FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
Coastport Capital Inc.
(Translation of registrant’s name into English)
3rd Floor, 157 Alexander Street, Vancouver, BC V6A 1B8
(Address of principal executive officer)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ü Form 40-F ________
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ________ No: : ü
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_________.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Coastport Capital Inc.
Registrant
Dated: June 2, 2006 By: /s/David Patterson/s/
FORM 51-102F3
MATERIAL CHANGE REPORT
Item 1 Name and Address of Company
COASTPORT CAPITAL INC.
3rd Floor, 157 Alexander Street
Vancouver, BC V6A 1B8
Item 2 Date of Material Change
May 23, 2006
Item 3 News Release
The news release dated May 23, 2006 was issued in Vancouver, BC and disseminated through CCN Matthews.
Item 4 Summary of Material Change
The Company reports that high-grade massive sulphides have been intersected during Phase I diamond drilling on the La Plata polymetallic volcanogenic massive sulphide (VMS) project located 60 km west of Quito, Ecuador. Preliminary results from drill holes LP-06-01 and LP-06-02, drilled to test the south-southwest extension of the La Mina deposit, within the La Plata prospect, are presented herein.
LP-06-01 intersected 8.9 m of massive baritic sulphide consisting of sphalerite, chalcopyrite, barite and pyrite with subordinate bornite-chalcocite-covellite. Coarse visible gold is observed in several samples. The massive sulphides averaged 28.95 g/t Au, 289.39 g/t Ag, 17.32% Zn, 5.86% Cu and 1.20% Pb over 8.9 m core length including 5.2 m averaging 48.29 g/t Au, 243.47 g/t Ag, 16.15% Zn, 4.88% Cu and 1.07% Pb. (Please note: over-limit analyses for Au, Zn and Pb are pending for several samples which initially assayed over the analytical detection limits. The above averages have been calculated using 10.0 g/t Au for two over-limit samples).
The vertical depth of the 8.90 m sulphide interval in hole LP-06-01 is approximately 370 m below surface. The true width of the zone is estimated at 6.8 m (based on 50º to-core-axis bedding angles in the immediately overlying unit). LP-06-01 intersected a second, shallower massive sulphide horizon with a 0.25 m interval assaying 14.05 g/t Au, 44.50 g/t Ag, 14.25% Zn, 0.65% Cu and 1.30% Pb. This sulphide-barite interval is associated with a distinctive jasper/chert horizon and represents an additional target horizon requiring follow-up exploration. The vertical depth to this zone is approximately 125 m below surface.
LP-06-02 also intersected approximately 6.76 m of massive sulphides at a vertical depth of 327 m. Assays are pending.
LP-06-01 and LP-06-02 are located approximately 65 metres south-southwest down-plunge and 41 m west of the massive sulphide intersection in the nearest previous drill hole (hole 177-98-23; 9.8 m massive sulphides assaying 2.5 g/t Au, 69.6 g/t Ag, 14.3% Cu, and 1.7% Zn; part of the La Mina resource - see below*). Holes LP-06-01 and LP-06-02 demonstrate that the La Mina deposit remains open to the southwest and west and maintains thickness similar to that reported from previous drilling in the area. An extensive sulphide stringer zone and well-developed sericite-quartz alteration system underlies the massive sulphide zone. Links to a drill plan and section are provided at Coastport’s website at http://www.coastportcapital.com/s/laplata.asp
Item 5 Full Description of Material Change
The Company reports that high-grade massive sulphides have been intersected during Phase I diamond drilling on the La Plata polymetallic volcanogenic massive sulphide (VMS) project located 60 km west of Quito, Ecuador. Preliminary results from drill holes LP-06-01 and LP-06-02, drilled to test the south-southwest extension of the La Mina deposit, within the La Plata prospect, are presented herein.
LP-06-01 intersected 8.9 m of massive baritic sulphide consisting of sphalerite, chalcopyrite, barite and pyrite with subordinate bornite-chalcocite-covellite. Coarse visible gold is observed in several samples. The massive sulphides averaged 28.95 g/t Au, 289.39 g/t Ag, 17.32% Zn, 5.86% Cu and 1.20% Pb over 8.9 m core length including 5.2 m averaging 48.29 g/t Au, 243.47 g/t Ag, 16.15% Zn, 4.88% Cu and 1.07% Pb. (Please note: over-limit analyses for Au, Zn and Pb are pending for several samples which initially assayed over the analytical detection limits. The above averages have been calculated using 10.0 g/t Au for two over-limit samples).
Preliminary assay results are tabulated below;
Drill Hole | From (m) | To (m) | Width (m) | Vertical Depth (m) | Comments | Au (g/t) | Ag (g/t) | Zn (%) | Cu (%) | Pb (%) |
LP-06-01 | 162.70 | 162.95 | 0.25 | 125 | massive sulphide | 14.05 | 44.50 | 14.25 | 0.65 | 1.30 |
“” | 453.50 | 462.4 | 8.90 | 370 | massive sulphide | 28.95 | 289.39 | 17.32 | 5.86 | 1.20 |
incl | 457.20 | 462.4 | 5.20 | visible gold | 48.29 | 243.47 | 16.15 | 4.88 | 1.07 | |
LP-06-02 | 327.24 | 334.00 | 6.76 | 327 | massive sulphide | Assays pending |
The vertical depth of the 8.90 m sulphide interval in hole LP-06-01 is approximately 370 m below surface. The true width of the zone is estimated at 6.8 m (based on 50º to-core-axis bedding angles in the immediately overlying unit). LP-06-01 intersected a second, shallower massive sulphide horizon with a 0.25 m interval assaying 14.05 g/t Au, 44.50 g/t Ag, 14.25% Zn, 0.65% Cu and 1.30% Pb. This sulphide-barite interval is associated with a distinctive jasper/chert horizon and represents an additional target horizon requiring follow-up exploration. The vertical depth to this zone is approximately 125 m below surface.
