on drilled sections coinciding with excellent Mo-Cu mineralization. The chargeability anomaly extends over 2.8 kilometres, and is open to the southwest. Trenching of the SW and NE extensions of the chargeability anomaly beyond the drilled area has been completed and to the SW in particular was successful in revealing geology and mineralization similar to that of the known deposit. One of the two drills currently active at KM61 has been dedicated to further testing the SW Extension anomaly.
Map 5. IP chargeability survey at KM61 main grid.
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Click map to enlarge
Current Drill Program
A Phase II drill program was commenced in early December, 2007, directed towards delineating a resource at a drill spacing of 100 m or less, both along strike and across its width, and at depth.
Overall Plan
Drilling will continue both towards delineation of the deposit and testing of satellite targets. Geologic mapping and drilling previously indicated the ENE trending Main Zone ended abruptly at its southwest end. However, a recently completed IP survey shows a second zone, now termed the SW Zone, starts equally abruptly just 100 metres to the southwest of the Main Zone. Trenching has shown this zone to host molybdenite bearing stockwork quartz veined porphyry and metavolcanics similar that seen in trenches across the Main Zone. If confirmed by drilling, the SW Zone could double the potential size of KM61. Should a discovery be made on the SW Zone, the scale of the drill program should allow for delineation to a depth of 400 metres and incorporation in the resource study.
Linear expects to complete the current 25,000 metre drill program in Q3 of 2008 at which time a 43-101 compliant resource estimate will be produced. Preliminary metallurgical testing will be started at Lakefield in 2Q of 2008, and baseline environmental studies will start in the Spring of 2008.
Ownership
Linear holds a 100% interest in the KM61 property subject to a 0.5% NSR over the area where the previous drilling was conducted. The neighbouring Seymour Lake property is subject to a 3% NSR. Linear Metals can repurchase 50% of the 0.5% NSR for $250,000, and/or 50% of the 3% NSR for $1,000,000.
Image 1. High-grade moly mineralization in drill hole K-05-08.
Image 2. High-grade moly uncovered during recent exploration.
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