Sarissa Resources Inc. is a junior mineral exploration company exploring for mineral assets, initially in North America. Sarissa’s current exploration properties include the "Deadmoose Lake" property in Shillington Township, as well as other properties in Pacaud Township, Timmins Township, and in the Elliot Lake region. Recently Sarissa acquired the "Lake Nemegosenda" property in Chewett and Collins Townships that, in historic exploration and testing, has indicated considerable niobium mineralization. Sarissa has also begun initiating steps to prepare an NI 43-101 compliant resource estimate of the historically identified mineralization at this Lake Nemegosenda carbonatite-hosted niobium property. All of these properties are situated in Ontario, Canada. Ontario is an area that combines vast regions of high mineral potential with comprehensive mining laws providing secure land tenure. In addition, through the Ontario Ministry of Northern Development and Mines, a world-class geoscience data infrastructure is available to assist in the identification of significant exploration opportunities.
Sarissa is a junior exploration company focused on the acquisition or discovery and exploration of potential mineral deposits. Sarissa''s corporate goal is to build a strong, mineral based company with projects that can be characterized as world-class in status, and with the potential for near-term production.
Mineralization occurs on every continent and almost every country in the world, but the Company must determine the optimum mix of opportunity and risk in each geographical venue, that offers the best return on the Company’s investment.
Sarissa currently owns a 100% interest in the 1,800 acre Nemegosenda property in Northern Ontario, Canada (Chewett and Collins Townships) that, in historic exploration and testing, has indicated the existence of considerable carbonatite-hosted niobium mineralization.
This property was purchased in January 2008 for $380,000 Canadian -- payable over a four-year period -- and 2% royalty concessions on all mineral and/or metal production from the property. Sarissa Resources, however, retained the right to repurchase 1.5% of the royalty concessions at any time in the future for a predetermined price.
Niobium, also known as columbium, is a rare exotic soft metal that is primarily obtained from pyrochlore; a mineral found occurring in carbonatites. Well known for its corrosion resistant and highly conductive properties, niobium''s melting point of 2,468°C enables the metal to maintain its qualities at very high temperatures. Approximately 89% of worldwide niobium consumption is dedicated to the production of steel; while 9% is used in the production of "superalloys" and the final 2% is used in the development of superconductor applications within the technology, electronics and medical industries.
The Nemegosenda Property (map) was identified in the mid-nineteen fifties through aeromagnetic surveys conducted by Gulf Minerals Canada Limited. Subsequent exploration and testing, as summarized in the Ontario Geological Survey study 34 by R.P Sage (click to read the full report) in 1987, highlighted a number of "higher grade niobium zones." Of particular note, Zone D indicated "20,000,000 tons of 0.47 percent Nb2O5 material in a block 600 by 800 feet in size and to depths up to 600 feet," based on Gulf''s drilling and a 580 foot adit which penetrated 235 feet into the zone. Based on this historic (non-NI-43-101-compliant) data (Pg 34), this indicates the potential for approximately 9.4 pounds of Nb2O5 per ton of ore in situ. The original drill logs from Gulf can be viewed here. Other zones within the property have also indicated smaller, but meaningful niobium mineralization. A qualified person, as defined under NI-43-101, has not done sufficient work to comment on the relevance or reliability of this historical estimate. The company is not treating the historical estimate as, nor can the historical estimates be relied upon as, current mineral resources or reserves. Sarissa currently does not have access to more recent estimates or data relating to the Lake Nemegosenda property.
By comparison, the world''s largest niobium deposit, located at Araxa, Brazil, is operated by CBMM, and averages between 2.5% and 3.0% Nb205. Two other currently operating pyrochlore mines are the Anglo American Brasil Mineracao (Brazil), grading at 1.34% niobium oxide and the Iamgold-owned Niobec (Quebec) at their St. Honore deposit, grading at 0.67% niobium and mined underground. Niobec was previously a joint venture owned 50% by Teck Corporation and 50% by Cambior Inc.
