VANCOUVER, British Columbia, Dec. 19, 2017 (GLOBE NEWSWIRE) -- OK2 Minerals Ltd., (the “Company”) (OK.V) is pleased to report it has intersected widespread gold mineralization (482m of 0.19 g/t gold equivalent) on the inaugural diamond drill program at its 187km2 Pyramid gold copper project in NW British Columbia. Three holes, totaling 1,384 meters were drilled, with two holes targeting the West Zone and one hole targeting the Central Zone.
Highlights
- Drill hole PD-17-02 (485m) returned 482m of 0.19 g/t Au Eq including 19m of 0.60 g/t Au Eq (101-120m) and 75 m of 0.35 g/t Au Eq (278-353m) and 24 m of 0.75 g/t Au Eq (455-479m).
- Drill hole PD-17-03 (390m) drilled 800m from 17-02 returned 26m of 0.40 g/t Au Eq (111-137m).
Given the large size of the West Zone target, the first two diamond drill holes, 800m apart, have only begun to test the mineralizing system and the Company intends to aggressively follow up on West Zone in 2018. Original interpretations have led OK2 to believe that mineralization was predominantly related to a porphyry event but given the widespread gold mineralization, the prospect has the potential to host a large bulk tonnage epithermal gold system and a gold-copper porphyry.
Mike Devji, CEO of OK2 Minerals states, “We continue to be very encouraged by the ongoing progress at Pyramid. The wide zones of epithermal type veining with anomalous gold values gives evidence that a large hydrothermal event has taken place and warrants an aggressive, further targeted drill program in 2018. The years of work our geological team has compiled on the Pyramid, coupled with these early stage drilling results gives our shareholders excellent potential for a large scale discovery in one of the best mining jurisdictions in the world.”
West Zone
Drill holes PD-17-02 and PD-17-03 were drilled 800m apart on the West Zone target and tested shallow to deep IP chargeability anomalies coincident with anomalous gold-copper soil and rock geochemistry.
Drill hole PD-17-02 (485m) returned 481.5m of 0.19 g/t Au Eq (0.16 g/t Au) including 19.2m of 0.60 g/t Au Eq (0.57 g/t Au) from 101m and 75.0m of 0.35 g/t Au Eq (0.32 g/t Au) from 278m. The hole is located 3.7km from Highway 37 and was collared to target highly anomalous copper and gold soil and rock geochemistry with a coincident IP chargeability anomaly. Drilling encountered anomalous background copper mineralization throughout the hole indicating the upper levels of a porphyry environment. Epithermal style gold and silver bearing quartz carbonate chlorite (hematite) veining overprints earlier porphyry alteration. Mineralization consists of fine grained disseminated pyrite in addition to occasional occurrences of visible gold. Mineralization is open in all directions and at depth.
Drill hole PD-17-03 (390m) collared above a chargeability high with coincident anomalous gold-copper soil geochemistry. It was drilled 73m to the south of RC drill hole PY-17-09 which encountered 9.14m of 0.13% Cu. Diamond drilling returned 26m of 0.40 g/t Au Eq (0.29 g/t Au) from 111m.
Central Zone
Drill hole PD-17-01 (509m) was completed in the covered Central Zone where soil geochemical and IP chargeability and resistivity anomalies occur. Earlier reverse circulation drilling on the target (NR dated Aug 14th, 2017) encountered zones of strong phyllic alteration within diorites. PD-17-01 drilled through diorites with anomalous background copper geochemistry and into andesites. The hole failed to return any significant intercepts; however, epithermal style alteration was present throughout the hole.
| Hole | Zone | | From
(m) | To
(m) | Length (m) + | Au g/t | Ag g/t | Cu % | Au Eq* g/t |
| PD-17-01 | Central | | No significant intercepts | | | - | - | - | - |
| PD-17-02 | West | | 3.5 | 485 | 482 | 0.16 | 0.12 | 0.02 | 0.19 |
| | including | 101 | 120 | 19 | 0.57 | 0.34 | 0.02 | 0.60 |
| | including | 278 | 353 | 75 | 0.32 | 0.17 | 0.01 | 0.35 |
| | including | 455 | 479 | 24 | 0.71 | 0.21 | 0.02 | 0.74 |
| | Also including | 464 | 465 | 1 | 11.97 | 2.44 | 0.02 | 12.03 |
| PD-17-03 | West | | 15 | 293 | 278 | 0.09 | 0.11 | 0.02 | 0.12 |
| | | including | 15 | 53 | 38 | 0.17 | 0.16 | 0.02 | 0.19 |
| | | including | 111 | 137 | 26 | 0.29 | 0.23 | 0.06 | 0.40 |
+ - True widths are unknown at this time, intervals reported represent core lengths.
* - Gold equivalent (Au Eg) was determined using: (US$) Au $1300/oz, Ag $16.50/oz, Cu $3.00/lb;
Au (g/t) + (Cu % x (Cu $/lb / Au $/oz) x 0.06857 lbs/oz + Ag g/t (Ag $/oz / Au $/oz) |
| | |
ABOUT OK2 Minerals Ltd.
OK2 Minerals Ltd. is a Canadian-based junior exploration company comprised of highly qualified mining professionals with two very prospective copper-gold exploration projects, the Pyramid Project and the Kinskuch Project, both located in northwestern British Columbia on or within the “Golden Triangle”.
ON BEHALF OF THE BOARD OF
OK2 MINERALS LTD.
Per: “Minaz Devji” Minaz Devji,
CEO and Director
OK2 Minerals
Mike Devji
(604) 258-8666
mike.devji@ok2minerals.com
Investor Relations
Kin Communications
1-866-684-6730 (toll-free)
ok@kincommunications.com
This news release was prepared by Company management, who take full responsibility for its content. George Cavey P.Geo, Director, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators and has reviewed and approved the technical disclosure in this release.
The diamond drill core samples were prepared and analyzed at the ISO certified SGS Canada Minerals facilities in Burnaby, BC using a GE-IC14A procedure. IC14A is an Aqua Regia Digestion with an ICP-AES as well as by a GE-IC14B procedure. IC14B is an Aqua Regia Digestion with ICP-MS finish. Assay results for gold were completed using the FAG303 procedure which is a 30g fire assay, gravimetric finish. The company routinely inserted known commercially prepared standards every 10th sample and did not detect any QC/QA concerns from the analytical results.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.