The Fireweed property is located in central British Columbia, approximately 55 km east-northeast of the city of Smithers. The property is 10 km northwest former Granisle Mine, 5 km west of the former Bell Copper Mine, and 17 km southwest of the undeveloped Morrison deposit. The Fireweed property is the only property held by Regulus Resources in Canada and is currently optioned out to Shamrock Enterprises Inc.
The Fireweed Property is a polymetallic (Ag, Zn, Pb, Cu, Au) discovery of massive sulphide and sulphide replacement type mineralization. The region has seen active mineral exploration since the turn of the century with numerous past producers. The main mineralized horizon covers more than 3 miles of strike length, 150-300 feet of stratigraphy and 500+feet of dip extent. The Fireweed hosts the same type of mineralization as Equity Silver’s polymetallic (Ag, Cu, Au) former Sam Goosley open pit mine, south of Houston, B.C., that had reserves of 30.1 million tonnes grading 106 grams/tonne silver and 1.0 grams/tonne gold.
1980’s: Mansfield Minerals acquires the property.
1999: A 1,250 metre drill program was conducted and tested 200 metres of strike length on the 1600 Zone geophysical target. All holes encountered narrow widely-spaced vein swarms. Mansfield concluded that this type of mineralization is indicative of a large hydrothermal system and therefore further work would be required to determine additional exploration targets on the property.
2005: In July and August, 2005 approximately 25 km of marked grid lines was completed. SJ Geophysics Ltd. completed a 3-D Induced Polarization Survey across part of the property.
2008: The Fireweed property was transferred to Pachamama Resources Inc. as part of a restructuring of Mansfield Minerals Inc.
2012-2014: The property was transferred to Regulus Resources Inc. as part of the merger with Pachamama Resources Inc. The project is currently joint ventured out to Shamrock Enterprises Inc. (formerly Shamrock Resources Inc.). Total expenditures to-date on the property are approximately $CDN 4 million; including geological mapping, geophysical surveys and 70,000 feet of diamond drilling.
A 1,250 metre drill program conducted in 1999 tested 200 metres of strike length on the 1600 Zone geophysical target. All holes encountered narrow widely-spaced vein swarms. This type of mineralization is indicative of a large hydrothermal system. Further work will be required to determine additional exploration targets on the property.
Based on 2,200 m of diamond drilling Shamrock calculated a “drill indicated resource” which was done prior to the implementation of National Instrument 43-101 and as such, must now be termed a “historical mineral resource”. This historical resource is 640,000 tons (imperial) @ 277 g/t Ag, 1.34 % Pb and 2.22 % Zn.