Junior earns 100 percent of Whistler

Geoinformatics Exploration Inc. Dec. 11 said it has satisfied the acquisition conditions required to earn a 100 percent interest in the Whistler Project from Kennecott Exploration Co. by completing the 2008 field season. The agreement allows Kennecott to retain a back-in right to acquire either a 51 percent or 60 percent interest in the project.

Whistler is one of the largest groups of contiguous mineral claim blocks held by a single company in Alaska, outside of existing mines and mine development projects.

The project includes the Whistler Zone, which has an estimated 1.31 million ounces of gold equivalent in indicated resource with 30 million metric tons grading 0.87 grams per metric ton gold, 2.46 g/t silver and 0.24 percent copper and 4.44 million ounces of gold equivalent in inferred resource with 134 million metric tons grading 0.64 g/t gold, 2.18 g/t silver and 0.20 percent copper. In addition, there is considerable mineralization in the Whistler Zone that has been identified by drilling and reported in the project's 43-101-compliant resource technical report, but has not yet been categorized as a mineral resource.

Some 50 other regional targets are located in and around the Whistler Zone making it potentially one of the great mineral provinces in North America, according to Geoinformatics.

Encouraging drill results

The Toronto-based junior said it completed a total of 11 diamond drill holes for 4,303 meters in 2008 on the property, which is located about 160 kilometers, or 100 miles, northwest of Anchorage.

Five of the holes (2,462 meters) tested extensions of the Whistler Zone/Main Zone resource.

The remaining six holes (1,841 meters) tested six regional targets all located within 2.5 kilometers, or about 1.5 miles, of the Whistler Zone/Main Zone resource.

The regional targets were all defined by geophysical/geochemical techniques, with no surface expression due to thin-cover gravel.

Three out of the six targets intersected mineralization.

One hole at the RainTree West prospect intersected 160 meters grading 0.59 grams of gold per metric ton, 6.02 g/t silver, 0.10 percent copper, 0.20 percent lead and 0.46 percent zinc.

"It's not as big as Donlin Creek or Pebble, but it has 6 million ounces of gold equivalent, lots of targets and a huge exploration upside," said Darren Holden, chief operating officer at Geoinformatics.

Holden told Mining News that the junior is planning a 2009 exploration program in Alaska, but it must secure further funding to finance additional work.

Geoinformatics recently completed a one-for-10 share consolidation approved by its shareholders in October that reduced its outstanding common stock to 75.7 million shares, effective Dec. 22.

Holden said Alaska offers some challenges, but Geoinformatics likes doing business in the state because it has "a reasonably good climate for mining investment."

Drill targets at Muddy Creek

Geoinformatics also completed an extensive review of the Muddy Creek high-grade gold prospects, located about 13 kilometers, or eight miles, southeast of the Whistler Zone, during the 2008 field season. The review included fieldwork and extensive validation of Kennecott's previous reconnaissance data from the area.

The advanced reconnaissance and targeting work identified seven distinct drill targets at Muddy Creek. Highlights of the work were at the Bonanza Prospect with rock chip sampling returning up to 69.12 g/t gold, 424 g/t silver and 1.96 percent copper. The average rock-chip samples from Bonanza were 9.04 g/t gold, 97.26 g/t silver and 0.55 percent copper along a 400-meter outcropping strike length of a diorite/sedimentary contact.

"Muddy Creek has several high-grade prospects that we are very excited about," Holden said.

Rock samples from previous exploration by Kennecott had an average grade of 100 g/t gold and 600 g/t silver, he added.