Goldrea Resources Corp.
COMPANY DATA | INTRODUCTION
| PROPERTIES IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
| Address: | 2A - 15782 Marine Drive White Rock, B.C. Canada V4B 1E6 |
| Tel No.: | (604) 531-9639 |
| Fax No.: | (604) 531-2477 |
| Web Site: | www.goldrea.com |
| Corporate Email: | lwreaugh@goldrea.com |
| Contact Person: | Larry Reaugh |
| Position: | President & CEO |
| Traded Market: | TSX |
| Traded Symbol: | GOR |
| Outstanding Shares: | 6.4 million |
| Public Float: | 2.0 million |
| 52 Week High: | $ 0.50 |
| 52 Week Low: | $ 0.10 |
| Present Price: | Click Here |
INTRODUCTION
Goldrea Resources Corp. is represented by directors and managers with many years of successful experience in the
exploration and development of precious and base metal prospects from raw prospects to producing mines.
Goldrea resulted from the re-organization of Verdstone Gold Corp. on March 25, 2002. The Company's long term vision is to acquire advanced mineral properties with the potential to host world class deposits.
PROPERTIES IN HAND
Currently the Company has four advanced stage properties which have already had extensive prospecting, mapping, trenching, geophysics, geochemistry and limited drilling as follows:
(1) BX 1 and 2 Claims, Eskay Creek, B.C.
BX 1 and 2 Claims - Strategically located 20 km west of Eskay Creek, the BX mineral claims are in one of the most mineral rich areas of the world. Parkside 2000 Resources Corp. has the option of earning 50% interest of the BX claims from Goldrea by making certain cash payments, stock payments and exploration expenditures. The BX property is underlain by an Early Jurassic Lehto Batholith (hornblende granodiorite, quartz monzonite, syenodiorite porphyry, syenite) and minor Quaternary/Miocene basalt/lamprophyre dykes. The volcanics and sediments are indurated and silicified with epidote-actinolite-chlorite-pyroxene-garnet-lizardite and/or barite alteration. The older volcanics and sediment "roof pendant" is engulfed by the Lehto Batholith felsic to intermediate intrusives resulting in thrust fault sets forming regional northeast trends which are traced over distance of 18 km.
Exploration performed in August and September 2002 on the property increased the land position six fold from 750 hectare (1,720 acres) to 4,300 hectare (10,320 acres). The property now contains eight significant mineralized zones. They are Ernie Creek Zone, Zinc Knob Zone, Sericite Ridge Zone, Ferricrete Zone, Shan Skarn, The Southwest Zone, Kirk Main Zone and Kirk Middle Ridge Zone.
The 2002 fieldwork confirmed the presence of gold-bearing mineralization on the BX property and identified three genetically related prospective environments for the mineralization.
The BX property is of considerable extent and contains demonstrable gold - bearing mineralization associated with alkalic porphyry, skarn and potentially high-grade porphyry-related precious metal veins. An aggressive Phase I program of prospecting, soil sampling and trenching is proposed for 2003. A Phase II diamond drilling program is also anticipated, pending Phase I results.
(2) Howell Project, Fernie, B.C. (55% Goldrea / 45% Eastfield)
Howell - Situated 40 km southeast of Fernie, B.C., the Howell property is a bulk tonnage gold prospect with disseminated and structurally controlled alkalic epithermal gold mineralization related to the Flathead syenite intrusions. Goldrea has joint ventured this 2,950 hectare (7,227 acre) property from Eastfield Resources Ltd. Due to the potential for bulk tonnage gold, several major mining companies have explored the Howell property including Cominco, Placer Dome, Phelps Dodge, Homestake and Inmet. Four types of mineralization are defined on the Howell:
1) Sediment hosted gold;
2) Syenite-hosted quartz stockwork/sheeted veins;
3) Pb-Zn manto-style mineralization; and
4) Syenite hosted gold.
Goldrea drilled the extension of this drill hole where previous surface rock chip sampling over a 200 x 100 m area returned average values of 1 g/t Au. The program was successful returning values up to 51 metres (168 ft) of 0.86 g/t Au (including 27 metres (89 ft) of 1.01 g/t Au in two of three holes). The zone now has two dimensions of 250 metres x 50 metres. The open pit grade of the Fort Knox deposit presently being mined is 0.80 g/t gold and Anglo Gold's Cripple Creek syenite gold deposit is 0.59 g/t gold. A successful airborne magnetic and radiometric survey was flown in August 2002, identifying the underlying syenite intrusive which will greatly enhance the potential for spotting future drill targets.
(3) Crowsnest Project, Fernie, B.C. (55% Goldrea / 45% Eastfield)
Crowsnest - The property is located 50 km southeast of Fernie and has similar geology, structure and mineralization as the
Howell property which is located 12 km northwest of the Crowsnest. Consequently several major mining companies have performed exploration on the property which includes Placer Dome, Phelps Dodge, and Cominco. Goldrea has entered into a joint venture with Eastfield Resources Ltd. to explore and develop the 4,025 hectare (9,861 acre) Crowsnest property. The focus of exploration on the Crowsnest is the sediment and syenite hosted gold mineralization. Previous work outlined a 25 m wide trench grading 0.25 opt Au (8.58 g/t Au).
