Projects
Maria Graphite
Carbonatite Syndicate
Charge REE Project
Arcadia
Red Chris South
White Gold District, Yukon
Project Locations Map |
In the first quarter of 2007, the Company entered into a Letter of Intent to acquire an option to purchase
50% of the Arcadia property, a 1,280 hectare area of Inuit-owned land located in Canada’s Nunavut
territory from NPN Investment Group Inc. (NPN). Under the option agreement, the Company will pay
$15,000, issue 75,000 common shares of the Company, and complete $600,000 worth of exploration
work over the next two years.
The Arcadia property represents an Archean lode-gold deposit located on the Arctic Ocean in Canada’s
Nunavut territory. A historic resource estimate of 640,650 tonnes averaging 7.2 g/t gold (containing about
148,000 oz. gold) in the North Central Vein and 139,524 tonnes averaging 8.6 g/t gold (or 38,600
contained oz. gold) in the Fred Vein have been reported for the property. These resource estimates were
completed prior to 2001 and are non 43-101 compliant. These historic estimates are not supported by a
current independent technical report and the Company cannot provide a current reserve estimate until an
updated study is performed and completed.
The Company cannot state that there are current mineral
reserves or resources on the property. All of the historic diamond drilling data has been compiled into a
Gemcom database. Sufficient salt, fuel and construction materials are on site to support a 5,000 foot
diamond drilling program.
Additionally, all permits are in place, as well as a reclamation bond, to allow for
diamond drilling. Bolero Resources and NPN are planning on an aggressive surface exploration and diamond
drilling program in 2007 to confirm the historic resources, as well as to test for new exploration targets.
Robert McLeod, P Geo., Vice President Exploration, for Full Metal Minerals Ltd., is the qualified person as
defined by NI 43-101.
Equity Engineering Ltd., a Vancouver-Based Mining Consulting Group, has been
engaged to complete a NI 43-101 report on the Arcadia Property.
On July 31, 2007, the option agreement was signed and regulatory approval was received. The $15,000
required cash payment has been made.
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