Olympic Resources Ltd.

Olympic Resources Ltd.

March 01, 2012 12:18 ET

Olympic Resources Ltd. Announces 2011 Work Program Results on the MAX Property, Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2012) - Olympic Resources (TSX VENTURE:OLA) and YES Exploration Syndicate announce results of the work program conducted in September and October of 2011 (the "Program") on the 3,931 hectare MAX Property (the "Property"), situated on the northern rim of the Carmacks Caldera, a newly discovered 60km x 100km volcanic related subsidence structure formed in the late Cretaceous period and visible in Landsat images. The central part of the caldera is a low-lying unglaciated area of the Yukon Plateau.

The Property is situated approximately 10 km west of the high grade Mt. Nansen gold-silver mine (556,500 tonnes grading 11.93 g/t gold and 211 g/t silver). Whitehorse, the regional center for supplies and personnel, is located 198 km southwest of the Property.

The principal targets on the Property are epithermal gold-silver and/or porphyry copper-gold deposits. Historic work conducted by Kerr Addison Mines Ltd. from 1984 - 1987 identified VLF-EM structures and quartz stringers in altered rhyolite porphyry with rock samples returning <0.005 to 1.65 ppm gold.

2011 Program Highlights

  • 853 geochemical soil samples concentrated in the southern and western sections and covering approximately 40% of the Property;
  • 3 rock samples, along with approximately 2 km of prospecting and reconnaissance geological traverses on the Property;
  • Gold values in soils ranged from <0.005 to 0.069 ppm and silver ranged from <0.1 to 4.7 ppm. Seven soil gold values, ranging from 0.05 to 0.069 ppm, are in the 99th percentile. (All soil results from YES Yukon work programs carried out in 2011 were statistically analysed. Values in the 99th percentile represent the top 1% of all soil results (returned).
  • The Property has similar lithological similarities to the nearby Mt. Nansen gold deposits; and
  • Significant gold in soil values, which are concentrated in the southern portion of the Property, are closely associated with silver and arsenic values.

Additional work for the property is planned for the 2012 exploration season. The objective of the recommended work programs is to outline potentially economic gold mineralization on the Property.

The recommended programs have been divided into Phase 1 and Phase 2 work. Phase 1 work consists of continued soil sampling, geological mapping, and a geophysical ground magnetic survey. The estimated cost is $510,000.

Phase 2 work is contingent upon Phase 1 work identifying suitable targets. Work would include, trenching, shallow drilling, a geophysical IP survey, and diamond drilling to test targets at depth. The estimated cost is $1,160,000.

Edward D. Harrington, B.Sc (Geology) and P.Geo supervised the work program for 2011 on the Property and has read and approved the technical content in this news release. A full copy of the technical report as required by NI 43-101 can be found on the Company's profile on www.sedar.com.

Caution concerning forward-looking information

This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws. This information and statements address future activities, events, plans, developments and projections. All statements, other than statements of historical fact, constitute forward-looking statements or forward-looking information. Such forward-looking information and statements are frequently identified by words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate", "intend" and similar terminology, and reflect assumptions, estimates, opinions and analysis made by management of Olympic in light of its experience, current conditions, expectations of future developments and other factors which it believes to be reasonable and relevant. Forward-looking information and statements involve known and unknown risks and uncertainties that may cause Olympic's actual results, performance and achievements to differ materially from those expressed or implied by the forward-looking information and statements and accordingly, undue reliance should not be placed thereon. Risks and uncertainties that may cause actual results to vary include but are not limited to the availability of financing; fluctuations in commodity prices; changes to and compliance with applicable laws and regulations, including environmental laws and obtaining requisite permits; political, economic and other risks; as well as other risks and uncertainties which are more fully described in our annual and quarterly Management's Discussion and Analysis and in other filings made by us with Canadian securities regulatory authorities and available at www.sedar.com. Olympic disclaims any obligation to update or revise any forward-looking information or statements except as may be required by law.

Neither the 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.

Contact Information

  • Olympic Resources Ltd.
    (604) 629 7083
    (604) 629 7084 (FAX)