Caribou Copper Resources and Alix Resources have begun the drilling program at the Corky property, which is situated 125 km northwest of Haines Junction in Yukon’s Whitehorse Mining District.
This property has a gold-copper-molybdenum porphyry system located in southwestern Yukon’s Kluane range. The phase I exploration program includes sampling and mapping and was completed by UTM Exploration Services for the joint venture. The recent exploration results have confirmed the occurrence of copper mineralization. The assay results are pending and anticipated.
The drill targets have been chosen based on the initial assay results and the distribution of bornite, chalcocite, azurite, pyrite, sphalerite, malachite, chalcopyrite and garnet-rich skarn mineralization in the outcrop. The companies have appointed Lynn Corp Drilling to execute the diamond drilling program at the Corky property and drills up to 2000 m of the NQ core drilling, which is planned for the property.
As a part of the five property Yukon group, Alix has got the Corky property from Strategic Metals through an option agreement, in which Alix can gain 100% of the five properties by offering Strategic, 9.9% of its outstanding shares and making $3,000,000 as cash payments in the period of four years. Caribou has signed an agreement with Alix in May 2011, wherein 49% of interest in the five properties can be gained by paying $600,000 and providing 500,000 ordinary shares for two years. Moreover, Caribou splits its proportionate amount of the basic agreement with Strategic Metals on these five properties.
Source: http://www.cariboucopper.com/