HARRY PROJECT
The Harry property is located within a 50km long, north-northwest trending axis featuring a number of high-grade gold occurrences and deposits (East Gold, Scottie Gold, Gold Wedge, Silver Coin, Big Missouri, Martha Ellen and Dilworth), a producing mine–the Valley of the Kings–and a famous former gold mine, the (Silbak) Premier. It covers numerous, red-weathering zones of alteration lying east of the Salmon Glacier.
PROJECT OVERVIEW
The Harry Property is comprised of three contiguous claims covering area of approximately 1,333 hectares along the Granduc Access Road near Stewart, British Columbia, and is bordered by Ascot Resources Ltd. to the east and south, Pretium Resources Inc, to the north, and Scottie Gold to the west.
The property lies along the northwestern portion of a geological corridor prospective for gold-silver mineralization that is up to 3 kilometers wide and at least 15 kilometers long.
The corridor extends from south of the Premier Mine, possibly in the US, north to the Scottie Gold Mine and beyond.
Within this corridor are numerous deposits including the Premier, Big Missouri, Silver Coin and Martha Ellen deposits.
Teuton has granted Optimum the option to acquire an 80% interest in the Harry and Outland Silver Bar properties.
Total Aggregate Consideration is:
Over 5 years beginning Sept 13, 2021
- Up to $1.5M cash
- Up to 4M common shares of Optimum Ventures in installments
- Incurring expenditures on the property (or making a cash payment to Teuton in lieu) of up to $9M in installments
Upon the exercise of the option, Teuton Resources and Optimum Ventures will enter into a joint venture agreement for the project’s operation, with a 2% Net Smelter Royalty granted to Teuton by Optimum.
In January 2020, Pretium filed a 43-101 report that shows 7.6 million oz gold in the measured and indicated category for the Valley of Kings and West zones. This report also shows 3.1 million ounces in the inferred category. Subsequent to this, Pretium reported that high-grade gold mineralization was identified in three new areas located directly north and in the vicinity of the Valley of the Kings deposit. In the summer of 2022, a new high-grade discovery at the Golden Marmot Zone, 3 km north of the Valley of Kings zone intersected 72.5 g/t gold over 53.5 Meters, including 6,700 g/t gold Over 0.5 Meters.
PROJECT LOCATION AND INFRASTRUCTURE
The Harry Property hosts several 500 metre (“m”) wide zones of intense alteration that trend northwest along the claim length. Within this intense alteration, sericite along with abundant pyrite is prevalent. Quartz veins, quartz breccias and semi-massive sulphides occur within these alteration zones. This type of alteration and mineralization is found at the nearby gold deposits being developed by Ascot.
To date, less than 10% of the property has been prospected. Work in 2021 was restricted to the area of the Milestone showing discovery.
THE MILESTONE
In 2020, a new zone of mineralization in quartz breccias, called the “Milestone” was discovered on the Harry Property. The previous operator reported a trench sample averaging 7.86 ounces per ton gold (269.5 g/t) across a 2 metre width. The full width of this new zone has not been defined due to overburden cover.
The Company 43-101 Technical report outlines a recommended Phase 1 exploration program on the Harry intended to generate drilling targets which subsequently will be drill tested consisting of rock sampling, geological mapping, possible geophysical surveys, drilling and core cutting.
The Company has begun the recommended program and intends to complete the rest of the recommended work program in beginning in the second quarter of 2022.
ZONES
Prior to the Company option, a number of mineralized zones were identified, namely the Harry, Outland Silver Bar, Summit Gossan and Troy 6, with two mineralized zones called Milestone and S-1 found during the 2020 exploration program. In addition, the Company is pleased to report several new zones of mineralization on the Harry property: Swann, BR, Ursula, Saw Cut, and GS discovered during the 2021/2022 exploration program.
Location of these zones is shown on an attached figure in the website.
A brief description of some of the zones is presented as follows:
The S-1 is a 10 metres wide vein swarm comprised of numerous parallel quartz veins which contain up to 10% of combined pyrite, galena and sphalerite. Locally the veins have dark gray to black colour from dispersed carbonaceous mater and/or very fine grained galena and sphalerite. Four grab samples collected from S-1 showing returned up to 1.34 g/t gold and 32 g/t silver.
Discovered in 2020, this new mineralized zone in quartz breccias associated with fine arsenopyrite averaged 2 m of 7.86 oz/ton gold (269.5 g/t), with the full width of this new zone not being truly defined due to overburden cover. The Company plans to complete Shaw shallow drilling on the area of coarse gold and an east extension.
Work completed in late 2021 indicated the occurrence of semi to massive sulphides, sphalerite, galena, tetrahedrite, chalcopyrite, and pyrite in sub-outcrop with the presence of fine visible gold within the mineralization, particularly green sphalerite. Drill results intersected the Swann zone with the following:
The Company plans to expose the sub-crop’s area to determine the zone’s strike and dip before the upcoming drilling. Drilling on the Swann will be the last area tested as its close proximity to roads is not hampered by bad weather.