A limited diamond drill program was performed in Sept.-Oct. 2002 resulting in locating the mineralized zone south of the
trenches. Now that another dimension has been added for the mineralization at Crowsnest. The Company can investigate a program of defining the limits of the zone and to locate the high grade section responsible for the high grade float samples in 2003.
(4) Dobbin Project, Kelowna, B.C. ( 50% Goldrea / 50% Molycor Gold)
The Dobbin Platinum/Palladium/Copper Property is a joint-venture with Molycor Gold Corporation. The advanced stage
exploration property has returned values up to 2.3 g Pt/Pd and 0.78% copper in trenches and diamond drilling carried out by the Companies in 1997 and 2000.
Drilling in 1997 was concentrated on the Central anomaly measuring approximately 200 m x 200 m. The best hole was 97-21 which returned 111 metres (364') grading 0.762 gm Pt/Pd and 0.19% Cu included was 15 metres (50') grading 2.26 g Pt/Pd and 0.56% copper.
(5) Goldchain Claims, Mojave County, Arizona (subject to a 3% NSR)
The Goldchain Claims cover an altered tertiary volcanic target, which has been mapped, samples and drilled by various operators over the period from 1986 to 1990. Various leaseholders were Fischer-Watt, Anaconda and ACNC (the US subsidiary of Inco) whom carried out diamond drilling and reverse circulation drilling during the above period. Anaconda postulated that 3.2 million tons of 0.015 oz/ton Au maybe present with the resource being open in all directions. This was based upon surface and underground samples and intercepts from four drill holes. Intercepts range from 35 feet of 0.064 oz/ton gold to 195 feet of 0.010 oz/ton gold.
(6) Tadpole Lake, Kelowna, B.C.
Tadpole Lake: Molybdenum Property, located on the north boundary of the Dobbin Property. The property contains a molybdenum anomal measuring approximately 1000 x 2500 metres. A wide spaced percussion drill program by Cominco in 1978 consisted of 9 holes to a 300 foot depth. The most significant result was Hole #DP-78-3 which returned 180 feet of 0.105% MoS2 including 40 feet of 0.214% MoS2 and 20 feet of 0.272% MoS2.
(7) Flap Gold Project, Kelowna, B.C.
Flap Gold Project: Located on the Northwest boundary of the Tadpole Lake Property. A large volume of volcanic rock, measuring 200 by 300 metres and extending to a depth of 250 metres, contains many gold-bearing quartz stringers zones that have assayed as high as 2.25 oz/ton (72.5 g/t) gold over 1 metre. This mineralization appears to be associated with a Tertiary Monzonite. There is a potential for a low grade 0.05 oz/ton (1.6 g/t Au) bulk tonnage 25-30 million tons open pittable deposit in this area (300 x 300 metres) which remains open in both directions.
MANAGEMENT
The success that Goldrea Resources Corp. has enjoyed to date is directly attributable to the skills and insight of its management team. The Company has an extremely diverse and experienced team of mining and business professionals giving the Company a high level of expertise to draw upon.
Larry W. Reaugh, President & CEO/Director
President and Chief Executive Officer from March 12, 1981 to present. Mr. Reaugh has forty-one years experience in the mining industry with the past twenty-one years directly involved in mineral exploration with junior resource companies. Mr. Reaugh is credited with several producing mines and has raised more than sixty million dollars for the exploration and development of mining properties.
John Chapman, B.Sc., P.Eng., 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. Consulting assignments with industry clients and government include a broad spectrum of mining and mining related activities.
Dr. William Pfaffenberger , Director
Dr. David Madill, Director
Dr. Hugh Squair, Ph.D., P.Eng., Director
Peter Rook-Green, CMA, Chief Financial Officer
Teresa L. Piorun, Officer - Corporate Secretary
On April 21, 2003, Goldrea Resources Corp. reported that the Company has negotiated an extension of their agreement with A.J. Land Company of California until May 21, 2003. Goldrea will investigate the impact of the new California regulations as reported in their press released dated April 14, 2003. The Company will also investigate the possibility of mining the open pit resources by underground methods.
Goldrea has received the draft due diligence report whereby the due diligence evaluation of the Pine Tree-Josephine Property carried out by Burgoyne Geological Inc., demonstrates that the exploration and development work carried out by Goldenbell Mining Corporation and later by Northwest Gold Corp., in the period of 1984 through 1989, has been to good industry standards. This has resulted in the definition of a gold deposit and mineral resource of merit.
On March 24, 2003, Goldrea Resources Corp. announced that Al Burgoyne, P.Eng., is coordinating the due diligence study on the Pine Tree-Josephine gold resource, located 15 miles north of Mariposa, California. Particular emphasis will be placed on the resource reserves of 1,790,745 ounces (both open pit and underground) and the potential for up to an additional 5,610,363 ounces to a dept of 5,300 feet.