Steele Resources Corporation announced today that it has executed a definitive mineral lease agreement with option to purchase the Copper Canyon Mine from Salmon Canyon Copper Company near Salmon, ID.
A technical report and mineral evaluation was completed by Behre Dolbear & Company in 1979. Their report postulated a body of ore totaling up to 465,000 tons of mineralized material possibly containing approximately 12 million pounds of copper, 6.4 million pounds of cobalt, 23,000 ounces of both gold and silver. Interested parties are advised that this is an estimate based on limited geologic data which is highly subjective in nature.
The Company’s technical report for the Copper Canyon Mine includes the original Behre Dolbear report as an appendix and is available upon request. The Behre Dolbear report, combined with SRC’s preliminary geologic review, has lead the Company to believe there could be a large scale copper-cobalt deposit at the Copper Canyon Mine. The Company has submitted an application to conduct a 25-hole drill program in the underground workings of the mine with the intent of verifying the findings of the Behre Dolbear & Company report and further define the mineralization at the site.
CEO Scott Dockter stated, “Based on the figures from the Behre Dolbear report, this project could have a significant value. It is a very promising property with enough evidence of mineralization to justify additional exploration efforts. We believe that our drilling will confirm the figures stated in the Behre Dolbear report and possibly add value by defining additional mineralized targets. If our drilling confirms the presence of an economically viable mineral body then we believe this project has the potential to be moved into production quickly.”