Mimbres, New Mexico
Overview
The Mimbres Property consists of 45 unpatented lode claims and 2,040 acres of New Mexico State Mining Leases over a porphyry copper-molybdenum deposit and higher-grade copper-zinc-gold-silver-bearing skarns. Bear Creek Exploration drilled 18 holes up to 1,000 meters deep with assays up to 1.0% copper. Assays typical of skarn intersections include 22 meters grading 0.50% Cu, 15 meters grading 0.60% Cu and 12.5 meters grading 1.0% Cu. As is the case at the nearby Lone Mountain project, drill spacings were very far apart, and the alteration and mineralized zones remain open in several directions. Copper One considers the earlier work to have identified a mineralized system, which now must be explored in a detailed, systematic manner to identify an ore resource. As at Lone Mountain, no importance was given to the oxide mineralization which overlies the deposit, and this will form one of the first exploration priorities for Copper One. Mimbres has a large airborne magnetic signature similar in size and magnitude to the nearby Chino porphyry copper mine owned and operated by Freeport McMoran.
Field work and data review on the Mimbres Property will commence in Q1 2010.
