«TECHNICAL REPORT CALICO PEAK MOLYBDENUM PROPERTY Rico Area, Dolores County Colorado Latitude N 37.710272 and Longitude W -108.090352. UTM 12S ...»
CALICO PEAK MOLYBDENUM PROPERTY
Rico Area, Dolores County Colorado
Latitude N 37.710272 and Longitude W -108.090352.
UTM 12S 756488E/4177643 E
NAPIER VENTURES INC.
Suite 2001, 837 West Hastings Street,
Vancouver, British Columbia, Canada V6C 3N7
Phone: (604) 294-1082
Fax: (604) 473-9138
BARRY PRICE, M.SC. P.GEO.
BJ PRICE GEOLOGICAL CONSULTANTS INC.Suite 1028 470 Granville Street, Vancouver, BC, Canada Phone: 604 682 1501 Fax: 604 642 4217 firstname.lastname@example.org AND JAMES G. BAUGHMAN, B.SC. P.GEO (WYOMING)
DENVER, COLORADOMarch 24, 2011
PHOTOGRAPH OF CALICO PEAK FROM THE SOUTHShowing pronounced alteration.
CALICO PEAK PROPERTY, COLORADO Page |i Technical Report
CALICO PEAK MOLYBDENUM PROPERTYRico Area, Colorado
NAPIER VENTURES INC.
The Calico property is located approximately 52 km (32 Miles) north-northwest of Durango, Colorado at Calico Peak along the west portion of the Rico Mountain Range in the Rico Mining District. It is centered on a large potassic (alunitic) alteration zone with polymetallic veins related to a Tertiary intrusive porphyry suite. There are 65 Lode Mining Claims (approximately 1300 acres) within which are a number of older patented claims held by others. Fourty four claims were acquired by staking and twenty-one additional claims were later purchased.
The Calico Property was first explored by old time prospectors in the late 1800s. The Rico Mining District was originally discovered in 1869 but the rich silver ores were not mined in large quantities until
1879. The district produced lead, zinc, gold, and a little copper in addition to silver. The ore occurs in veins related to faults, as well as in replacement deposits in limestone. A large amount of mineralization was alsofound where gypsum layers within the Hermosa Formation had been dissolved, leaving open space for ore-bearing solutions. Early Tertiary intrusives (Laramide) are common in the district, and are probably closely genetically related to the mineralization.
In more recent times during the 1970s and 1980s Anaconda Mining Company explored the Calico Peak Property where it identified the potential porphyry molybdenum target. Anaconda Mining Company completed surface work including geological mapping, surface sampling and drilling of three shallow drill holes to depths of 500 feet to identify a molybdenum porphyry target. The results indicated porphyry mineralization existed, but the project was abandoned in the early 1980s when the molybdenum market was depressed.
B.J.PRICE GEOLOGICAL AND J.G. BAUGHMAN JANUARY 2011 CALICO PEAK PROPERTY, COLORADO P a g e | ii Napier has not completed any work on its own, aside from the brief program supervised by co-author Baughman, which consisted of limited geologic mapping and sampling, soil sampling, geochemical analysis of rock and soil sampling and an orientation Induced Polarization (IP) geophysical survey.
Similar porphyry molybdenum targets have been explored east of Rico, where a small but high grade molybdenum resource was also drilled by Anaconda.. This is the type of target sought by Napier. Two very large deep porphyry molybdenum deposits are being mined in Colorado, providing an exploration model.
There is a historical resource of alunite (potassium aluminum sulphate) that has been estimated for the Calico Peak area by Mario Serna Isaza, from over 200 rock samples taken during his Master’s Degree thesis study completed in 1971. Neither the authors nor Napier have verified this estimate, which is not in compliance with NI 43-101 or CIM resource categories, and it should not be relied upon.
Alunite is a result of oxidation of sulphides and is sometimes an indicator of gold deposits or of buried porphyry copper/molybdenum systems. While the alunite is of interest, it is low grade, and the main target is a buried, moderate to large size molybdenum porphyry deposit similar to that at Silver Creek.
A secondary target would be gold-silver mineralization in veins peripheral to the suspected porphyry.
Suggested work program for the next exploration season will consist of:
Data compilation Prospecting, mapping and sampling A deep IP survey This would be followed by drilling at least 2 deep holes, 1000-2000 feet each to search for molybdenum mineralization at depth.
A tentative budget for the program would be Can $1.5 million.
Dated at Vancouver B.C. this March 24, 2011 respectfully submitted
B.J. PRICE GEOLOGICAL CONSULTANTS INC.per: __________________________________________________
Barry J. Price, P.Geo. Qualified Person March 24, 2011
TABLE OF CONTENTSPHOTOGRAPH OF CALICO PEAK FROM THE SOUTH
CALICO PEAK MOLYBDENUM PROPERTY
NAPIER VENTURES INC
TABLE OF CONTENTS
INTRODUCTION AND TERMS OF REFERENCE
RELIANCE ON OTHER EXPERTS
PROPERTY DESCRIPTION AND LOCATION
FIGURE 1. LOCATION MAP USA
FIGURE 2. LOCATION MAP COLORADOFIGURE 3.
LOCATION MAP RICO COLORADO
FIGURE 4. CLAIMS AND TOPOGRAPHY – RICO AREA
FIGURE 5. CLAIM SKETCH, CALICO PEAK AREA
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY
Local Resources and Infrastructure
FIGURE 6. SKETCH OF RICO DOME, AFTER PRATT.
