PROJECT

The Gjegjan Mining District is located in northeast Albania where Volcanic has secured an Exploration License covering a total area of 200 km2. The permit forms a 3- to 5km wide strip that stretches for 65 km through the Surroj, Arre Molla, Pregje Lure and Mbasdeja areas.

GEOLOGY
The property covers a 65 km long segment of the Volcano-Sedimentary sequence exposed on the eastern margin of the Mirdita Ophiolite Belt. The sequence is recognized to be very prospective to host copper-rich VMS deposits. Previous exploration by the Albanians, under the old communist regime that collapsed in the early 1990’s, was successful in uncovering several important deposits and occurrences. The northeast part of the property, located east of the town of Kukes, encompasses the former Gjegjan copper mine (excluded from the permit). Gjegjan is recognized as the largest historical VMS deposit in Albania hosted within the Volcano-Sedimentary sequence.

Geological mapping of the Kukes area was conducted by the Albanian Geological Survey (AGS) in the mid-to-late 1950’s, although from informal recounts, the Gjegjan copper-rich massive sulphide horizon was intersected in 1959 while drilling for a water well. Underground and open pit mining operations extended from 1961 to 1993. During this period the Gjegjan mine produced a total of 4.4 Mt at an average of 3.30% Cu. Remaining reserves were estimated at 61,000 t @ 2.56% Cu. The Gjegjan sector remains a principle exploration target as VMS deposits are known to occur in clusters and no other deposits were found during past state-run exploration. Volcanic will be conducting the first ever large scale and modern exploration in the area surrounding the Gjegjan Deposit. Several other sulphide occurrences are recognized within the central to southern portions of the property where limited exploration was conducted by the AGS in the past. These are found in the Surroj (central), Pregje Lure-Arre Molla (south-central) and Mbasdeja (south) areas.

In the Pregje Lure-Arre Molla area, at least five sulphide occurrences are documented along two distinct stratigraphic levels within the Volcano-Sedimentary sequence. The upper stratigraphic level hosts the Prroit i Kshtenit (PK) and Kroi i Buce (KB) showings, located 2 km apart in a north-south direction. Past work at PK by the AGS include one shaft, three shallow adits, and four trenches. The trenches traced a sulphide horizon over a strike extent of 100 m. Sampling of the trenches by the AGS returned values of 0.57% to 2.68% Cu over 0.8 to 1.4 m. Two samples of sulphide material, one taken at the shaft and the other at the entrance of one of the adits, returned values of 1.76% and 2.35% Cu. The KB showing consists of a limonitic sulphide horizon traced on surface over a strike extent of 300 m. Past work by the AGS include two shaft, six shallow adits, and five drill holes (from figure). Values of up to 7-8% Cu were obtained from the horizon. Four samples of sulphide material at the shaft and at one of the adits returned values of 0.18% to 8.52% Cu.