VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 25, 2016) - OK2 Minerals Ltd. (TSX VENTURE:OK) (the "Company") is pleased to announce it has entered into an option agreement with Granby Gold Inc., a private BC Corporation, to acquire a 100% interest in two claim blocks; VMS block (1242 ha) and Golden Mickey block (776 ha). Located at the southern end of BC's Golden Triangle, the VMS block adjoins the OK2 Kinskuch property to the south and the Golden Mickey block lies between the Kinskuch and the Dolly Varden silver deposit (see claim map below).
The targets for these claims are copper-gold porphyry as well as volcanogenic massive sulphides and epithermal gold.
- Adjacent to the OK2 Kinskuch property (see OK2 news release dated Aug 16, 2016 for details);
- The combination of the VMS, Golden Mickey, and Kinskuch claims brings the OK2 land package in this area to over 50km2
- Strategic land package completely surrounded by Hecla Mining Company;
- The VMS claim block has two known areas of gossan with precious and base metal mineralization as well as two areas of mineralized float boulders for which a source has yet to be discovered;
- The Golden Mickey has high grade surface samples with very limited follow up.
The Kinskuch Project is located in the Stikinia Terrane, which hosts a number of large epithermal gold, porphyry copper/gold and volcanogenic massive sulphides deposits in British Columbia. The target areas lie within prospective stratigraphy, including the well documented Stuhini-Hazelton contact, an Upper Triassic-Lower Jurassic contact. The geological setting and style of mineralization of the Kinskuch Lake area is similar to the Seabridge KSM porphyry copper-gold deposits as well as the Pretium Brucejack volcanogenic massive sulphides /epithermal deposits in the Sulphurets District.
The VMS claim block has two known gossan zones and two areas of float mineralization. The Main Gossan is a 100 metre thick, one kilometer long altered zone on a sheared contact between andesite and argillite. One historic sample assayed 10.4 g/t silver. The Western Gossan covers an intensely silicified, pyritic shear zone in dacitic rocks 800 metres southwest of the Main Gossan. A historic chip sample collected over 3.0 metres assayed 13.2 g/t silver, 4.51% zinc, 1.39% lead and 0.0665% cadmium.
The Boulder Zone on the VMS property covers an area 70m long and 5 m wide that contains numerous angular boulders of mineralized volcanic tuff. The rocks contain disseminated, semi-massive to massive, banded galena, sphalerite, chalcopyrite and malachite. The highest grade historic grab sample contained 5.0 g/t gold, 99.7 g/t silver and over 9.99 per cent copper. The Float Zone has historically been described as being below the tip of a glacier and consists of a linear string of massive sulphide boulders in glacial moraine at the toe of a glacier. The glaciers in this area have been rapidly receding so future exploration may have more success in discovering the source of these mineralized boulders.
The Golden Mickey claim block consists of several breccia/shear zones contained in an east dipping sequence of interbedded shale, argillite, siltstone, sandstone, conglomerate, limestone, volcanic breccia and massive to pillowed, aphanitic to porphyritic flows of the Stuhini Group. A shear zone, 2 to 8 metres wide, has been traced by a series of trenches and pits for 200 metres. The zone is mineralized with disseminations, blebs and veinlets of pyrite, chalcopyrite and tetrahedrite with sporadic malachite and azurite in a gangue of grey quartz and calcite. A historic 1.8 metre chip sample assayed trace gold, 137 g/t silver and 2.2% copper.
In addition, a quartz-calcite breccia zone has been traced for 16.8 metres in a trench and a 4.0 metre long adit that was complete in the 1920's. The zone strikes northwest, dips gently northeast and is 1.0 metre wide. A sequence of feldspar porphyritic volcanic, argillite and sandstone form the footwall. Mineralization consists of disseminations and veinlets of pyrite, chalcopyrite, tetrahedrite and arsenopyrite in a gangue of quartz, calcite and brecciated wallrock. A 1.0 metre long, 0.15 metre thick lens of massive tetrahedrite and arsenopyrite occurs on the hanging wall on the adit. A 40.6 centimetre chip sample from the east wall of the adit assayed 6479 g/t silver and 16.7 % copper. In 2007, previous explorers collected 19 rock grab samples of vein-related mineralization. The best gold assay was 0.919 g/t as well as additional samples that assayed 1.58% copper and 176 g/t silver, in addition to a sample with 1.91% copper, 112 g/t silver and 0.18% zinc.
The samples reported in this news release were collected by other companies and are reported in BC Government Assessment Reports, OK2 Minerals has done no independent sampling to verify these results so these results should not be counted on.
Mike Devji, CEO of OK2 Minerals, states, "We are excited to be adding to our Kinskuch land package. These on-strike and on-trend tenures greatly enhance the geologic model for both gold and copper as well as significant epithermal and VMS style mineralization."
To earn a 100% interest, OK2 Minerals is required to make cash payments of $1.625 million plus complete $1.6 million dollars of exploration staged over a five year period. The VMS-Golden Mickey property is subject to a 2% NSR of which 1% can be repurchased for $1.0 million and advanced royalty payments commencing after the company has earned its 100% interest.
For more information on the Kinskuch property, please visit http://www.ok2minerals.com/properties/kinskuch/overview.shtml
About OK2 Minerals Ltd.
OK2 Minerals Ltd. (TSX VENTURE:OK) is a Canadian-based junior exploration company (formerly known as Gold Jubilee Capital Corp.) 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.
Minaz Devji, CEO and Director
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.
This news release contains forward-looking statements including in connection with the timing of future work programs. These statements reflect management's current assumptions and expectations. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and OK2 Minerals Ltd. undertakes no obligation to update such statements, except as required by law. This agreement is subject to the approval of the TSX Venture Exchange.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/1073731-F1.pdf