Properties

Hercules Silver Property

SUMMARY

The Hercules Silver property is approximately 1500 acres of mineral claims and accessible private lots between 3000 and 5500 feet above sea level on the north western corner of Cuddy Mountain 150 highway miles northwest of Boise, Idaho, and twenty miles northwest of Cambridge, Idaho on Highway 71. More than half of the mineral claims and the private lots which make up the western three quarters of the property lie within the Cecil D. Andrus Wildlife Management Area which managed by the Idaho Fish and Game department.

First Idaho Resources Ltd. and Anglo Bomarc Mines Ltd. (both Sedar registered companies) share equally the right to access, explore, mine and remove minerals from the property. This results from a combination of lode claim ownership and provisions inherited from initial (1965) agreements with Nixon Ranch Inc. on claims and adjoining lands and from an option to purchase agreement on claims added subsequently.

Cuddy Mountain is an uplifted and tilted fault block of accreted terrane about 12 miles across. It is surrounded on all sides by rocks of the Columbia River Basalt Group. The same rocks cover about half of the mountain top ( six to seven thousand feet above sea level) as flat lying erosional remnants.

The core of the mountain is a Triassic Jurassic sequence of volcanics, volcaniclastics and marine sediments. These older rocks are best exposed on the northwest, southwest and south flanks of the mountain separated from the much younger Miocene Columbia River Group by prominent regional faults and a profound unconformity. The Cuddy Mountain Fault is mapped for 20 miles along the southwest and south flanks of the mountain. The northwest flank is defined by the older east verging Connors Creek fault.

A mappable Jurassic rhyolite unit, 400 to 600 feet thick, the Hercules formation is the host for the silver occurrences in the region and is also referred to as the Hercules rhyolite. It has been the focus of exploration since the 1880’s. Anglo Bomarc, its optionees and associated companies, including First Idaho Resources, have explored and held the property since 1974.

Two small, but significant, deposits of silver and low grade lead/zinc mineralization have been identified since 1965. Overshadowing these two concentrations is the very wide spread anomalous amount of silver in the rhyolite and widely scattered, good grade intersections. Resource/reserve estimates referred to are historic and should be used only as an indicator of the potential of the property.

Limited mineralogical work indicates the copper minerals tetrahedrite or tennantite are the primary species responsible for silver values. The rhyolite is manganiferous and manganese oxide in the weathering zone is prominent at surface and in core. Fine grained pyrite appears ubiquitous in the rhyolite at the half to one percent level.

Fine grained galena and sphalerite at one to two percent combined lead/zinc can associate with silver values in the 10 to 30 ounces per ton range. Factors which are responsible for significant concentrations of silver, lead and zinc within the rhyolite are not apparent. Moreover the genesis of this mineralization is not apparent.

Over the twenty three years of active exploration on this property (14 drill programs resulting in 307 holes) the focus has shifted from pursuing localized high grade (15 to 20oz Ag/ton) to searching for larger volumes of lower grade material (1 to 3 oz Ag/ton).

The current status provides soil and rock geochemical targets and I.P. targets which have not been tested. Controls on the distribution of silver within the Hercules rhyolite are not clear. From the data it seems reasonable, to this writer, that the silver/lead/zinc in this rhyolite could be part of the rock forming mineral suite.. This question is open and another effort to understand this mineralization and locate zones of significance is warranted because of the potential that this prospective rhyolite represents. This effort should utilize core holes with equipment and crews designed to ensure recovery zones of economic significance is warranted because of the potential that this prospective rhyolite represents. This effort should utilize core holes with equipment and crews designed to ensure recovery.

The recommendations to First Idaho Resources Ltd. include: acquisition of staff, establishing access protocol, rehabilitating road access, re-establishing survey grid, geological mapping, clean up and spotting drill sites.