Orphan Boy Resources Inc.
COMPANY DATA | INTRODUCTION
| PROJECTS IN HAND | MANAGEMENT
| NEWS UPDATE
CHINESE
| Address: | Suite 410 - 325 Howe Street Vancouver, B.C. Canada V6C 1Z7 |
| Tel No.: | (604) 687-3520 |
| Fax No.: | (604) 688-3392 |
| Web Site: | www.orphanboy.com |
| Corporate Email: | orphanres@telus.net |
| Contact Person: | Ron Coombes |
| Position: | President |
| Traded Market: | TSX Venture |
| Traded Symbol: | ORS |
| Outstanding Shares: | 13 million |
| Public Float: | 10 million |
| 52 Week High: | $ 1.40 |
| 52 Week Low: | $ 0.69 |
| Present Price: | Click Here |
INTRODUCTION
Orphan Boy Resources Inc. is a Canadian-listed company involved in the exploration and development of gold and base metal properties. The Company has a specific geographic focus on the mineralized belt near the city of Revelstoke in Southeastern British Columbia, Canada and a specific geological focus on properties that have demonstrated potential for high-grade deposits. In 2002, Orphan Boy purchased Bethlehem Resources (1996) Corporation whose principal assets included the Goldstream mine-mill complex, mineral lands and 1.2 hectare developed industrial land on CPR rail line in Revelstoke. The Company owns interest in five mineral properties in the region covering 17,694 hectares. Together the properties (Willa, LH, Goldstream, Rift and Copper Queen) are known as the Big Bend Metals project. In addition, Orphan Boy Resources owns 100% of the Goldstream flotation mill and infrastructure, which has the capacity to process 1,000 tonnes of ore per day.
PROJECTS IN HAND
(1) Willa Property, Southeastern British Columbia
The Willa property is located in the Slocan mining division, 7.5 kilometres south of the town of Silverton, in Southeastern
British Columbia, Canada. The property is located one kilometer from paved highway #6. In June of 2002, Orphan Boy Resources acquired the option for 100% interest in the property by agreeing to pay CDN$300,000 over three years to the vendors. The vendor retain a 1% NSR royalty that reduces to 0.5% after royalty proceeds of CDN$500,000.
The gold-copper-silver mineralization at Willa occurs in three major zones: the Main, West and East, with the Main zone containing the bulk of the mineralization. The Main zone is near vertical, strikes north and extends at least to the 1,000
metre level. The trace of this zone on surface is 200 metres in length and the width is variable, ranging from 10 to over 60 metres, with the average being 30 metres.
The Company's near-term focus is to become a small but very profitable copper-gold-silver producer with the development of the Willa gold-copper-silver deposit. Based on 556 core drill holes (50,890 metres in total) containing 17,150 assayed samples, a drill indicated resource at 3.5 g/t gold cutoff has been estimated at
996,623 tonnes at 6.3 g/t gold (202,000 oz.) and 0.79% copper (17.4 million pounds) and 10.77 g/t silver (345,000 oz.) for all resource categories (including inferred). The immediate objective on the Goldstream Willa Gold project is to complete the project feasibility study and advance the project through permitting and into operations. The plan is to underground mine the Willa deposit at an initial rate of 500 tonnes per day (182,500 tonnes per year) and transport the ore to the Company's Goldstream mill complex for processing.
(2) LH Property, British Columbia
The LH property is located seven kilometers south of the town of Silverton, British Columbia and adjoins the Willa property on the northeast. The LH occurrence has a long history of ownership and development but has seen little production. The LH property adjoins the Willa property on the northeast and straddling the common boundary between the two properties are several pronounced soil and rock geochemical anomalies (Au>100 ppb, Cu>100 ppm) that are of immediate interest to Orphan Boy Resources.
Over the years, several owners have developed resource estimates for the property and the most recent in 1988 by Goldpac Investments Ltd. reported a resource of 300,000 tonnes of 17 g/t gold (this resource has not been checked by the Company and it may not be compliant with NI43-101 standards). Orphan Boy intends to review the historical resource estimates and commence drilling prospective targets on the property in 2004.
(3) Goldstream Property, British Columbia
The Goldstream property is a copper, zinc volcanogenic massive sulphide deposit located 90 kilometres north of
Revelstoke, British Columbia, Canada. Access is via a provincial paved highway and an all-weather Forest Service Road. The Goldstream mine and mill operated during the period of 1983-84 and 1991-96, yielding 78.3 million kilograms of copper, 8.0 million kilograms of zinc and 26.3 million grams of silver from 2.2 million tones of ore at an average grade of 4.3% copper, 3.0% zinc and 12 grams/tonne silver.
The Goldstream property hosts several promising exploration targets including the C-1 and two new massive sulphide discoveries: Spire and Boutwell. Recent geological mapping and computer-aided 3-D modeling has pinpointed the potential extension of the Goldstream ore body.
The C-1 zone has been substantiated over a strike length of 400 metres and down-dip for 75 metres. The best intersections were obtained at the western limit of drilling where a 14 metre interval grading 0.67% zinc and 0.25% lead contains two metres of 3.94% zinc, 1.54% lead, 0.04% copper and 0.91 oz/ton silver. The zone remains untested on its eastern strike extension. The zone has also returned gold values of interest. Cored drill holes C-11 and C-14 returned one metre intervals grading 0.074 oz/ton gold and 0.061 oz/ton gold respectively.
The Spire discovery is 13 kilometres southwest of Goldstream and is a conformable layer of fine-grained massive pyrrhotite, sphalerite, galena and chalcopyrite one to seven metres thick. Grades average 0.5% copper and 1.3% zinc over three metres in the discovery exposure, but grab samples containing 8.03% copper and 7.89% zinc have been recorded.