LP-06-02 also intersected approximately 6.76 m of massive sulphides at a vertical depth of 327 m. Assays are pending.
LP-06-01 and LP-06-02 are located approximately 65 metres south-southwest down-plunge and 41 m west of the massive sulphide intersection in the nearest previous drill hole (hole 177-98-23; 9.8 m massive sulphides assaying 2.5 g/t Au, 69.6 g/t Ag, 14.3% Cu, and 1.7% Zn; part of the La Mina resource - see below*). Holes LP-06-01 and LP-06-02 demonstrate that the La Mina deposit remains open to the southwest and west and maintains thickness similar to that reported from previous drilling in the area. An extensive sulphide stringer zone and well-developed sericite-quartz alteration system underlies the massive sulphide zone. Links to a drill plan and section are provided at Coastport’s website at http://www.coastportcapital.com/s/laplata.asp
The exceptionally high precious metal grades associated with primary baritic massive sulphides suggest similarities to other deposits in the gold-rich (VMS) deposit class. The premier example is the Eskay Creek deposit in British Colombia which grades 65.5 g/t Au and 2,931 g/t Ag (BC Ministry of Energy, Mines and Petroleum website, 2006).
The La Mina deposit has a preliminary grade and tonnage estimate prepared by Cambior Mines Inc in 1998 as follows:
Tonnage (t) | Au (g/t) | Ag (g/t) | Cu (%) | Zn (%) | Pb (%) | |
Total Resources* | 840,459 | 4.8 | 54.4 | 4.1 | 4.2 | 0.7 |
*Note: The grade and tonnage estimate referred to at La Plata is not a resource and is not compliant with the requirements of National Instrument 43-101. Coastport has not undertaken an independent investigation of the estimates nor independently analyzed the results of the previous exploration work in order to verify the historical estimate. The historical estimates, therefore, should not be relied upon. Nevertheless, the company believes that these historical estimates provide a conceptual indication of the exploration potential of the property.
The Phase I drill program includes a minimum 2,225 m of diamond drilling in the La Mina deposit area as well as other target areas including the Guatuza and San Pablo prospects.
The technical information in this material change report was prepared by Mike Basha, PEng, PGeo, Cornerstone’s Vice President Exploration, a Qualified Person, as per the definition in National Instrument 43-101. Lawrence Winter, MSc, PGeo, is the Qualified Person supervising the drilling program. George Smith, MSc, is Exploration Manager for Cornerstone in Ecuador.
Drilling is being performed by Kluane drilling with a “man-portable” diamond drill rig using NTW (5.71cm) and BTW (4.20 cm) coring apparatus. Under Cornerstone’s QA/QC procedures, saw-cut samples representing 50% splits of cores were collected and sealed at the core processing facility on site and delivered to the lab by company personnel. Blanks and standards were inserted into every 20 sample batch. Samples were submitted to ALS Chemex in Quito, Ecuador and analyzed in Vancouver, BC. 50 g splits were used for all samples. Gold was analyzed by fire assay-AA and overlimits (+10 ppm) were done by gravimetric finish. All other elements were analyzed by aqua-regia digestion and ICPMS/AES with silver overlimits (+100 ppm) and Cu, Zn and Pb overlimits (+10,000 ppm) by AAS.
Coastport has an option to earn Cornerstone Capital Resources Inc. 70% interest in the La Plata property by funding Cornerstone’s commitments under its agreement with Sultana Del Condor Minera S.A. Coastport may acquire 100% of Cornerstone’s interest by meeting all of Cornerstone’s obligations to Sultana through to mine financing, by issuing Coastport shares to Cornerstone representing 10% of its fully diluted share capitalization, and by granting Cornerstone a 2% net smelter return royalty (NSR) in the project (See Coastport’s News Release dated 11/23/2005 (http://www.coastportcapital.com).
In addition to the La Plata project, Coastport and Cornerstone are working together on the Shyri project in the south-central part of Ecuador. Exploration is being conducted with due attention to working with national and local authorities and local communities in accordance with Ecuadorian regulatory requirements. The substantial progress made to date, on the La Plata and Shyri projects in particular, bears out Ecuador’s attractiveness for mining investment and the workability and reliability of the regulatory regime.
Item 6 Reliance on subsection 7.1(2) or (3) of National Instrument 51-102
Confidentiality is not requested.
Item 7 Omitted Information
No information has been omitted in respect of the material change.
Item 8 Executive Officer
DAVID PATTERSON
President | Telephone: (604) 684-0561 |
Item 9 Date of Report
May 23, 2006
COASTPORT CAPITAL INC.
Per:
“David Patterson”
David Patterson,
President