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OK2 Minerals (TSXV:OK), formerly Gold Jubilee, is a Canadian-based junior exploration company focused on building a diversified portfolio of properties. The company’s flagship property is the Pyramid Copper-Gold Porphyry Project located in northwestern British Columbia. A two-phase drill program is expected to begin at Pyramid in the fall of 2016.
Management is currently working to secure acquisition agreements for further projects to compliment Pyramid. “We believe that in the next few years there will be a shortage of good exploration projects,” stated Mike Devji, OK2 Minerals CEO and Director. “We’ve had a tough four or five-year market, but we are on the verge of a bull market. When investors start to flock back into the market, companies with strong management teams and good projects will be looked at first. We’re positioning ourselves to be one of those companies.”
In keeping with that goal, the company recently acquired the option to earn a 100 percent interest in the Kinskuch copper-gold porphyry project located in the southern end of British Columbia’s Golden Triangle. “We believe that drill targets exist on the project, and we look forward to advancing this project over the coming months,” explained Devji. “It is a compelling addition to our already exciting Pyramid Copper-Gold project.”
Over the past few years OK2 Minerals has focused on building a strong, highly experienced team of mining professionals with a track record of success. Combined, they have raised in excess of $500 million dollars. The company recently completed two tranches of financing for aggregate proceeds of over $2 million which will be used to finance the upcoming drill program at Pyramid.
- Drill-ready exploration project with enormous size potential
- Located in British Columbia’s prolific Quesnel Terrane, home to porphyry copper-gold mines such as Mt Milligan, Mt Polley and Gibraltar.
- Geology, geophysics, and geochemistry show classic signs of porphyry copper-gold deposits
- 2016 Drill Program at Pyramid –fully permitted and financed
- Highly experienced management team
- Building a strong portfolio of exploration projects with latest edition in BC’s Golden Triangle
Key Property: Pyramid Copper-Gold Porphyry Project
The Pyramid Copper-Gold Porphyry Project is located 65 kilometers north of Dease Lake in northwest British Columbia in the Quesnel Terrane, which is a known hot spot for large tonnage copper-gold porphyry deposits. The Quesnel Terrane is home to several mines including Copper Mountain, Red Chris, New Afton, Mount Polley, Mt Milligan and Kemess. The Gibraltar copper-molybdenum mine lies just outside the eastern edge of the region.
“If you want to find elephants you go looking in elephant country,” stated Devji. “The Quesnel Terrane is a large regional depositional belt that extends about 2,000 kilometers northward from the United States. Despite all the big porphyry-type discoveries in the region such as the Red Chris, it remains the most underexplored area in the world. So there is lots of opportunity for OK2 Minerals and the Pyramid project.”
The property is road accessible and near a major highway. The recently constructed Northern Transmission Line is located 136 kilometers to the south and the nearest deep water ports are located in Stewart, BC (445 kilometers) and Skagway, AK (674 kilometers).
Since acquiring the property in 2013, the company has completed three field programs. Three large zones of highly prospective for copper-gold mineralization have been identified on the Pyramid property: West, Central and East Zones. Several strong structural trends transect the property at a regional scale.
During the 2015 exploration program, widespread copper and gold anomalies were targeted based on the previous program results. The work included the collection of over 400 geochemical samples (soil and rock), detailed geological mapping, prospecting and 3D-Induced Polarization geophysics.
In the East Zone, disseminated mineralization occurs with values up to 0.70 percent copper, 0.11 g/t gold in silicified feldspar porphyry. The results of the 2013 rock sampling program showed values of 1.67 g/t gold and 0.31 percent copper in altered intrusives. Follow-up work in 2014 increased the sample inventory with values as high as 4.6 g/t and 11.5 g/t gold.
The West Zone has the geological, geochemical, and geophysical characteristics of a high level porphyry environment. Rock sampling has returned values up to 0.41 percent copper and 4.4 g/t gold. A 3.7 square-kilometer gold (22.5 ppb) and copper (250 ppm) soil anomaly has been identified with individual soil values as high as 4.2 g/t gold and 0.3 percent copper.
At the Central Zone, a large, buried IP high chargeability anomaly flaked by resistivity lows was outlined during the 2014 IP survey. The 2015 IP infill survey defined a larger deep IP high chargeability anomaly.
A two-phase 2016 drill program is planned for the Pyramid property to further explore these zones. The fully-permitted and funded work is scheduled to begin in September 2016.
Latest Portfolio Addition: Kinskuch Copper-Gold Porphyry Project
The Kinskuch copper-gold porphyry project consists of a 3,025-hectare land package in the southern end of British Columbia’s Golden Triangle—a well-known, large producing mining district. OK2 Minerals signed an earn-in agreement with LCT Holdings in August 2016 for the option to fully acquire the property.
