Petrovaara Gold Copper Area

One of the highest copper anomalies in till (exceeding 1% Cu along with gold related elements) in Finland occurs in the Petrovaara area, located about 45km north of the Outokumpu Copper Belt. Outokumpu Oy discovered the Petrovaara gold copper deposit in the 1970’s as a follow-up to tracing of numerous copper-rich boulders and till geochemical anomalies using diamond drilling. The deposit occurs in highly altered rocks which were originally mapped as ‘arkosic quartzites, skarns, and mica schists’, however, the rocks have recently been interpreted by the Geological Survey of Finland as being mostly felsic volcanics and volcanoclastic sediments intercalated with calc-silicates and black schists (GTK report by Västi, 2003). This sequence of moderately metamorphosed and highly altered superacrustal rocks are Mid-Proterozoic in age and are interpreted by Magnus as being the northern continuation of the Hammaslahti Belt, which hosts the past copper producer, Hammaslahti Mine, located 90km to the SSE (see Hammaslahti on this website). Quick Facts: Mineralization and host rocks considered to be time-stratigraphic equivalents to known Cu deposit at Hammaslahti Regional magnetics destroyed in area because of alteration Drill-inferred resource of 149,000 tons of 1.3% Cu and 1.0 g/t Au to 30m depth 35 holes drilled, many vertical, totalling 3,715m Disseminated gold-copper sulfide deposits enriched with Te, Ag, Bi, Sb, & Mo

The known mineralization on the Petrovaara claims is in a 100m wide, NE-SW trending zone at Sulkuniemi. The zone was intersected from 10 to 30m below surface in 6 drill holes, of which 5 are vertical; it is located along a >1.5km long NE-SW structure along the edge of a magnetic high. The mineralization is mainly copper, lead and gold in disseminated to semi-massive sulfides with very high bismuth, tellurium, silver, and molybdenum. Main ore minerals are chalcopyrite, bornite, galena and pyrrhotite. The mineralization occurs predominantly in sulfide-bearing quartz-carbonate rocks, skarns and mica schists. Some quartz-carbonate veining is present, but not prevalent. In the area, steeply-dipping mineralized and host rocks appear to be capped by remnant sequence of younger, flat-lying, calcareous sediments (?) as depicted in the photograph. The geological setting, alteration and mineralization at Petrovaara are unusual and may be unique to this poorly tested and understood deposit.

The table lists the significant drill intersections from the Outokumpu drilling as well as re-assayed sections from selected holes by GTK for additional elements. No other drilling has been done on the property.





Potential

Past exploration of Petrovaara has been limited and the vertical holes drilled were simply not effective in evaluating this deposit. The best values for gold were obtained in the one inclined hole. Potential exists to discover higher-grade zones and to develop an economic deposit near surface along the >1.5 km strike length, which is open in both directions as well as below the 30m level. High–grade copper boulders are known further up similar to those, which lead to the discovery of the known deposit at Sulkuniemi and may therefore originate from yet un-discovered source on the north side of the Magnus claims.