In February 2008, Sarissa engaged the services of Hawk Exploration Consultants, an independent and highly-regarded Toronto-based geological consulting firm to conduct a preliminary assessment report on the property. The report was commissioned to complete an independent review of the historical work done on the property and to assess the compliance with NI 43-101 of Dominion Gulf''s historical reserve estimates. This report was completed in May 2008 and can be read here (PDF). A summary follows below:
Based on an analysis of the available data and on a site visit conducted by the author, the Sarissa Resources Inc. Nemegosenda Lake Property is considered a property of merit. The historical work done to date is detailed and of high quality. The mode of emplacement is well understood and the potentially economic D Zone has been well outlined. The Nemegosenda deposit appears to be of the strata bound type and consequently, the lateral and vertical extensions for the areas of mineralization could be extensive, particularly in the East Zone. The detailed work of the OGS in the 1970''s and 80''s has largely confirmed the interpretations and the historical exploration work of Parsons and the Dominion Gulf Company.
The D Zone historical reserve estimate of 20,000,000 tonnes grading 0.47 % Nb2O5 is within the range currently considered economic in carbonatite-alkalic rock complex literature for commercial production. Tantalum and REE are commonly associated with these niobium occurrences. Therefore the economic potential of the Nemegosenda complex could be substantially greater than what has historically been inferred by the presence of tantalum, REE and uranium.
The East Zone has seen a lot less drilling and has only been partially explored. Numerous radioactive boulders and soils are present here and their presence originally stimulated interest in this area. Parsons reported that the amount of drilling here was insufficient to provide a reserve estimate or to outline the higher grade zone niobium zones. Also the East Zone area has good potential to substantially increase the overall reserves of the property.
The author obtained a copy of the Ontario Department of Mines and Northern Development Mineral Resources Circular 14 entitled "Columbium (Niobium) Deposits in Ontario" by Stewart Ferguson, 1971. The circular reported that approximately 1,000 tons of mineralized material was mined from the D Zone, of which 40 tons were shipped for metallurgical pilot plant testing. The results of the test yielded 90% recovery of niobium.
It is recommended that additional drilling and evaluations be conducted on the property to obtain a 43-101 compliant reserve estimate. In addition, it is recommended that an exploration program be conducted in the southeast area of the Sarissa property to expand known niobium occurrences there. Also, exploration work should include analyses for tantalum, uranium and rare earth elements such as lanthanum (La), neodymium (Nd) and cerium (Ce).
In June 2008, 15 chip samples were taken from the adit into the main D Zone deposit. The results from all 15 samples taken and assayed confirm the presence of niobium mineralization, tantalum mineralization and rare earth elements ("REE") mineralization within the deposit. The samples were taken over a 300-foot length of the adit, beginning at the face.
Highlights include: niobium (Nb) concentrations of up to 5820 ppm; tantalum (Ta) concentrations of up to 193 ppm; and in the REE''s, Neodymium (Nd) concentrations of up to 184 ppm. While the niobium values returned, (equivalent Nb2O5 average of 0.52% over 15 samples), were as expected based on historical work, the samples provided confirmation of the presence of tantalum, uranium, and REE mineralization within the D Zone. The assay results are summarized in the following table:
Note: 1,000 ppm is equivalent to 1 Kg. per tonne; 10,000 ppm is equivalent to 1%.
The samples were assayed at Activation Laboratories Ltd. in Ancaster, Ontario. Full analytical details of the samples can be viewed here.
Follow-up work will include diamond drilling in the D Zone for grade and tonnage calculations; and further sampling in the East Zone where historical trench samples reported anomalous mineralization (non NI 43-101 compliant).
Parts of the following publication were used:
Sage R.P. 1987: Geology of Carbonatite - Alkalic Rock Complexes in Ontario: Nemegosenda Lake Alkalic Rock Copmplex, District of Sudbury; Ontario Geological Survey, Study 34, 132 p."
Sarissa has a 100% interest in the “Deadmoose” property, located in Shillington Township, in Northern Ontario. The property was initially staked following the release by the Ontario Geological Survey of Open File Report 6061: “Montreal River Headwater Area Sediment Survey, Northern Ontario: PGE Data-Operation Treasure Hunt.”
An excerpt from the report stated, “The highest Pd [Palladium], second highest Platinum [Pt] [Platinum] and seventh highest Au [Gold] (FA/ICP-MS) value collected in the survey area was obtained from a small lake located near Deadmoose Creek in central Shillington Township.”
