Calico Resources Corp.- Advancing the Grassy Mountain Gold Project, Oregon
Overview
Calico Resources Corp. (TSXV:CKB) is an exploration company focused on acquiring a “pipeline” of high quality opportunities ranging from advanced exploration properties with near term production potential and significant exploration upside. Calico’s flagship property is the Grassy Mountain Project, located in Malheur County, Oregon where local and regional newspapers have commented positively on the economic impact of the potential mine development. Since receiving an approved updated NI 43-101 report in February 2012, 17 additional targets have been identified at Calico’s Grassy Mountain project. The key objectives of the 2012 Grassy Mountain drill program will be resource enlargement and definition along with geotechnical and metallurgical sampling.
Calico has a management team of proven mine builders. Their most recent success was the exploration, permitting, financing and development of a district-scale iron oxide-copper-gold system (IOCG) stretching across the borders of Sweden and Finland (Northland Resources TSX:NAU). The first mine and processing facility are now under construction.
Investment Highlights
- Significant upside potential on the Grassy Mountain primary target plus tangible Blue Sky potential on the 17 additional targets already identified on the property
- Updated NI 43-101 Technical Report, February 2012
- Calico is committed to “sustainable development” and will operate all projects in a safe and environmentally sound manner – the Company will incorporate a comprehensive reclamation plan into the mine design for the Grassy Mountain project
Key Project
Grassy Mountain Project – Malheur County, Oregon, USA
The Grassy Mountain Project consists of a 3,800 acre claim package plus 1,300 of free land located in Malheur County, Oregon, approximately 70 miles west of Boise, Idaho and 22 miles south of Vale, Oregon. Calico has an option agreement with Seabridge Gold Inc. to acquire 100% interest in Grassy Mountain project. In June 2011 the Company reported that the TSX approved the acquisition and the initial share payment of 2,000,000 shares had been delivered.
In February 2012, the Company’s updated NI 43-101 Technical Report for Grassy Mountain was approved by the TSX Venture Exchange. The Report estimates an Indicated resources of 37,471.0 tonnes containing 1,271.3 ounces gold averaging 3.4 g/t and Inferred resources of 15,733.3 tonnes containing 305.6 ounces gold averaging 2.1 g/t .
click to zoom - Typical Grassy Mountain Cross Section
Grassy Mountain has significant exploration history with over 400 holes drilled totalling about 76,000 meters. The main discovery zone had a total of 228 holes amounting to 56,500 meters. Also identifed in previous work were 17 additional exploration targets within the claim block.
The Company have identified 240 drill holes on the Grassy Mountain property and an additional 198 drill holes on surrounding targets. Calico’s 2012 drill project will concentrate on resource enlargement and definition. Geotechnical and metallurgical sampling will also be carried out at the property. Calico plan to commence drilling in May 2012.
click to zoom - Additional Targets
Management
Arden (Buck) Morrow, B.Sc. – President and CEO
Mr. Morrow is a graduate Mining Engineer from the Mackay School of Mines at the University of Nevada, Reno. He has over 30 years’ experience in mineral exploration, mine development, and mine operations, in North America, South America, Asia, and Europe. From 1980 to 2001, he was the President of Western States Minerals Corporation, which under his direction, discovered and brought into production some of Nevada’s most significant gold deposits including Barrick’s Goldstrike mine. From 2001, until he joined Northland Resources, Mr. Morrow worked as a consultant in gold exploration, mine development, and mine financing. In 2004 he joined Northland Resources and served as President and CEO until November 2009.
Vance V. Thornsberry – Vice President of Exploration and Qualified Person
Mr. Thornsberry is a Registered Professional Geologist with over 35 years of domestic (US) and international experience in the mining and exploration industry. Mr. Thornsberry has held executive, managerial and technical roles for several companies. He has a strong technical background in both precious and base metals and his expertise range from exploration through production. Mr. Thornsberry has been a contributing team member of three precious metal discoveries.
Most recently he resigned from Northlands Resources as VP Exploration, where he was instrumental in the identification, acquisition and initial development of the Pajala Shear Zone IOCG properties in Sweden and Finland, a 1B ton Fe resource that is currently in the feasibility stage. Mr. Thornsberry is currently on the board of Timberline Resources Corp and is a member of the SME, SEG, NWMA, a PG in the states of WA and WY and a QP in Canada.
Michael McGinnis – Project Manager
Mr. McGinnis has 25+ years of experience that covers all aspects of exploration in senior positions with such companies as Placer Dome Inc., New Butte Mining, Union Mines Inc., Kobex Colorado Corp. and Golden Predator. He has spent more than twelve years as a senior consultant for clients such as Agnico-Eagle, Hecla, and Hunter Dickinson Inc.. Mr. McGinnis is experienced in various styles of gold mineralization, including epithermal and Carlin-type deposits, as well as Cu-Au-Mo porphyry systems, skarns, and volcanogenic massive sulfides. He was an integral part of the discovery teams at Donlin Creek, Alaska; Campo Morado, Mexico and Kilgore, Idaho. Mr. McGinnis is a Certified Professional Geologist with AIPG, a licensed professional geologist in the State of Alaska and a QP in Canada.
Mr. Alec Peck – Chief Financial Officer
Mr. Alec Peck has been appointed as the Company’s Chief Financial Officer. Mr. Peck completed his chartered accountant designation with Deloitte, Touche, Chartered Accountants – Vancouver. He then practiced in Alberta before moving to Toronto. From 1986 until 1993, he was a Partner in Toronto and then Vancouver with member offices of the international public accounting firm Horwath International. From 1993 until March 2004 he was a Vice President in the corporate finance group of publicly listed full service investment dealers, first with CM Oliver and then Canaccord Capital Corporation, which acquired C M Oliver.
Pam White – Corporate Secretary
Pamela White has over 20 years’ experience in the TSX and TSX Venture Exchange industry, both as a senior securities legal assistant, as well as general office manager / Corporate Secretary for a number of resource exploration companies listed on the Venture Exchange. Ms. White is currently the Corporate Secretary of three other Venture Exchange listed companies, carrying out all their corporate compliance and regulatory filing requirements.
Laura Johnson – Office Manager and Corporate Communications
Ms. Johnson has fifteen years in Office Management, Project Coordination, and C-Level Support. Her background includes administrative support in a global environment, coordination of Expat services, and website design support.
