OPTIMUM VENTURES COMMENCES EXPLORATION ON THE HARRY PROPERTY
Vancouver, British Columbia – August 3, 2022 – Optimum Ventures Ltd. (“Optimum” or the “Company“) (TSXV:OPV), is pleased to report the start of exploration on the Harry property located in the prolific Golden Triangle, 30 km northwest of Stewart, BC.
Building on the success of last year’s drilling, Optimum has begun surface exploration work on the Harry Project. A Shaw Portable core drill is shallow drilling to test and sample known zones to delineate potential new drill targets. IP Geophysical Survey is currently underway, in addition to talus fines and rock geochemical surveys along grid lines. To date 400 samples have been sent to MSA Labs in Terrace, B.C.
“We are excited to get back to work on the Harry project, unlocking the potential value for our shareholders,” stated President Tyler Ross. “The priority of this Exploration program is to prepare for the forthcoming drilling to test both the Swan and Milestone zones as well as to collect more data on multiple structures throughout the numerous sericite-pyrite alteration zones. Drilling will focus on extending the strike and dip of the Swan zone.”
Previous drill highlights at Swan:
Additionally, the 22 samples collected in 2021 from the discovery boulders on the Swan range in value from 0.76 to 286.2 g/t Au, 246 to 2202 g/t Ag, 21.5 to 57.33 % Pb, 0.07 to 2.87 % Cu and 0.41 to 32.11 % Zn.
The 2022 sampling is designed to extend and define the limits of this high-grade gold mineralization.
In 2020, a new zone of mineralization in quartz breccias associated with fine arsenopyrite (“Milestone”) was discovered on the Harry property averaging 7.86 oz/ton Au (269.5 g/t) across a 2 m width. The full width of this new zone has not been defined due to overburden cover (see the 43-101 report at: https://sedar.com).
IP survey is being conducted by Simcoe Geoscience from Ontario, geochemical sampling and mapping by geologists contracted from Hardline Explorations in Smithers, BC as well as Company contracted personnel. The Shaw Portable core drill is capable of 1-1.5m long core samples that are 41mm in diameter to provide geotechnical samples and to guide areas for diamond drilling. Many of the quartz stockworks are polished smooth by the glacial polishing making obtaining samples difficult. Saw cut and Shaw core drilling sampling will be carried out on these areas.
The Harry Property
The property consists of 3 contiguous claims covering approximately 1,333 hectares. The majority of the property including the Outlander claim lies along the NW portion of a geological corridor prospective for gold-silver mineralization that is up to 3 km wide and 15 km long extending from south end of the Premier Mine, possibly in the US, north to the Scottie Gold Mine and beyond.
Situated within the Skeena Mining Division, the Harry property lies in a prospective corridor running north-northwest from the Premier, Silver Coin, Big Missouri and Dilworth gold deposits presently being developed by Ascot Resources. To the west and north of the Harry property is the past producing Scottie Gold mine and immediately adjacent to Newcrest Mining on the northeast boundary.
The property is located along volcanic rocks on the south boundary area of the Summit Lake stock, part of the Texas Creek Plutonic suite in the Stewart Area. This suite of rocks is related to alteration and mineralization at the former producing Premier mine (produced 2,000,000 oz gold) 15 km south of the property and the KSM copper-gold porphyries and Brucejack Lake gold deposits. (Valley of the Kings deposit has reported 6.4 million ounces in the proven and probable categories).
The Harry hosts several 500 metre (“m”) wide zones of intense alteration that trend NW 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.
The property is nearby infrastructure including year-round road access, a powerline, and an ice-free port in Stewart. In addition, a mill is being constructed by Ascot Resources at the site of the historical Premier Mine.
Work to date has only explored less than 10% of this under explored property.
Optimum Ventures Ltd. is a Canadian based mineral exploration company actively seeking opportunities in the resource sector. Its properties and projects are all located in British Columbia and the extensions of the “Golden Triangle” area of northern British Columbia into Alaska. The Company has an option agreement with Teuton Resources Corp. (TSXV:TUO) pursuant to which Teuton has agreed to grant to Optimum the option to acquire an up to 80% interest in the Harry and Outland Silver Bar properties, located near Stewart, BC.
For more information visit www.optimumventures.ca.
Mr. Edward Kruchkowski P.Geo., a member of the Company’s Board of Directors and registered in the Provinces of British Columbia is the “Qualified Person” under NI 43-101 and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Optimum Ventures Ltd.
Tel: (604) 428-6128
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.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events including, among others, assumptions about future prices of gold, silver, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining government approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact of the COVID-19 pandemic, availability of equipment, availability of drill rigs, and anticipated costs and expenditures. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to Optimum’s ability to complete all payments and expenditures required under the Option Agreement; and other risks and uncertainties relating to the actual results of current exploration activities, the uncertainty of reserve and resources estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; risks relating to grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with adjacent properties and the Company’s expectations; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); metal price fluctuations; environmental and regulatory requirements; availability of permits, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, political risks, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks involved in the mineral exploration and development industry, and those risks set out in the filings on SEDAR made by the Company with securities regulators. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.