Crosshair Energy Corporation - Victoria Lake

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USA Division CMB Division Gemini Division

Golden Promise South Golden Promise Victoria Lake

Photos

Project Highlights

Large land position in a highly prospective base metal belt
Project is adjacent to the Boomerang Deposit (Messina Minerals), a high grade precious and base metal rich VHMS deposit

Technical Report

Click here for the complete NI 43-101 technical report on the Golden Promise Project (PDF 11.0MB)

History

Historical exploration by Noranda (1980's to early 1990's) highlighted the presence of at least three distinct zones of altered (sericite-silica-pyrite) felsic volcanic rocks exhibiting VHMS indicators including strongly depleted sodium (0.13% to 0.33% Na2O), enriched potassium (up to 12% K2O) and enriched barium (4,940 ppm Ba) whole rock signatures. There are also unsourced, sulphide rich boulders assaying 6.5% zinc, 4.1% lead, 0.37% copper, 33.9 g/t Ag and 1.02 g/t gold. Boulders of massive barite have also been located immediately northeast of the property boundary.

Soil sampling completed by Noranda and more recently by Rubicon has outlined significant copper, zinc, lead and silver anomalies that locally correspond with alteration zones and geophysical targets, most of which are untested by diamond drilling.

The option agreement by which Crosshair could earn-in 60% interest for the Golden Promise project, the South Golden Promise project and the Victoria Lake project, resulted from the work completed by Rubicon.

Claim Ownership

Under the terms of an agreement dated February 14, 2003 with Paragon, the Company has earned a 60% interest in the Victoria Lake Project, subject to a 2.5% Net Smelter Return to the underlying vendors, buy issuing a total of 400,000 common shares and completing a minimum of $1,750,000 in exploration expenditures. Paragon declined to participate in the recent programs and has been diluted to a 38.3% interest. (The South Golden Promise Property includes two separate blocks of licenses, these being the South Golden Promise and the Victoria Lake claim blocks, which collectively cover 55 square kilometers in 218 claims in 9 licences).

Geology

Geology Map

The Victoria Lake project is predominantly underlain by submarine volcanic rocks of the Victoria Lake Group, which hosts several precious and base metal rich deposits, including:

The recent Messina Minerals Boomerang discovery (13.6% zinc, 4.0% lead, 0.7% copper, 102 g/t silver and 1.0 g/t gold over 13.9 metres of core), located adjacent to the Victoria Lake property.
The past producing Buchans mine (16 million tonnes @ 14.5% Zn, 7.5% Pb, 1.3% Cu, 126 g/t Ag and 1.3 g/t Au), located 60 kilometres to the Northeast.
The Duck Pond deposit (proven and probable reserves of 4.1 million tonnes at an average grade of 3.3% Cu, 5.7% Zn, 59 g/t Ag and 0.9 g/t Au), located 55 kilometres to the northeast.
The Messina Minerals controlled Long Lake massive sulphide prospect (historical resources of 0.5 million tonnes grading 16% zinc, 2% copper, 1% lead, 38 g/t Ag and 0.9 g/t gold), located 15 kilometres to the northeast.

The rocks underlying most of the project were originally mapped as part of the Tulks Hill volcanics, but they have subsequently been recognized as belonging to a separate belt of rocks called the Long Lake belt. The Long Lake belt comprises intercalated volcanic, volcaniclastic and sedimentary rocks that outcrop over a length of 70 kilometres in the vicinity of the Victoria Lake property. Exposed on the eastern shore of Henry Waters on the Victoria Lake project is a sequence of altered and flattened porphyritic pillow lava referred to as the Henry Waters basalts, which are thought to represent the upper part of the Victoria Lake group.

Several major northeast structures occur in the Victoria Lake area and have affected all rock units through extensive shearing and faulting. The northeastern portion of the project is underlain mainly by volcanic and volcaniclastic rocks with a strong penetrative foliation resulting in the development of chloritic and sericitic schists. The southwestern portion of the project is underlain by a mix of volcaniclastics as well as strongly deformed shale and chert known as the "Caradocian Shale".

Exploration Work

Grid Location Map

Exploration on the Victoria Lake project in 2005 was focused on the VHMS potential of the area, especially in light of the newly discovered Boomerang Cu-Pb-Zn massive sulphide prospect located approximately 6 kilometres northwest of the property. Crosshair's program on the Victoria Lake project focused on four main areas known as the DPS, Swamp, Henry Waters and Long Lake grids. Work consisted of geological sampling and gravity geophysical surveys on all four girds, which outlined several significant targets.

During the fall and winter of 2006, an eleven hole (2,198 metre) drill program was completed in the four grid areas. The program was very successful in outlining multiple horizons of strongly altered, sulphide-bearing felsic volcanic rocks that could host a significant precious-metal rich massive sulphide deposit. The encouraging results received from the widely spaced drilling are strongly suggestive of a proximal VHMS environment and will be followed up with additional drilling.

In 2011, Crosshair completed a 380km airborne survey over the property to outline potential targets. The results from this survey will be used to plan future programs.

Stewart Wallis, P.Geo., is President of the Company and a Qualified Person as defined by National Instrument 43-101 for the above mentioned projects. The QP is a member in good standing of the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) as a registered Professional Geoscientist (P.Geo.). Mr. Wallis has reviewed and is responsible for the technical information disclosed above.