“Our focus has been to outline and define projects in emerging world-class districts,” stated Devji. “We targeted this project based on a number of factors, most importantly the location of the project and the underlying Stuhini contact, which represents a period of time where major deposits, like KSM and Brucejack, were being formed in BC.”
The region of the province hosts large epithermal gold, porphyry copper-gold and VMS deposits, as demonstrated via exploration conducted by AngloGold Ashanti, Agnico Eagle, Dolly Varden Silver, Teck Resources and Homestake Resource Corp. The geological setting and style of mineralization of the Kinskuch Lake area is similar to the Kerr porphyry copper-gold deposit held by Seabridge Gold.
Past work on the Kinskuch Project included rock sampling, channel sampling, geological mapping and diamond drilling. Two drill campaigns were completed in 2002 and 2008 for a total of 15 holes. Highlights include:
- discovery hole BB03-03 returned 25 meters of 0.86 percent copper with 0.64 g/t gold; and
- another intersection of 21 meters of 0.36 percent copper with 0.24 g/t gold which ended in mineralization.
To date, no follow up drilling has been completed in the area of these notable intercepts. In 2016, OK2 Minerals plans to target these areas and planned exploration with consist of detailed surface mapping, detailed sampling and a project wide compilation study.
Mike Devji—CEO and Director
Mike Devji is an experienced financier of public companies. He led a group of investors who financed a 40 percent interest in the South Kemess Gold-Copper Deposit in British Columbia, Canada. That interest was subsequently sold for over $400 million. Devji was Vice President of Orko Silver and was responsible for raising more than $50 million to explore the La Preciosa silver deposit in Durango, Mexico. Orko Silver was sold to Coeur Mining in 2013 for $380 million.
James A. Currie, P.Eng.—President
James Currie was most recently the COO of Pretivm Resources leading the development of the company’s Brucejack high-grade gold asset in British Columbia. Previously, he led the construction and development of New Gold’s New Afton gold mine in B.C., which went into production ahead of schedule in 2012. Over the course of his 34-year career in the mining industry he has held roles in senior management, engineering and operations, on a number of projects that have progressed through feasibility to successful operation on schedule and budget. Currie holds a Bachelor of Applied Science degree with honours in mining engineering from Queen’s University and is a registered professional engineer.
George Cavey, P.Geo.—Vice-President Exploration and Director
George Cavey has over 35 years’ experience in exploration and consulting as the president of OreQuest Consultants. Cavey was also the former Vice President Exploration for Orko Silver who discovered the 264 million ounce La Preciosa silver deposit. He is a past president of the Canadian Council of Professional Geoscientists. Cavey was the 2004 recipient of the APEGBC C.J. Westerman Award as well as the recipient of the 2010 Canadian Professional Geoscientist Award, Canada’s highest honor for a Professional Geoscientist. He has also served as a consultant to the BCSC and the TSX Venture Exchange.
Cyrus Driver, CA.—Chief Financial Officer and Director
Cyrus Driver is currently a partner with Davidson and Company LLP. While providing general public accounting services to a wide range of clients, Mr. Driver specializes in servicing TSX Venture Exchange listed companies and members of the brokerage community. Mr. Driver currently serves as director and/or Chief Financial Officer of several TSX Venture Exchange companies and was a director of Orko Silver until it was sold to Coeur Mining in 2013.
Blair Schultz currently serves on the board of directors for Klondex Mines and Eastmain Resources. He has also served on the board of directors for VMS Ventures and acted as Chair of the Special Committee for the successful merger with Royal Nickel Corporation. As Chairman of Klondex, Schultz played a vital role in restructuring the corporation, rescuing it from insolvency, and attracting and hiring new key management.
Tag Gill, B.A.Sc., CGA—Director
Tag Gill has been provided financial reporting and management services to publicly-listed companies, primarily in the mineral exploration sector, for more than 10 years. Gill served in the Technology Division of Teck Resources Limited, Canada’s largest diversified resource company. He holds a Certified General Accountant designation and a Degree in Chemical Engineering from the University of British Columbia. He was the Controller at Orko Silver until it was sold to Coeur Mining in 2013.
Douglas Cavey—Technical Services Manager
Doug Cavey has been exploring for porphyry copper deposits for a number of companies since 2007. Exploration has taken him to both North and South America. Cavey was instrumental in identifying the opportunity and potential of the Pyramid property and has guided the exploration programs at Pyramid for the last two field seasons.