Click to view Pearson Property Resource Estimate Report.
As of June 30, 2010 Pacific Iron Ore's Vancouver Island holdings totalled approximately 520 claims covering a combined 238,875 hectares as of May 2009, all at 100 percent working interest. The Pearson Project is the most advanced group of prospects within the Corporation's Vancouver Island mining claims, and covers an area totalling 63,389 hectares. The Corporation initiated an exploration program at the Pearson Project in June 2008, continuing through summer and fall 2010. It includes additional core drilling and aerial surveys with the overall aim to gather sufficient data to prepare iron ore reserve estimates meeting N.I. 43-101 standards.
The Pearson Project claim group consists of 147 claims spanning approximately 24 km north to south by 42 km west to east. The area begins approximately 10 km north of the town of Port Renfrew on the southwest coastline of Vancouver Island and is accessible by existing gravel roads. A number of key prospects have been identified, which can be viewed here. The claim group lies very close to tidewater and shipping infrastructure that can accommodate ocean-going vessels.
The area has an extensive history of mineral indications. Since the initial magnetite discovery in 1898, it has been the scene of repeated positive exploration results over many decades, using the various tools of exploration including core drilling. The Corporation's prospects are predicated on the basis of historical discoveries of similar type in the area, which were made through observation of outcrops and by limited underground development. The Corporation's 2008 diamond drill program achieved significant iron contact intervals. Please click here for details.
Magnetite iron ore has been the dominant focus of exploration to date, but there is also potential for copper, silver, gold, zinc, nickel, cobalt and platinum group elements, plus industrial marble, clay and gravel. Magnetite discoveries are of the form known as calcic iron skarns, which make up 90 percent of B.C.'s historical iron ore production. The area has been mapped by the Geological Survey of Canada, and enhanced through focused academic studies. The four main magnetite skarn deposits have been described in a number of technical papers from 1926 through 2003, as well as in the Corporation's N.I. 43-101 technical report of October 2007/March 2008.