SHINING TREE PROJECT
The Shining Tree Project is located 100 km north of Sudbury, Ontario, is road accessible and is within trucking distances of milling facilities.
Shining Tree is the subject of a 2006 Preliminary Economic Assessment that was prepared by Micon International and who confirmed the viability of a low risk open pit mining. Metallurgical testing by SGS-Lakefield confirmed processing by conventional milling and flotation.
Current NI43-101 compliant Indicated resources are estimated at 1.02 million tonnes grading 0.71% nickel and 0.36% copper plus Inferred resources of 1.49 million tonnes grading 0.67% nickel and 0.36% copper both at a cutoff of 0.30% nickel equivalent.
- Maiden resource announced in 2006
- Advanced nickel-copper property with 38 million lbs of nickel in Indicated and Inferred Resources as per NI43-101 study by Wardrop in 2006
- Road accessible and within trucking distance of milling facilities
- Limited exploration done on the deposit
- Resource is based on 19 drill holes
- Recent analysis and compilation work suggests high grade lenses within broad (>25m) zones of disseminated sulphide mineralization
- Opportunity for resource expansion
- Last round of drilling was not included in resource calculation
- Exploration potential at depth beneath 220 meters and for additional mineralized pipes on property
- Further evaluation of geological data to develop drill targets planned
- No exploration since 2007
NI 43-101 Resources
Feb 2, 2006 Press Release
The resource estimate was performed by Wardrop Engineering Inc. (Wardrop) and is based on eight NQ holes (total length of 976m) that were drilled by URSA Major and 16 holes by previous operators. Chris Moreton, Ph.D., P.Geo., supervised the URSA Major drilling. The deposit has been drilled over a strike length of 100 meters and remains open at depth.
SHINING TREE NICKEL-COPPER DEPOSIT, MINERAL RESOURCE ESTIMATE
(At a 0.30% Nickel Equivalent Cut-off)
Estimation of the resource was conducted according to National Instrument (NI) 43-101 using the CIM definitions for mineral resources and reserves. In estimating the mineral resource, a mineralization envelope of greater than 0.30% nickel equivalent (NIEQ, where NIEQ = Ni% + Cu%/4) was interpreted. Capping was required for 5 assays at a value of 2.50% for nickel and 1.56% copper and 4 assays of cobalt at 0.08%. Eighteen drill holes, selected from the interpreted mineralized envelope were composited on 1 metre down-hole intervals. Estimation was completed using Datamine Version 2.1.1518.0 software and the following interpolation methods: nearest neighbour, inverse distance squared and ordinary kriging. Grade was estimated into the block model with dimensions of 5 x 5 x 5 meter blocks. The Indicated resource was classified based on ranges defined by variography using a minimum of two drill holes. The remaining mineralization was classified as Inferred.
The interpolation methods were validated by comparison of global mean grades, visual coded block grades and swath plots. No significant discrepancies exist between the methods and ordinary kriging is used for resource tabulation. Mr. Rob Carter, P.Eng., of Wardrop supervised the resource estimate, is the Qualified Person under National Instrument 43-101.
Ursa Major completed an additional 620m of drilling in 5 holes after completing the 2006 PEA. These holes were drilled in 2006 and were aimed at expanding on the known mineralization. These holes have not yet been incorporated into the resource.