The best hole in that program, (assays are still pending for the remainder of Phase 2) was a 12 meter intersection grading 0.27 % Molybdenum, confirming the presence of higher grade concentrations within a lower grade disseminated body. (0.1% Molybdenum is equal to 2 lbs. per short ton).
Other highlights from the program include:
Phase I highlights:
?BD-07-01 returned 0.05% MoS2 over the entire length of 490.10 metres, which included two higher grade zones of 0.078% MoS2 over 42.9 m from 17.0 m to 59.9 m and 0.081% MoS2 over 102.3 metres from 257.7 m to 360.0 m.
?BD-07-02 returned 0.07% MoS2 over the entire 489.4 meters, including a 231.4 meter interval of 0.095% MoS2.
?BD-07-03 intersected higher grade intervals in excess of 12 meters at 0.27% MoS2.
Phase II highlights:
Granby Zone:
A single drill hole was designed for the Granby Zone and this drill hole was to twin the 1978 historical percussion hole M-3 which returned 0.176% Mo (0.29% MoS2) over 36.6m. Drill hole BD-07-11encountered altered dioritic rocks through to 122.0m before being shutdown due to extreme blocky conditions and faulted corridors that made drilling too difficult. BD-07-12 was then targeted 10m to the north of the M-3 historical collar and drilled to a depth of 254.0m. Drilling intersected altered hornfels and intercalated dioritic rocks with visible molybdenum observed in quartz veining and within the matrix of the brecciated corridors. Assays are pending.
This area will be revisited in the new year to better delineate the faulted corridor in and around M-3 and BD-07-11 and the associated lineament expressed in the geophysical data.
Alaskite Zone:
Thirteen holes were drilled in the Alaskite Zone during the second phase of drilling between September and December 2007. Drill holes BD-07-08, 07-09, 07-13, 07-14, 07-15, 07-16, 07-17, 07-18, 07-19, and BD-07-20 targeted IP chargeability and resistivity anomalies that showed potential for molybdenum mineralization. Drill holes BD-07-21 and BD-07-23 targeted geophysical magnetic anomalies associated with the alaskite intrusive. A pattern of testing these anomalies was based around historical geophysical data and historical trenching and drilling data as well the favorable assay results returned in drillhole BD-07-01.
All of the above mentioned drill holes encountered variable amounts of visible molybdenum throughout their entire drill lengths, in particular drill holes BD-07-09, BD-07-13, BD-07-15, BD-07-16, BD-07-21 and BD-07-23. Drill holes 07-15 and 07-16 targeted the northwest trending alaskite intrusive that was originally mapped on surface in 1969. Both drill holes encountered >100 meters of mineralized alaskite and favorable quartz veining that extended into the underlain hornfels andesites. These drill holes have continued to confirm the northwest strike to the Alaskite intrusive.
Drill holes 07-09 and 07-13 were drilled ~100m north of BD-07-01 and were testing an IP anomaly outside of the known alaskite intrusive. Both drill holes exhibited moderate to strong fracturing throughout their lengths and moderate quartz veining throughout. Both drill holes were shutdown in a coarse grained intrusive rock. Assays are pending for BD-07-13, BD-07-15 and BD-07-16.
Drill holes BD-07-21 and BD-07-23 were designed as angle holes to better delineate the alaskite intrusive and provide better geological information regarding the width and depth of the alaskite intrusive. BD-07-21 intersected 93 metres of alaskite with favorable veining and molybdenum mineralization, while BD-07-23 intersected 344 metres of alaskite from collar to the end of the hole with very encouraging intense veining and visible molybdenum throughout the entire hole length.
Drill hole BD-07-22 was designed to target the eastern granitic pluton approximately 100 meters east of BD-07-09. The BD-07-09 drill pad was used for this drill hole, and the drill was turned to an azimuth of 090 and drilled at an angle of -45 dip. Hornfels and intrusive were intersected where anticipated, thus adding to the current geological model that this eastern pluton has a strike that mimics the western alaskite intrusive to the southwest.
Mid Zone
Drill hole BD-07-10 was drilled to the northeast of the Alaskite Zone, on the road between the Alaskite Zone and the Granby Zone. It too was situated on a broad geophysical anomaly and encountered molybdenum mineralization hosted in vertical quartz veinlets within a dioritic intrusive below 250 meters.
Summary
An extensive drill program is planned for the new year and drilling will follow up on many of the favorable drill holes to date, in particular the drill holes intersecting the alaskite intrusive in and around drill hole BD-07-15 and BD-07-23. Drilling of the Quartz Breccia Zone will also commence in the new year as road conditions are at their best and follow up on the anomalous areas around BD-07-02 is a priority.
Exploration or mining activities have been conducted on and around the area of the Lone Pine Claims since early in the last century, with a considerable amount of geological, geophysical, and geochemical work having been done on the Property since 1976. A number of different companies have worked on the Property previously, including Canex Aerial Exploration Ltd., Molymines Exploration Limited, Cominco Ltd., Granby Mining Company and Noranda Mining and Exploration Inc. Several programs of diamond and reverse circulation drilling have been conducted on the Property since the mid seventies; the most notable of which was the program in 1978 where a hole drilled in the Quartz Breccia Zone returned 356.3 meters of 0.068% MoS2 from 20.7 to 377 meters which includes 154 meters of 0.088% MoS2 from 181 to 335 meters.