The Boutwell discovery, 10 kilometres west of Goldstream, is a train of angular float boulders from less than 0.5 to 1.0 metres in size, consisting of massive pyrrhotite cut by brittle microfractures infilled with sphalerite, galena and trace chalcopyrite. The sulphides enclose angular to subrounded quartz, carbonate and host rock inclusions, resembling the "durchbewegung" fabric common at Goldstream. Seven samples of massive sulphide float collected over a strike length of 115 metres graded 168-1,553 ppm copper, 0.5-19.6 ppm silver and 3-49 ppm zinc.
Orphan Boy Resources plans to execute an exploration program for the Goldstream deposit area, C-1 and Spire including mapping/prospecting, soil sampling and geophysical surveys followed by a core drilling program.
MANAGEMENT
Directors and management of Orphan Boy Resources have a diversity of experience and expertise that is difficult for most junior exploration companies to match. There is a solid blend of mineral exploration experience and more advanced project valuation, resource estimation, engineering and environmental issue management skills. In addition, there is a strong financial, accounting and general business background.
Ronald A. Coombes, President and Chief Executive Officer, Director
Mr. Coombes is a businessman who founded Orphan Boy Resources in 1995 and has served as President and CEO since inception. Mr. Coombes is an experienced entrepreneur and fund raiser has been involved in mineral exploration and junior exploration company management for the past ten years.
Mark T. Brown, Chief Financial Officer, Secretary and Director
Mr. Brown is President and CEO of Spartacus Capital Inc. and is Vice President of Pacific Opportunity Company Ltd. Mr. Brown has been involved with a wide range of business activities, ranging from refinancing multi-million dollar bank debts and arranging equity offerings to assisting entrepreneurs arrange their bank loans. He is also the Chief Financial Officer or Treasurer of four publicly traded companies (Elkhorn Gold Mining Corporation, Nevada Pacific Gold Ltd., Golden Sitka Resources Ltd. and Stockscape.com Technologies Ltd.).
John A. Chapman, Director
Mr. Chapman, as Principal of J.A. Chapman Mining Services since 1983, has managed projects and companies involved with industrial mineral development, production and marketing, as well as precious/base metals exploration, development and production.
Dr. Gerald G. Carlson, Director
Mr. Carlson, Ph.D., P.Eng., President and CEO of Copper Ridge Explorations Inc., has been involved in mineral exploration and junior exploration company management for over 30 years. Dr. Carlson's educational background includes the following degrees: B.Sc. 1969 from the University of Toronto; M.Sc. 1974 from Michigan Technological University and Ph.D. 1978 from Dartmouth College.
NEWS UPDATE
On August 09, 2004, Orphan Boy Resources Inc. announced that on August 01, 2004 core drilling commenced on a highly prospective massive sulphide target, the Boutwell, located on Lookout Hill in the northwestern part of the Goldstream property, 90 km north of Revelstoke, British Columbia, via Hwy 23.
On July 15, 2004, Orphan Boy Resources Inc. announced that it has completed the non-brokered private placement for $1,004,850.
On July 13, 2004, Orphan Boy Resources Inc. reported initial results from the underground infill and exploration core drilling program at its Willa property near Silverton, British Columbia. At June 30, 2004 a total of 4,200 metres had been completed in 24 holes from ten different underground locations.
On July 08, 2004, Orphan Boy Resources Inc. announced that it is amending the financing announced July 02, 2004 to increase the amount from $600,000 to $1 million.
On July 02, 2004, Orphan Boy Resources Inc. announced that it has negotiated a non-brokered private placement of up to 571,429 units at a price of $1.05 per unit for gross proceeds of up to $600,000.
On June 28, 2004, Orphan Boy Resources Inc. announced that it has completed the last tranche of its brokered private placement with Union Securities Ltd. This tranche is for 472,500 units, each comprised of one common share and one warrant at a price of $1.00 per unit, for total gross proceeds of $472,500.
On June 24, 2004, Orphan Boy Resources Inc. announced that the Company completed the final payment on the Willa property. The vendors of Willa retain a 1% NSR royalty that reduces to 0.5% after royalty proceeds of $500,000. The Company has the option to purchase the entire royalty at any time to July 1, 2015 for $3,000,000.
On May 31, 2004, Orphan Boy Resources Inc. announced the closing on May 26, 2004 of the non-brokered private placement for $2,652,333. The placement is for units comprised of one common share and one non-transferable warrant at a price of $1.00 per unit.
On May 28, 2004, RAB Special Situations L.P. announced that it has subscribed for a total of 2,000,000 units of Orphan Boy Resources Inc., at a price of CDN$1.00 per unit. Each unit consists of one common share and one share purchase warrant of the Company. Immediately after the private placement, RAB Special Situations owned 2,000,000 shares and 2,000,000 warrants representing approximately 28% of the issued and outstanding common shares of the Company on a partially diluted basis.
On May 03, 2004, Orphan Boy Resources Inc. announced that Advance Drilling Ltd. has commenced the 3,000 metre underground core drilling program, to expand gold-copper-silver resources at the Company's Willa property near Silverton, B.C., Canada. The program is under the direction of Discovery Consultants of Vernon, British Columbia and Steve Phillips, Willa Manager. Internationally recognized and ISO certified ACME labs of Vancouver, B.C., will be responsible for core drilling assay results.
On April 20, 2004, Orphan Boy Resources Inc. announced the Company has budgeted $3.2 million towards exploration in the 2004 field season. Exploration will be focused on Goldstream river area north of the City of Revelstoke in S.E. British Columbia and south of Revelstoke near the town of Silverton. The 2004 mineral exploration program is being conducted to support the objective of restarting the Company's 1,000 tpd Goldstream mill.