RIVERSIDE PROJECT

The Riverside property is in the Hyder Mining District, situated in southeastern Alaska, approximately 8 kilometres south of the former Premier Gold mine, British Columbia presently being put back into production. The property is beside an all weather road leading from tide water to the Premier Gold Mine.

PROJECT OVERVIEW

The Riverside Property was a past producer and consists of 8 patented claims covering approximately 50 hectares and 4 unpatented claims covering approximately 25 hectares.
The claims within the properties lie along the SE portion of a geological corridor prospective for gold-silver mineralization that is up to 3 kilometres wide. It is at least 15 kilometres long extending south from the Scottie Gold Mine to south of the Premier Mine, extending onto claims held by the Company. Within this mineralized corridor, there are a number of gold-silver deposits as well as numerous prospects. Deposits within this corridor include the Premier, Big Missouri, Silver Coin, Martha Ellen and Mt Dilworth. 

PATENTED CLAIMS

On the patented mineral claims, Optimum Ventures Ltd can earn an 100% interest in the claims by paying $150,000 US and incurring expenditures of $130,000 US 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. 

UNPATENTED CLAIMS

On the unpatented claims, Optimum Ventures Ltd can earn an undivided 51% % interest in the claims by paying $290,000 US and incurring expenditures of $450,000 US over a 5 year period. 
Upon earning the interest, Optimum can purchase the remaining 49 % of the unpatented mining claims for US$500,000 subject to a 2 % NSR.

GEOLOGY

The property is located along volcanic rocks on the north boundary area of the Texas Creek batholith, 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-Minfile) 6 km north of the property and the KSM copper-gold porphyries and Brucejack Lake gold deposits (Valley of Kings).

Records published by the United States Geological Survey tabulate a past production of 26,583 tonnes of ore during a lengthy but intermittent operating period on this property. This tonnage was developed along 3 different levels from over 1829 metres of underground workings. Average grade produced was 2.86 g/t gold and 101.55 g/t silver, as well as 4 % lead, minor copper and zinc and about 1% tungsten. The production was derived from two veins, the Lindeborg and the Cross. A third vein, the Riverview, was not mined although it was explored for 95 metres.
Riverside mineralization occurs as sphalerite, galena with minor tetrahedrite, chalcopyrite, and native gold, located in the Texas Creek Granodiorite. Gangue minerals are quartz, potassium feldspar, chlorite, carbonates and others. The main veins follow northwest striking shears with a east-northeast dip. Veins are up to 2 m wide and represent the feeder zones to Premier type mineralization. There are numerous vein systems identified on the property.

Riverside Map Showing Location of Veins

MINERALIZATION

Riverside mineralization occurs as sphalerite, galena with minor tetrahedrite, chalcopyrite, and native gold, located in the Texas Creek Granodiorite. Gangue minerals are quartz, potassium feldspar, chlorite, carbonates and others. The main veins follow northwest striking shears with a east-northeast dip. Veins are up to 2 m wide and represent the feeder zones to Premier type mineralization. There are numerous vein systems identified on the property.

There are two types of mineralization in the Riverside Project:

  1. the narrow sulphide vein structure, more common along the hanging wall of the shear zones;
  2. the wide, massive, white quartz containing large creamy yellow crystals of scheelite.

The quartz type is not as continuous as the sulphide mineralization, as it widens or pinches in relatively short distances. The veins contain variable amounts of gold, silver, lead, copper, zinc and tungsten which are associated with galena, pyrite, sphalerite, chalcopyrite and scheelite mineralization. Widths of the veins vary from several centimeters to 1.5 metres.

There appears to be 2 stages of mineralization with initial quartz-scheelite followed by 1-2 stages of sulphide emplacement. Galena rich mineralization is generally silver rich with lower gold values while the sphalerite rich mineralization has coarse gold with strong silver values.


The Company 43-101 report on this property states ”In the area of past production, the quartz veins present in the Riverside Mine are associated with three shear zones.”

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The Lindeborg Shear is the most prominent structure on the property which hosts quartz veins and stringers with silver, gold, lead-zinc and tungsten mineralization. On the footwall side of the zone, gneissic granodiorite passes gradually into gneiss and eventually into schist. On the hanging-wall side, granodiorite porphyry is the dominant rock type.

Work in 2018 extended the Lindeborg vein several hundred meters south where a 1.5 m quartz vein contains sparse pyrite.

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The two other quartz veins (Riverview and Cross) are hosted outside the main shear zone in granodiorite, where the shearing has been less pronounced.

Riverside Proposed Drilling

In the southern portion of the property 3 other vein structures have been identified; namely the Jarvis, New and Galena veins.

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The quartz vein forming the Jarvis Vein area is located on the Mineral Basin claims, over a kilometre SE of the past production at the Riverside Mine. It is associated with a NW trending shear zone. It may be an extension of the Lindeborg vein or a different mineralized structure. The vein consists of a 1-1.5 m wide quartz vein 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 structure.. The vein has been traced over at least 120 m of strike in dense brush and deep overburden. Associated with the Jarvis vein is a poorly exposed vein swarm where numerous quartz stringers are present. Individual stringers contain variable amounts of galena and sphalerite but appear discontinuous. Gold and silver values are associated with the base metal bearing portions of the vein swarm.

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The New Vein is poorly exposed but consists of quartz that is up to 1 m wide containing variable amounts of galena and sphalerite. The vein is exposed in several locations with strike extent of over 100 metres defined by mineralized vein float.

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The Galena Vein was located in an area of deep overburden. Initially this vein was discovered during road building in 1970’s logging activities. Where exposed in one deep trench during 2018, the vein is 1.5 m wide, consisting of massive to semi-massive galena. Length of the vein is unknown.

HIGHLIGHTS FROM OUR 2020 EXPLORATION PROGRAM

Up to 1290 g/t Au

Grab samples from historic trenches on the Jarvis vein

Up to 4.89 g/t Au

Grab samples from historic trenches on the Lindeborg vein

Up to 2.6 g/t Au

Soil sampling on Grid No. 1

Up to 4.95 g/t Au

Soil sampling on Grid No. 2

Up to 39.1 g/t Au

Soil sampling on Grid No. 3

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.