Optimum Ventures Reports on Surface Sampling at Riverside Property
Vancouver, BC – May 11, 2021, Optimum Ventures Ltd (“Optimum” or the “Company”) (TSX.V:OPV; OTCQB:OPVLF) is pleased to announce results from its limited surface exploration
program conducted during the 2020 field season on its Premier South project area property near Hyder, Alaska, and immediately south of Ascot Resources Ltd.’s Premier Mine in Northwest British Columbia.
Program highlights include:
- Up to 1290 grams per tonne (gpt) Au in grab samples from historic trenches on the Jarvis
- Up to 4.89 gpt Au in grab samples from historic trenches on the Lindeborg vein.
- Up to 2.6 gpt Au in soil sampling on Grid No. 1.
- Up to 4.95 gpt Au in soil sampling on Grid No. 2.
- Up to 39.1 gpt Au in soil sampling on Grid No. 3.
Mineralization on the project is associated with NW trending shear zones within granodiorites. The veins generally consist of a 1-1.5 metre (m) wide zone of quartz with massive galena, sphalerite, pyrite and minor chalcopyrite stringers as well as local coarse visible gold. Sulphides occupy the central 0.4-0.5 m of the quartz veins and locally form 50% of the rock. Fine grained pyrite is present in the wall areas of the vein forming an envelope that is 0.5 m wide on either side of the structures. Gold and silver values are associated with the base metal bearing portions of the veins identified to date.
Due to the US-Canada border closure as a result of the Covid 19 virus, exploration on these US claims was limited to soil sampling in 3 separate grids and grab sampling of mineralization in historic trenches and adits. The program was conducted by local prospectors and samplers supervised by the Company’s qualified person. A total of 597 soil samples were collected every 25 m along lines spaced 25 m apart. The largest grid over the south end of the property measured 500 m to 450 m. The other grids were located over the north end of the property measured out triangularly in shape due to steepness of the topography. Soil sampling was successful in outlining areas for further work.
Sampling indicated up to 2.6 g/t Au in soil sampling on Grid No. 1, up to 4.95 g/t Au in soil sampling on Grid No. 2 and up to 39.1 g/t Au in soil sampling on Grid No. 3. A total of 32 grab samples were taken off the wall of trenches and short adits on the Jarvis and Lindeborg veins. A photo of the Jervis vein as well as several photos of the coarse gold present in the vein are shown on the company website at https://optimumventures.ca. Rock sampling was also conducted on quartz veins near the border and variably mineralized Lindeborg which yielded values ranging from 20 ppb gold to 29.1 g/t gold as well as 0.2 g/t to 538 g/t silver. Sampling on the Jarvis was located from muck and broken material at the end of a short adit. Significant results from the 2020 Jarvis sampling are shown below:
|Sample #||Sample Type||Au g/t||Ag g/t||Pb %||Zn %|
Grab samples are solely designed to show the presence or absence of any mineralization and to characterize the metal tenor in this mineralization. Grab samples are by definition selective and not intended to provide nor should be construed as a representative indication of grade or mineralization at the project; and the grab samples analysed from the project reflect a broad range in grade.
The above samples represent the only sampling carried out to date. Further work will expand on the strike of the high grade zones as well as locate previously reported ones. The Company has received drill permits and is in the process of posting a bond for reclamation. Drill roads were constructed in 2020.
Assay analysis were performed by Activation Laboratories Ltd in Kamloops BC. The samples were analyzed by ICP methods and over limits for gold, silver, copper, lead and zinc values were obtained by fire assay for gold and silver. Due to the low number of samples, no standards or blanks were inserted by the Company however the laboratory inserted internal QA/QC standards.
Optimum can earn a 100% interest in 12 claims, 8 patented and 4 non-patented, that comprise a portion of the Premier South project, by making certain cash payments and incurring certain exploration expenses. Pursuant to an option agreement dated September 22, 2018, Optimum can earn a 100% in the eight patented claims by paying $150,000 US and incurring expenditures of $140,000 over a 4 year period to the vendor. Under terms of a second option agreement dated September 22, 2018, Optimum can earn a 100% interest in the four non-patented claims by paying $90,000 US and incurring expenditures of $250,000 over a 4 year period. Upon making all the above expenditures and payments,
Optimum can then purchase the patented mining claims for US$500,000 subject to a 2 % NSR.
In addition to the optioned claims, Optimum holds a 100% interest in an additional 30 non-patented claims. In total, the Premier South Project covers 315 hectares.
Ed Kruchkowski, P. Geo., a qualified person under National Instrument 43-101 is responsible for the contents of this release. E. Kruchkowski is not independent of Optimum as he is the president of the Company.
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 the extensions of the “Golden Triangle” area of northern British Columbia into Alaska. For more information visit www.optimumventures.ca.
ON BEHALF OF THE BOARD OF OPTIMUM VENTURES LTD.
Ed Kruchkowski, Director
“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.”
“This news release may contain forward–looking statements. 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.”