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|   Willoughby Property, British Columbia
Project Overview The Willoughby gold-silver property is located 26 kilometres east of Stewart in the Stewart Mining Division within a well mineralized trend of the Hazelton Group volcanic rocks in the Stewart-Iskut-Eskay Creek gold district. The Willoughby property consists of three claims totaling approximately 1,300 ha. Highlights of historical drilling on the property include:
Golden Predator has agreed to take assignment of the Willoughby Property from the current optionee. Under this agreement, Golden Predator can earn a 100% interest in the Willoughby Property by assuming the current optionee's cash and share issuance obligations totalling $80,000 and 200,000 common shares (subject to adjustment into Golden Predator shares), respectively over a five-year period. The Willoughby Property will remain subject to a 4% NSR, of which 3% NSR can be purchased for $500,000. A 200,000 share bonus (subject to adjustment into Golden Predator shares) will be paid to the optionor upon commercial production from the Willoughby Property. Golden Predator's assignment of the Willoughby Property is subject to an agreement with BonTerra Resources Inc, whereby BonTerra may earn an initial 51% interest in the Willoughby property by paying $25,000, issuing 550,000 shares and completing $1.5 million in exploration work on the Willoughby Property over a four year period ending June 2011. BonTerra may then increase its interest to 65% by issuing a further 300,000 shares and completing an additional $1.5 million in exploration over the following two years. BonTerra will also be responsible for payments to the underlying optionor, who will retain the 4% NSR on the property referred to above. Exploration History Bonterra completed a property examination at Willoughby in August, 2007 and completed a compilation of historical data in December, 2007. Also in the 2007 field season, an airborne magnetic and electromagnetic geophysical survey was completed over the property. Conductive targets detected by this survey correlated with some of the known mineralized zones. In addition, the survey identified a number of other potentially mineralized conductive trends. A NI 43-101 report has also been completed. Bonterra carried out a field mapping and sampling program in 2008 designed to finalize the definition of targets for the proposed drill program. Mineralization was first discovered on the Willoughby property in 1941, but the majority of the exploration work on the property was conducted during the period 1994 to 1997, including 90 m of exploration drifting, 2,438 m of underground drilling and 6,597 m of surface diamond drilling. Much of this work was focused on the North Zone and the Wilby Zone, where several high grade gold and silver intersections were encountered. The structural complexity of the zones made the interpolation and interpretation of the high grade zones difficult. No resource has been calculated for the Willoughby Property. Geology and Mineralization Gold and silver mineralization at Willoughby occurs within andesite volcanics and hornblende feldspar porphyry intrusive rocks. Where mineralized, the rocks have been subject to sericite-carbonate-chlorite-pyrite alteration. To date, eight zones of gold and silver mineralization have been located within a 500 by 1500 m area. Mineralization, consisting of pyrite and pyrrhotite along with minor sphalerite, galena and rare visible gold occurs in veins, stockwork and as fracture fillings. In addition, pyrite and pyrrhotite occur as semi-massive to massive lenses and pods. The Company intends to closely monitor and advise our joint venture partner's continuing exploration on this promising property. Golden Predator's agreement to acquire the Willoughby Properfty is subject several conditions, including satisfactory title review, the execution of formal documentation and the agreement of the underlying Optionor to accept Golden Predator shares in lieu of Copper Ridge shares.  click to enlarge | |
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