Altius seeks joint venture at Butler’s Pond project

Junior Altius Minerals (ALS-V) is seeking a joint-venture partner at its recently acquired Butler’s Pond property in eastern Newfoundland.

Butler’s Pond comprises 25 sq. km on the southern lobe of a Precambrian granitic complex that is characterized by copper-gold showings in altered and brecciated granite, plus overlying volcanic units. A grab sample of basalt ran up to 1.06% copper and 7.8 grams gold per tonne, and samples from a nearby cluster of large, angular boulders returned up to 2.66% copper and 4.3 grams gold. The boulders are lithologically identical to the granitic outcrops and believed to be of local origin.

Altius considers the property prospective for iron-oxide copper-gold deposits. In addition to the target area, it notes that shallow reconnaissance drilling by previous operators intersected broad intervals of strong, pervasive hematization that included veinlets of native copper. Past geophysical surveying also outlined many anomalies.

Altius has other properties in Newfoundland, including ground optioned to Billiton.