Thought it would be relevant to post detailed information on Crowflights nickel properties in the Thompson Nickle Belt. Of course the ROX options are all within 5 km so we could be looking at the same thing eventually.
Thompson Nickel Belt
TNB South
Bucko Lake Nickel Deposit (Bucko Deposit)
Under the terms of its earn-in agreement with Falconbridge, Crowflight can earn up to a 100% interest in a 5.5 square kilometre area contained within Mining Lease (ML) 031 (including the Bucko Deposit Resource Block - the area containing the current resources defined within the Deposit).
The property contained within ML 031 was originally acquired in 1959 by Consolidated Marbenor Mines Limited. In 1962, diamond drilling intersected 1.54% nickel over 6.34 metres in hole M77-B (the discovery hole) and soon thereafter the property was optioned to Falconbridge.
Since 1962 the property has been covered by extensive ground and airborne geophysical surveys and investigated by surface and underground diamond drilling. Between 1962 and 2001, 165 surface diamond drill holes totaling 61,384 metres were completed on the Deposit. In 1971-72 Falconbridge sunk a three-compartment shaft to a depth of 1,170 feet (356.6 metres - the "1000 Level";) and developed 3,500 feet (915 metres) of hanging wall drifting at the 1000 Level. A 61-hole underground drilling program consisting of 12,700 metres of drilling on 30 metre spacings was performed. The results of this drilling were used in the calculation of several pre-National Instrument 43-101 mineral resource estimates.
A scoping study (completed at the request of Crowflight by Micon International in late 2004) indicated that on a conceptual basis the development of the then defined Indicated Resources contained within the Deposit could generate a net present value of US$34 million (using a 15% discount rate) and could deliver an internal rate of return of 67% (assuming a life-of-mine US$4.50/lb nickel price). This study is available in the Technical Reports section of the the website, or by viewing public documents filed by Crowflight on www.sedar.com.
Crowflight's primary objective is to finance and develop the Bucko Lake Nickel Deposit to achieve an average annual rate of production of 5,700 tonnes of nickel in concentrate (approximately 12.5 million pounds of contained nickel). Production is planned to commence in the first quarter of 2008.
