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The Inza property is a copper-gold porphyry prospect located within the prolific Quesnel Trough in central British Columbia. It is situated approximately 54 km north northwest of Fort St. James and is road accessible by highway and by a series of logging roads to the western and eastern portions of the property. The property comprises 6104 ha and is 100% owned by Strongbow Exploration. The Mount Milligan Deposit is located 40 km to the northeast while the recently discovered Kwanika deposit, owned by Serengeti Resources, is situated 87 km to the northwest.
In April 2011 Strongbow entered into an agreement with Xstrata Copper Canada, allowing Xstrata the option to earn up to a 75% interest in the Inza property. Under the terms of the agreement, Xstrata may earn an initial 51% interest by making staged cash payments to Strongbow totaling $100,000 and incurring cumulative exploration expenditures totaling $1.1 million over a 4 year period. Upon vesting at a 51% interest in the property, a joint venture will be formed and Xstrata will maintain the right to earn a further 24% interest (75% interest total) by funding the completion of a pre-feasibility study and a feasibility study or incurring $20 million in expenditures towards the completion of a prefeasibility study and a feasibility study on the property.
From July to September 2011 Xstrata completed 1,700 metres of drilling in nine drill holes, 40 km of ground IP geophysical surveys, the collection of over 400 soil geochemical samples, as well as geological mapping and prospecting surveys. Exploration work tested a thirty-five square kilometre area that encompasses two distinct magnetic anomalies. Drilling confirmed that the northwestern magnetic anomaly is associated with a feldspar-hornblende porphyry that intrudes a mixed sequence of Takla Group intermediate volcanic and fine grained sedimentary rocks. The porphyry is comprised of multi-stage intrusive phases and breccias, and consistently contains disseminated pyrite (up to 3%) with local concentrations of visible chalcopyrite and molybdenite. Volcanic and sedimentary wall-rocks are typically hornfels-altered proximal to the porphyry and contain up to 5% disseminated and veined pyrite. Elevated copper, gold and/or molybdenum values were intersected in six of the nine drill holes with values ranging from detection up to 0.12% Cu, 2.2 g/t Au and 0.10% Mo. The bulk of anomalous copper values (defined as >90th percentile) were returned from drill holes testing the northern magnetic anomaly. In particular, drill hole Inza-11-05 returned a 42.5 m zone of elevated copper values within hornfels altered intermediate volcanic rocks. Importantly, this mineralized zone is located at the northern end of an IP chargeability anomaly that extends for over 2,000 metres and coincides with the northwestern magnetic high anomaly. Xstrata has indicated that planning is underway for additional ground and airborne geophysical surveys in advance of a 2012 drilling program intended to further test the deep potential of this porphyry system.
Background and Geology-
Four phases of historic work have been conducted in this area:
• In 1990, Rio Algom collected 2,191 soil samples which produced three broad copper-molybdenum-gold soil geochemical anomalies coincident within a regional magnetic anomaly. The soil anomalies range in approximate size from 2,000 m by 2,000 m (Anomaly I) to 800 m by 800 m (Anomaly II). Bedrock mapping of the western part of the claims identified the host rocks to be predominantly Takla Group volcanics, locally intruded by monzonite porphyry. Prospecting in the area of the soil anomalies uncovered volcanic outcrop with 1-5% disseminated pyrite and pyrrhotite with trace chalcopyrite, as well as monzonite outcrop with sparse quartz veins containing trace molybdenum. Results returned weakly anomalous copper (525 ppm) and gold (199 ppb);
• In 1995, a small prospecting and soil sampling program was also conducted over the north-central part of the Inza claims, east of Rio Algom's soil anomalies. Although soil sampling was unsuccessful due to thick overburden, prospecting returned anomalous samples 2.5 g/t Au Au, 107 ppm Cu, 4016 ppm Zn, 3289 ppm As, collected from subcrop to outcrop gossanous andesite breccia, near altered intrusive monzonite;
• In 2008 government lake sediment sampling program identified several samples ranging from 51.9 to 136.8 ppm copper, which are significant anomalies for the area. These samples are situated downslope to the east of the historic soil (Anomaly I).
• In 2008 and 2009, Strongbow conducted two short prospecting programs on the property. Efforts were concentrated on prospecting along logging roads and skidder trails where new bedrock had been exposed. Multiple rock samples were collected, four of which came from an altered biotite-feldspar porphyry identified along a new logging road and positioned along the southern margin of the largest historic soil anomaly. All four samples returned anomalous metal values, including 136 ppm to 9,450 ppm copper, background to 798 ppb gold and 34 ppm to 711 ppm molybdenum.
In 2009, Strongbow completed 11 line kilometres of Induced Potential (IP) surveying and 22 line kilometres of magnetic surveying, broadly coincident with the Rio Algom's historic soil Anomaly I. This survey focused only on the northern portion of the regional airborne magnetic anomaly that has a northwest-southeast extent of 9.0 km and a maximum width of 3.0 km. The ground magnetic data define a ring-shaped or moat-like feature which is postulated to be related to potassic or siliceous alteration that could have caused the destruction of magnetite within an intrusive-hosted porphyry system (and therefore formed the circular pattern of magnetic lows). The Cu-in-soil anomaly demonstrates a coincident relationship with respect to this circular magnetic low anomaly.
Strongbow's exploration programs at the Inza project are conducted under the supervision of David Gale, P.Geo.(BC), Vice-President of Exploration for Strongbow and a qualified person under NI 43-101.
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