The Island Lake area is located 10.5 kilometres north-northwest of the village of Eagle Creek on the shore of the west end of Canim Lake. The area is underlain by a mafic and ultramafic intrusive complex related to the Triassic to Jurassic Takomkane batholith.
The area covers a strong positive regional aeromagnetic anomaly which is reflected on the ground by mafic alkalic intrusive rocks; pyroxenite, hornblendite and mafic diorite. Widespread disseminated chalcopyrite, magnetite, pyrite and pyrrhotite occur. Copper-rich sections in the pyroxenite were found in which chalcopyrite occurs with magnetite crystals within east striking, quartz-carbonate material that contains bands of massive pyrite. The shear system material is rich in gold and cobalt (Assessment Report 11088). Interest in the property in the late 1980s and early 1990s was concentrated on anomalous platinum, gold and palladium values associated with the quartz-carbonate material (Assessment Reports 17672 and 19322).
In October 1972, Pickands Mather and Company staked the Sheri claims in order to evaluate the area for copper porphyry potential. From 1972 to 1974, Pickands Mather conducted an exploration program including magnetometer, induced polarization and soil surveys, a mercury vapour survey, geological mapping and eight BQ diamond-drill holes for a total of 694 metres. H.J. Wahl gained ownership of the Sheri property, and in 1976 undertook a program on the claims including prospecting, geological mapping, soil sampling and trenching. In 1983, J.W. Morton staked the Ironhorse claims to cover the old Pickands Mather copper anomalies, and ran ground electromagnetic and limited rock chip sampling. In 1984, R.M. Durfeld examined the property for Reliant Resources. In 1985, J.W. Morton relogged and sampled core from the Pickands Mather 1974 drilling program, re-analysed it using multi-element methods, and found some anomalous values for gold and platinum. The Horse claim was staked in June 1987 by G.L. Garratt, and optioned to Relay Creek Resources. In 1988, Canevex Resources Limited completed a soil and rock geochemistry program. G.R. Peatfield examined the property and found an anomalous platinum value in a quartz-carbonate alteration zone. In 1989, Cepeda Minerals Incorporated, under option with Canavex Resources Limited, conducted a program of soil sampling and continued resampling core from the 1974 drill program. Canavex Resources Limited ran induced polarization and magnetometer surveys over geochemical and geological features located during the 1989 program.
Prospecting during 2001 near the centre of an area anomalous in platinum from soil sampling resulted in the discovery of several angular mineralized boulders in the glacial till. The mineralized olivine-pyroxenite boulders routinely grade 0.50 to 0.75 per cent copper, 0.40 to 0.75 gram per tonne gold and 0.30 to 0.60 gram per tonne platinum group metals (PR REL Eastfield Resources Ltd., July 18, 2002).
In 2004, Argent commissioned a 603-kilometre airborne geophysical survey on the
Iron Lake property, from which several electromagnetic conductors were detected. An
initial program of diamond drilling was completed in March 2005, in which four holes
totalling 504.7 metres were drilled. Massive sulphide intercepts varying in
thickness from 1.2 to 6.1 metres were obtained in two of the holes. The massive
sulphide intercepts are largely pyrrhotite with lesser chalcopyrite and up to 0.1
per cent nickel and 0.13 per cent cobalt over individual 1.4-metre sample intervals
(Assessment Report 28230).
In 2006, a diamond drill program totalling 681 metres over five holes was completed.
Results showed that the Iron Lake property had potential for copper and perhaps
nickel massive sulphides (cobalt rich) and also for weakly sulphide-mineralized
ultramafic rock containing economic concentrations of copper, gold, palladium and
platinum (Assessment Report 29078).
In November 2008, Cobre Exploration Corporation funded a geochemical soil sampling
program on the Iron Lake property, entailing the collection and analysis of 478 soil
samples. Results indicated an area of elevated magnesium content in soil with
associated copper and platinum anomalies (Assessment Report 30800).
In 2011, a program of rock sampling and induced polarization (IP) surveying was
completed on the property. A number of new anomalies were apparent in this work. Two
significant chargeability anomalies and a total magnetic field anomaly stood out
(Assessment Report 32717).
In 2012, an exploration program including 23.9 kilometres of IP magnetometer
surveying and rock sampling was completed. The results of this work included the
discovery of two strong IP chargeable and magnetic targets in the ultramafic rocks
and two chargeable and magnetic anomalies. All rock samples have been extremely
similar in their petrology and metal content. The average of eight samples collected
to date is 0.71 per cent copper, 0.7 gram per tonne gold and 324 parts per billion
platinum and palladium (V STOCKWATCH, February 28, 2013).