The J&L property is one of the largest undeveloped precious and polymetallic deposits in British Columbia.
The Company entered into an option agreement dated April 13, 2007, whereby it could acquire a 100% undivided interest in the J&L property in consideration for share issuances and cash payments totalling $10.79 million over a seven year period. In August 2010, the Company accelerated the acquisition of a 100% undivided interest in the J&L property. There are no NSR royalties owing to other parties.
The J&L property is located 35 kilometres north of Revelstoke, British Columbia. The 2,325 hectare property has two known and significant precious and polymetallic base metal deposits.
The Main Zone is a precious (Au-Ag) and base metal (Zn-Pb) shear hosted replacement sheeted massive sulfide deposit. Surface exploration has traced the Main Zone for 3 kilometres and drilling and tunnelling has identified the Main Zone for 1.4 kilometres in strikelength and a down dip extent of 800 metres (see the longitudinal section below). Underground development on Main Zone is comprised of 3.0 kilometres of drifting, crosscuts, and raises, with the Main Zone exposed for a distance of 0.85 kilometres along the drift. The deposit is open along strike and down dip. The Main Zone averages 2.5 metres thick. Main Zone mineralization consists of sheeted bands of massive sulphide mineralization and lesser mineralized sections hosted in phyllite and limestone.
The Yellowjacket Zone is a Zn-Pb-Ag structural replacement deposit that sub parallels and is in the immediate hangingwall of the Main Zone. The Yellowjacket Zone is composed of 8 stacked zones each with an average width of 2.0 metres.