Additionally, a second deeper diamond drill hole drilled during this program, which was drilled in the Alaskite Zone, returned 343.7 meters of 0.06% MoS2 from 3.6 to 352.3 meters, including 101.4 meters of 0.078% MoS2 from 3.6 to 105 meters. Both of the above drill holes were terminated in mineralization. However, for the most part, past programs tended to be fairly limited in scope, with most drilling being confined to probing shallowly beneath known surface mineralization, and no effort has ever been made to determine whether there is any lateral continuity to mineralization noted above, or whether higher grade mineralization exists nearby which correlates to the mineralization noted to occur in these two drill holes which were drilled approximately one kilometer apart.
BEIJING - Each sector of Beijing's property market expanded in the fourth quarter, average rentals rose.
In the fourth quarter of 2007, massive completion of prime office projects added 460,000 sm to the existing stock, and the vacancy rate increased by 2.8 percentage points to 14.1%. High quality projects completed this quarter pushed rents up by 3.8% q-o-q, reaching RMB 193.1 psm per month.
The Beijing serviced apartment market has benefited most from the upcoming Olympic Games among luxury residential leasing market sectors. Serviced apartment rents rose by 5.6% q-o-q to RMB 228.5 psm per month. The average rentals of luxury apartments and villas also rose.
Because of the great demand caused by the upcoming Olympic Games, rents for ground and first floor retail space increased by 1.2% and 3.4% q-o-q, respectively. Some shopping centres and department stores adjusted brands or altered layouts this quarter. The vacancy rate climbed by 0.6 percentage points q-o-q to 7.1%.
Average rental of industrial property this quarter was RMB 53.1 psm per month, a 0.2% rise q-o-q and an increase of 5.3% y-o-y. The price of industrial land was RMB 1,222 psm, a 0.8% rise q-o-q and up 7.2% y-o-y.
SHANGHAI - Every sector of the Shanghai property market maintained the positive growth seen throughout 2007.
The Shanghai prime office market continued its positive growth during the fourth quarter, maintaining the trend seen throughout the year. Two projects were completed: Plaza 336 and the Chong Hing Finance Centre in Huangpu District, adding some 54,000 sm to the market. Strong pre-commitment continued, resulting in a further drop in the overall vacancy rate by 0.2 percentage points q-o-q. Strong demand and tightening vacancy saw average office rentals rise in Puxi and Pudong by 5.9% and 5% q-o-q, respectively.
Impacted by the macroeconomic measures, the transaction volume of luxury residential properties slipped in the last quarter. During October and November, the average monthly transaction of first-hand luxury residential properties was recorded at 836 units, a q-o-q drop of 27%. Nevertheless, average prices for luxury apartments and villas still witnessed a hike within the quarter. Luxury residential leasing activities slowed as usual during the holiday lull. Average rentals for all three types of luxury residential properties were flat.
Both prime ground and prime first floor rents witnessed strong growth of 4.9% and 4.7% q-o-q, respectively. The ongoing tenant mix restructuring in Cloud Nine and the renovation of some other retail properties led to an increase of 3.3 percentage points qo- q in the overall prime retail vacancy rate in Shanghai to 8.7% at the end of 2007.
The 42 industrial land plots released in the No. 13 and No. 14 Land Bulletins have to some extent eased the tightening industrial land supply in Shanghai and there has been a slight rise of 3.1% q-o-q in the average industrial land price to RMB 1,072 psm. The average rent of industrial properties rose by 2.1% q-o-q to RMB 34.3 psm per month in the fourth quarter.
GUANGZHOU - The residential sales market in Guangzhou was slowed by the People's Bank of China (PBOC)'s new fiscal measures on real estate bank loans and mortgages promulgated at the end of the third quarter. However, other sectors of the property market continued on a steady growth path in the fourth quarter.
Prime office rents climbed to RMB 106.5 psm per month, up 2.5% from three months ago. Prime office space completed within the quarter totalled 252,259 sm, pushing the overall vacancy rate up to 18.4%.
The average price of luxury apartments hovered at a high level of RMB 16,956 psm, yet growth was subdued substantially by tightened lending policies. A number of residential schemes were completed and handed over in Tianhe District in the fourth quarter. The leasing market remained stable across all sectors.
Prime retail rents registered slight rises over the period under review. Rents for ground and first floor space grew by 1.2% and 0.6% q-o-q to RMB 47.8 psm per month and 24.9 psm per month, respectively. No new completion was reported in the quarter, and the vacancy rate declined to 8.4%.
The industrial sector continued to perform stably during the quarter. The average land price was driven up slightly by 1.5% q-o-q to RMB 452 psm. Rents for industrial facilities remained broadly unchanged across the market.
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