Prospect Valley Gold Property Technical Report British Columbia
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Prospect Valley Gold Property Technical Report British Columbia, Canada - Prepared for - Consolidated Spire Ventures Ltd. 615 - 700 W. Pender Street Vancouver, BC V6C 1G8 - Prepared by - Greg Thomson, P.Geo April 21, 2008 TABLE OF CONTENTS PAGE SUMMARY .................................................................................................................................. 1 1.0 INTRODUCTION .................................................................................................................. 4 1.1 GENERAL .................................................................................................................. 4 1.2 TERMS OF REFERENCE ....................................................................................... 4 1.3 SCOPE, SOURCES OF INFORMATION AND DISCLAIMER ......................... 4 2.0 RELIANCE ON OTHER EXPERTS ................................................................................... 5 3.0 PROPERTY DESCRIPTIONS AND LOCATION ............................................................ 5 4.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ............................................................................................................. 9 5.0 HISTORY OF THE PROSPECT VALLEY PROPERTY AREA .................................. 10 6.0 GEOLOGICAL SETTING ................................................................................................. 11 6.1 REGIONAL GEOLOGY ........................................................................................ 11 6.2 PROPERTY GEOLOGY ........................................................................................ 14 7.0 DEPOSIT TYPE .................................................................................................................. 29 8.0 MINERALIZATION AT THE PROSPECT VALLEY PROPERTY ............................ 29 9.0 EXPLORATION AT THE PROSPECT VALLEY PROPERTY ................................... 38 10.0 DRILLING AT THE PROSPECT VALLEY PROPERTY .......................................... 47 11.0 SAMPLING METHOD AND APPROACH ................................................................... 60 12.0 SAMPLE PREPARATION, ANALYSIS AND SECURITY ......................................... 61 13.0 DATA VERIFICATION ................................................................................................... 62 14.0 ADJACENT PROPERTIES ............................................................................................. 65 15.0 MINERAL PROCESSING AND METALLURGICAL TESTING .............................. 68 16.0 MINERAL RESOURCES AND RESERVES AT THE PV PROPERTY .................... 68 17.0 OTHER RELEVANT DATA AND INFORMATION ................................................... 68 18.0 INTERPRETATION AND CONCLUSIONS ................................................................. 68 19.0 RECOMMENDATIONS ................................................................................................... 74 20.0 REFERENCES ................................................................................................................... 79 21.0 DATE AND SIGNATURE PAGE .................................................................................... 81 22.0 ILLUSTRATIONS ............................................................................................................. 82 I. Core Photos II. 3-D Drill Hole Views on Discovery Zone III. Discovery Zone Drill Hole Locations and Assay Cross Sections LIST OF TABLES 1. List of Prospect Valley Property Claims .......................................................................... 8 2. List of rock units in the Discovery South and North Zones ......................................... 17 3. List of Early Fault Zone/Hydrothermal Breccia intervals in 2006 and 2007 drill holes .......................................................................................................... 20 4. List of Trenches excavated in 2007 ................................................................................. 44 5. List of gold composite intervals for the 2007 trenches ................................................. 45 6. Discovery and Nic Zone 2006 Drill Data ........................................................................ 49 7. Highlights of the 2006 Drill Program ............................................................................. 50 8. List of diamond Drill Hole Data for 2007 ...................................................................... 53 9. Highlights of the 2007 Drill Program ............................................................................. 60 10. List of Standards and Blanks used in the 2007 drill program ......................................62 11. Exploration Targets showing the various stages of exploration .................................. 69 LIST OF FIGURES 1. Property Location Map ..................................................................................................... 6 2. Prospect Valley Property Claim Map .............................................................................. 7 3. Prospect Valley Property Regional Geology Map ......................................................... 14 4. Discovery North Geology Map ........................................................................................ 27 5. Discovery South Geology Map ........................................................................................ 28 6. Prospect Valley Alteration Model ................................................................................... 36 7. 2005 and 2006 gold soil geochemistry ............................................................................. 40 8. Measured Vertical Gradient ........................................................................................... 43 9. Location of 2006 and 2007 diamond drill holes ............................................................. 54 10. Schematic Geology Cross Section ................................................................................... 58 11. Schematic Geology Cross Section with average gold grades ........................................ 59 12. Gold Variogram with one of the standards used in 2007 ............................................. 63 13. Gold Variogram of Duplicate Samples taken in 2007 ................................................... 64 14. Gold Variogram of Blank Samples used in 2007 ........................................................... 65 15. Claim location Map (Spences Bridge Belt) .................................................................... 67 16. Exploration Target Areas ................................................................................................ 70 LIST OF PLATES 1. View of Discovery South Zone looking NE .................................................................... 16 2. Drill Core with Early Fault Zone type rock .................................................................. 19 3. Drill Core from FW Basalts ............................................................................................ 21 4. Intraformational Breccia in contact with amygdaloidal basalt outcrop (Red Zone) . 23 5. Late Dike exposed in Trench 2007-02 ............................................................................ 24 6. Core from HW Amygdaloidal Basalt ............................................................................. 30 7. Banded quartz vein in HW Amygdaloidal Basalt ......................................................... 30 8. HW Amygdaloidal Basalt with quartz-calcite-chlorite fillings .................................... 31 9. Amygdaloidal Basalt with Zeolite filling amygdules ..................................................... 34 10. Trench 2007-02 ................................................................................................................. 47 Prospect Valley Gold Property Technical Report April 21, 2008 SUMMARY Greg Thomson, P.Geo., a geological consultant, was retained on March 15th, 2008 with the terms of reference for this assignment consisting of undertaking a geological review of previous work done at the Prospect Valley Property (“PV Property”), followed by a technical 43-101 compliant report. On April 1, 2008 Consolidated Spire Ventures Ltd. retained the writer to prepare a 43-101 compliant report on the PV Property. Between May 9th and August 24th, 2006 the author was on site at the Property area as Exploration Manager for Consolidated Spire Ventures Ltd. (“Spire”) in charge of the 2006 Drill Program. More recently he visited the PV property on May 24, 2007. From this visit and from the 2006-2007 drill data, a follow-up exploration drill program has been recommended. Mr. Thomson has reviewed, in detail, background information such as old reports, drill data, geophysical and geochemical data, and maps concerning the property. The Prospect Valley property hosts low sulphidation epithermal gold mineralization. To date, over 13 target areas have been identified in the claim block. The majority of the targets are located in the centre of the claim block along a prominent north-northeast trending linear zone that includes the Discovery South Zone and the Discovery North Zone. The 2007 exploration program consisted of a follow-up evaluation to extensive geochemical soil surveys, ground magnetic/induced polarization surveys, smaller hand-trenching, and diamond drilling programs carried out on the target zones in 2006. The 2007 diamond drill program confirmed the presence