Located near the Swann zone, BR is approximately 100 m higher in elevation. The zone consists of massive galena with minor sphalerite veinlets in a stockwork zone. The zone is poorly exposed in an overburden-covered area. Further work is required to determine if it is part of the Swann zone. Several drill holes are planned in this highly accessible zone.
The zone consists of massive pyrite with minor galena and sphalerite exposed over 10 m wide. Galena-rich boulders up to 1 m in diameter located down ice from an overburden-covered area in the zone indicate the possibility of strike extension. Chip sampling and Shaw drill testing are planned for this zone.
A new discovery consists of mineralization of a stockwork of galena-sphalerite veins up to 0.8 m wide over a width of 5 m. This new zone is located in an overburden area approximately 75 m south of the Ursula zone.
The Saw Cut zone outcrops and has been exposed over a 40 m strike length, with shallow Shaw drill core samples showing sulphide mineralization consisting of pyrrhotite, galena, sphalerite, chalcopyrite, and pyrite in semi-massive to massive veins, stringers, and interstitials within brecciated zones and/or disseminated throughout the core. The zone is hosted in mudstone, dacite tuff, and mudstone-supported dacite lapilli-tuff containing 1 to 30% pyrite, trace to 8% sphalerite, and trace to minor galena. The Saw Cut zone is believed to belong to a gold-silver enriched VMS type mineralization like that of the famous Eskay Creek deposit.
The Sheeted Vein zone consists of parallel northwest-striking quartz-sulfide veins that dip to the east, across widths of at least 7 metres and hosting semi-massive to massive galena, green sphalerite, and tetrahedrite masses along a quartz stockwork. The zone is exposed over 15 m of strike length but then dips into the hillside. Drilling was conducted to test the various parallel veins, with the bottom-most vein exhibiting massive galena and sphalerite over a width of 1 m.
A new discovery occurring within north trending sediments including, galena and sphalerite mineralization along a stockwork zone. Additional sampling is planned as the Company continues to define this new discovery.
SAMPLING HIGHLIGHTS
grams per tonne = g/t
A21-2A, Grab Sample
23 g/t gold and 2,995 g/t silver
A21-3, Grab Sample
11 g/t gold and 3,739 g/t silver
A21-22, Float Sample
3 g/t gold and 328 g/t silver
A21-5A, 0.4m Chip
5.5 g/t gold and 270 g/t silver
2022 Drill Program
Sunbeam Drilling has commenced operations utilizing a B-15 drill running an NQ core and a JK Smit helicopter portable drill using a BTW core. This season’s program is planned to test several new zones discovered earlier this year during prospecting, mapping and, in some instances, Shaw shallow surface drilling. Priority is being given to the Swann, BR, Ursula, Ursula South, Saw Cut, and GS zones, where over 1000 surface talus fines, chip samples, grab samples, saw cut samples, and Shaw drill core has been sent for assay. The initial drilling campaign is planned and financed for 2,500 metres (“m”). It is scheduled to test these multiple zones of gold-silver bearing poly-metallic sulphide mineralization where surface prospecting coupled with surface exposure Shaw drilling has established multiple prospective targets for follow-up drilling.
- Zone outcrops have been exposed over a strike length of 40 metres
- Testing new zones discovered earlier this year
- Shaw drill core returned sulphide mineralization consisting of pyrrhotite, galena, sphalerite, chalcopyrite, and pyrite in semi-massive to massive veins, stringers, and interstitials within brecciated zones
- Samples returned up to 5.40 g/t gold and 156.4 g/t silver
- Data indicate that the Saw Cut zone belongs to a gold-silver enriched volcanogenic massive sulphide (VMS)
- B-15 diamond drilling has commenced on the Saw Cut zone; a four-drill hole program is terminating
- Zone surface exposure up to 40 metres wide
- JK Smit drill is mobilized for a four-hole program; two holes are drilled
- Mineralization similar to Eskay Creek-type mineralized structures; vein dissemination of dominant sphalerite-galena-tetrahedrite-pyrite; minor amounts of chalcopyrite
- Current drilling aims to expand the zone’s strike
- Runs parallel to and is approximately 100m east & uphill from the Swann zone
- Zone of massive galena with minor sphalerite veinlets in a stockwork
- Sampling returned values from 1.8 – 26.6 g/t of gold & 282.9 – 1,003.2 g/t silver (five samples)
- Relationship to the Swann to be determined by this year’s drilling program
MINERAL DEPOSITS
QUALIFIED PERSON
Mr. Ed Kruchkowski, P.Geo (British Columbia), is the Qualified Person as defined by National Instrument 43-101 who has examined and reviewed this page and geological information available from public sources related to the property, and is responsible for approving the technical contents of this page. The Qualified Person has not completed sufficient work to verify the historic information on the Property, particularly in regards to the historical drill results and any sampling. However, the Qualified Person believes that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Property but may not be representative of expected results.