FIGURE 7. GEOLOGICAL MAP OF CALICO DOME AREA (USGS Special Map 1905)
LEGEND FOR FIGURE 7.Local Geology
Entrada Sandstone and Wanakah Formation
Calico Peak Porphyry
Alteration and Mineralization
FIGURE 8. SKETCH OF ALTERATION (ANACONDA )
FIGURE 9. MAMMOTH VEIN
FIGURE 10. HEAT FLOW IN COLORADO
FIGURE 11. HEAT FLOW AT RICO COLORADO
FIGURE 12. GEOLOGICAL CROSS-SECTION THROUGH CALICO PEAK
2010 Field Work:
FIGURE 13, CALICO PEAK SOIL GRID ON TOPOGRAPHY
FIGURE 14. CALICO PEAK SOIL GRID (IDEALIZED)
FIGURE 15. MOLYBDENUM IN SOILS AT CALICO PEAK
FIGURE 16. COLORED MO ANOMALY PLAN – 2010 SOILS
FIGURE 17. I P RECONNAISSANCE LINE 2010
FIGURE 18. PRELIMINARY IP LINE 1 AT CALICO PEAK – CHARGEABILITY EQUIVALENT
FIGURE 19, PRELIMINARY IP LINE 1 AT CALICO PEAK - RESISTIVITY
SAMPLING METHOD AND APPROACH
SAMPLE PREPARATION, ANALYSES AND SECURITY
FIGURE 20. LOCATION OF 2010 GEOCHEMICAL SAMPLES
FIGURE 21. SAMPLES AND WAYPOINTS BY J.
TABLE OF ROCK SAMPLES FROM 2010 (J. Baughman)
TABLE OF ROCK ASSAYS J.G.BAUGHMAN
Silver Creek Molybdenum deposit
FIGURE 22. SKETCH OF SILVER CREEK MOLYBDENITE DEPOSIT
FIGURE 23. DRILL SECTION, SILVER CREEK MOLYBDENUM DEPOSIT
MINERAL PROCESSING AND METALLURGICAL TESTING
MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES
Alunite: AlK3(SO4)2(OH)6, Potassium Aluminum Sulfate Hydroxide.
OTHER RELEVANT DATA AND INFORMATION
Environmental and social notes
INTERPRETATION AND CONCLUSIONS
FIGURE 22. SCHEMATIC DRILL SECTION PROPOSED DRILLING
CERTIFICATE OF AUTHOR BARRY JAMES PRICE, M.SC., P.GEO
CERTIFICATE OF AUTHOR JAMES G. BAUGHMAN
SUMMARY OF RELEVANT GEOLOGIC, GEOENVIRONMENTAL, AND GEOPHYSICAL INFORMATION
Spatially and (or) genetically related deposit types
Potential environmental considerations
GEOLOGIC FACTORS THAT INFLUENCE POTENTIAL ENVIRONMENTAL EFFECTS
Surrounding geologic terrane
Nature of ore
Deposit trace element geochemistry
Ore and gangue mineralogy and zonation
Mining and milling methods
Metal mobility from solid mine wastes
Soil, sediment signatures prior to mining
Potential environmental concerns associated with mineral processing
MINING IN COLORADO
Substitutes and Alternative Sources
APPENDIX III – ANALYTICAL SHEETS FROM ROCK AND SOIL SAMPLES
(IN PDF VERSION ONLY)PHOTOGRAPH OF RICO COLORADO
INTRODUCTION AND TERMS OF REFERENCEThe authors have been retained by the Directors of Napier Ventures Inc. to compile available geological data concerning the Calico Peak area and the molybdenum deposit known to exist nearby. The author has not visited the property, as it lies at high elevation at the mountain crest and is under snow for much of the year.
Co Author Baughman visited the property September 25-28, 2010 and spent several days on the property sampling and mapping.
Napier Ventures Inc. is a Canada-based capital pool company (CPC). An American wholly-owned subsidiary is Napier International LLC, formed to carry on business in Colorado. The principal business of the Company is to identify, evaluate and acquire mineral assets, properties or businesses with a view to completing a qualifying transaction for the company. Officers and directors are: Michael P. Raftery, President, Chief Executive Officer, Chief Financial Officer, Director; Donald Scoretz, Director; and Danny Yu Director.
The purpose of this report is to document the major property acquisition (The Calico Peak Molybdenum property) as part of the regulatory requirements for a Capital Pool Corporation (CPC) Co-author Baughman visited the property a number of times, most recently on October 2, 2010. Co Author Price has not visited the property but has explored and described similar properties in Canada and elsewhere.
Both co-authors are independent consultants and are both Qualified Persons (QP) for the purposes of this report.
Information used in this report has been provided by Napier and by personal site visits by co-author Baughman, and data collection as well as review of historic Anaconda Mining Company data files in September through December 2010. This report also includes personal observations made by JGB in the course of field visits and on general geologic information available to the public through peer review journals, publications by the U.S. Geological Survey, and agencies of the State of Colorado.
The purpose of this report is to provide an independent evaluation of the Calico Peak project, the exploration and discovery potential in that area, past exploration, its relevance and adequacy to assess the mineralization potential of the area, and provide recommendations for future work. This report conforms to the guidelines set out by the Canadian National Instrument 43-101.