The Black Pine Property is located approximately 17 miles from the town of Salmon, Idaho, in Lemhi County, proximal to the Company's Idaho Cobalt Project. Stratiform sulphide mineralization is found in massive sections which typically contain pyrite and chalcopyrite. Aside from the copper rich strata, there are a number of narrower cobalt-gold rich arsenopyrite-bearing beds present in the copper mineralized section. Primary cobalt mineralization within the Regina target has returned some broader cobalt intervals as well as multiple stacked narrower beds. The narrower strata typically carry values sufficiently high to be minable when diluted to a 6 foot mining width.
Mineralization was first discovered in the area of the present Black Pine property in the late 1800s with several short adits, crosscuts and a shaft completed by 1947. By the 1960's, operators had estimated a historical mineable reserve in one of twelve defined target zones of 340,000 tons grading 3.5% copper (Shockey, P.E. and Calaghan, E.E (1962), referenced in Roscoe Postle Associates Inc. "Report on the Blackpine and Sunshine Properties, Lemhi County, Idaho for Formation Capital Corporation", dated May 05, 1995 - Note: these resources are historical in nature that are not NI 43-101 compliant and should not be relied upon. Additional work will be required to verify their presence and economic viability).
In 1992, Formation Metals optioned the Black Pine property and shortly thereafter staked additional claims. Since the acquisition of Black Pine, Formation has spent CAN$3.2 million on property payments and exploration including geological mapping, soil geochemistry, geophysical surveys, trenching and drilling programs. Formation has completed 100 diamond drill holes totaling 44,954 feet, and 100 reverse circulation holes totaling 15,625 feet in the late 1990's.
Management has since concentrated its development efforts on its nearby Idaho Cobalt Project, but the Blackpine project remains an attractive copper, cobalt and gold property with historical resources that require additional exploration to evaluate its full mineral potential.
