Geoscience BC



Geoscience BC

January 28, 2013 14:00 ET

Geoscience BC Releases First Results from Northern Vancouver Island Exploration Geoscience Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 28, 2013) - Geoscience BC and the Island Coastal Economic Trust (ICET) are pleased to announce the release of the results of an airborne magnetic survey flown over Northern Vancouver Island last summer. The survey is part of the Northern Vancouver Island Exploration Geoscience Project, which is funded by Geoscience BC and ICET, and has received generous support from the Ministry of Jobs, Tourism and Skills Training, through the Campbell River Regional Economic Investment Initiative.

"Our economic investment initiatives are community-led and identify regional opportunities with the potential to create jobs," said Minister of Jobs, Tourism and Skills Training and Minister Responsible for Labour Pat Bell. "Our goal is to increase mineral exploration and attract investment to northern Vancouver Island and I applaud Geoscience BC and the Island Coastal Economic Trust for producing data to show the North Island's economic potential."

The Northern Vancouver Island Exploration Geoscience Project was developed by Geoscience BC to generate new geoscience data in an area that has a strong history of mineral exploration and mining but today is under-explored. Island Copper is a past-producing mine in the area, and local communities are looking for new opportunities to diversity their economies. The project area includes the communities of Campbell River, Port Hardy, Port McNeill, Alert Bay, Port Alice and Zeballos.

"This data will be well received by Northern Vancouver Island communities and First Nations as well as potential investors and will enable all to take a more strategic approach to the high value investment opportunities associated with the development of new mineral resources," stated ICET Chair Phil Kent. "We are very pleased with the success of this collaborative venture between ICET, Geoscience BC, the Ministry of Jobs, Tourism and Skills Training, First Nations and Northern Vancouver Island communities in the development of this geoscience knowledge base."

"We are pleased to see this data gathered and now released," said Nanwakolas Council president Dallas Smith. "We look forward to working with both government and Industry to explore economically viable, environmentally sustainable opportunities to diversify the economy of Northern Vancouver Island."

The Northern Vancouver Island Exploration Geoscience Project was launched in July 2012, and includes two separate technical activities: an airborne magnetic survey and a regional geochemical program.

"The results released today are the product of an airborne magnetic survey, which was flown in August and September of 2012 by Geo Data Solutions GDS. Inc.," said 'Lyn Anglin, President and CEO of Geoscience BC. "This survey, which maps variations in the Earth's magnetic field strength, helps geologists interpret the geology and structure of an area, and target their exploration activities."

The regional geochemical program is nearing completion, and results will be released in spring 2013. Noble Exploration Services Ltd is managing this program.

"Porphyry copper and related deposit types of three distinct and separate ages containing copper, iron, molybdenum, gold, silver and/or rhenium have been identified on Northern Vancouver Island," said Jacques Houle, President of the Vancouver Island Exploration Group. "The Geoscience BC geochemical and geophysical data releases for Northern Vancouver Island will help generate future mineral discoveries in this under-explored but highly prospective area."

The project also included two community awareness sessions on geoscience, mineral exploration and mining. The community awareness sessions, which took place in Campbell River and Port Hardy last fall, were aimed at local First Nations and community members.

About the Island Coastal Economic Trust

The Island Coastal Economic Trust is a $50 million endowment established in 2006 by the Government of British Columbia to help diversify the economies of central and northern Vancouver Island and the Sunshine Coast. ICET funds community driven economic development initiatives in targeted sectors to spark new and sustainable regional economic growth. These sectors include: forestry, transportation, tourism, mining, energy, economic development, agriculture and aquaculture, and small business. ICET is managed by an independent Board of Directors comprised of thirteen members - eight Mayors and five provincial appointees from the ICET Region. ICET has approved $47 million for almost 90 projects on the Island and Sunshine Coast since implementing its grant program in 2007. ICET investments have leveraged over $260 million in additional funding to the region. A full overview of ICET can be found at www.islandcoastaltrust.ca.

About Geoscience BC

Geoscience BC is an industry-led, industry-focused not-for-profit society. Its mandate includes the collection, interpretation and marketing of geoscience data and expertise to promote investment in resource exploration and development in British Columbia. Geoscience BC is funded through grants from the Provincial Government and works in partnership with industry, academia, government, First Nations and communities to attract mineral and oil & gas investment to BC.

www.geosciencebc.com

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