“The small spring-fed Deadmoose Lake, centered within the property, contained the most anomalous results of over four thousand (4,000) lakes sampled under the lake sediment survey program.” (Rapski, 2002).
In 2006 a Geotech VTEM airborne survey was conducted over the Deadmoose property. Analysis of magnetic and VTEM data has indicated 5 potential mineral targets. 2 VTEM anaomalies indicate a potential for Cu and Au; 2 VTEM and magnetic anomalies indicate a potential for Ni, Cu and Pt; and 1 Kimberlite/diamond target. There are several other magnetic highs and lows paralleling regional and mineralized structures to the west with significant potential.
More information about this project can be found here
In March 2008, Sarissa has entered into an option agreement with Botanic Oasis International Inc. (“BOII”), a privately held exploration company, whereby BOII has a purchase “earn-in” option to acquire up to a 50% working interest in Sarissa’s Dead-Moose Lake Property project in Northern Ontario.
Under the terms of the Agreement, BOII has the option to acquire a 50% working interest in the project in exchange for a non-dilutive 5% of the outstanding shares of BOII common stock and an “earn-in” commitment to spend $250,000 to explore the property over the next 24 months, and a $25,000 cash payment to Sarissa. Sarissa will act as property operator with respect to any monies spent to explore the property under the terms of the option agreement and BOII will be required to reimburse Sarissa for any and all costs incurred, such as administration fees and property and claim maintenance, above and beyond the $250,000 capital commitment by BOII. Exploration expenditures, including the applicable administration fee associated with general property and claim maintenance, will be for a minimum of $5,000 for the first four months. The balance of the exploration expenditures must be incurred by March 30, 2010.
Sarissa currently has three Uranium/Copper claims in the Elliot Lake mining camp in Northern Ontario, Canada. The claims represent approximately 1120 acres of land. The properties are on the White Uranium trend.
In November 2007, Sarissa acquired a prospective gold property in Pacaud township near Kirkland lake, Ontario, Canada. The claim group consists of 40 acres in the region of the historic gold producing area of Kirkland Lake in Northern Ontario. The Kirkland Lake region as a whole qualifies as Canada''s second most prolific historical gold mining camp, and area gold mines have produced twenty-two million ounces of gold since the first discovery in 1913. In spite of the long history of gold production in the Kirkland Lake area, 16 new mineralized zones have been discovered since 2001 by Kirkland Lake Gold Inc. KL Gold plans to produce 80,000 to 100,000 ounces of gold by 2009.
Scott Keevil | CEO
Scott Keevil has been involved in the mineral exploration industry for 20 years. In his previous positions he has worked on the exploration side for the most part in Canada and Indonesia. He has developed relationships with mining investors in the USA, Europe, SE Asia and Canada. Scott will aggressively search for new exploration and mining opportunities for Sarissa.
Alan A. Hawke | Director
Alan A. Hawke, B.Sc. M.Sc, is a seasoned mining industry veteran and project geologist. Mr. Hawke, currently based in Tianjin, China, will offer his considerable experience to assist Sarissa in the ongoing exploration program of its Nemegosenda carbonatite deposit and extensive industry connections to source new and compelling exploration properties for the Company''s property portfolio.
In a distinguished mining and exploration career that has spanned 30 years and three continents, Mr. Hawke has operated in key managerial roles -- encompassing mine development and construction management -- with prominent mining companies including eight years in Indonesia with PT Kelian Equatorial Mining. While at Kelian as project geologist, Mr. Hawke was responsible for all exploration activities, definition drill-out and resource studies that identified the Kelian Gold Mine.
Cam Cheriton, Ph.D.| Director
Cam Cheriton, Ph.D., has over 50 years experience in the mining industry, working for companies such as Atapa Minerals, Consolidated Mining Company of Canada, the Anaconda Copper Mining Company, Texas Gulf Sulphur, the Conwest Exploration Company, and the Geological Survey of Canada. He studied at the University of Saskatchewan, the University of British Columbia, and Harvard University where he completed a Ph.D. in Economic Geology. Cam is a registered Professional Engineer of the Province of Ontario and is a "qualified person" within the meaning of National Instrument 43-101. He is directly responsible for the discovery of a number of ore deposits; one of note is the Caribou Mine in New Brunswick.