Building a Copper-Silver Portfolio in British Columbia
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Glacier Lake Resources Inc. (TSXV:GLI) is a resource exploration company looking to acquire, explore and develop gold, silver and copper projects in Canada and beyond. Glacier Lake is currently focused on developing its Silver Vista project in the active mining jurisdiction of North-Central British Columbia for which it has an option to acquire a 100 percent interest.
The Silver Vista property was first explored in the early 1990s and has since seen periodic exploration work conducted by various owners, including large programs by Amarc Resources Ltd., of the Hunter Dickenson stable, which uncovered a number of near-surface, bulk-tonnage copper-silver targets. Since acquiring the option for the property in early 2017, Glacier Lake has completed two first-pass exploration programs, identifying targets for the, just concluded, 2018 drill program. Drilling focused on the MR showing area located in the southern portion of the property. Assays are expected late April – early May.
As part of the first-pass exploration initiative, Glacier Lake also identified a new gold-silver-lead-zinc zone, designated as the Golden Vista target. The Golden Vista program returned highlight assay values of 16.90 g/t gold, 196 g/t silver, 12.6 percent lead and 11.9 percent zinc from selected surface grab samples. The company will be dedicating resources to further exploration on Golden Vista over the summer of 2018.
In addition to the Silver Vista property, Glacier Lake has acquired a second silver property in central British Columbia, the Silver Star. Historic 2015 surface sampling included a highlight grab sample of 317 g/t silver, 0.39 percent copper, 0.8 percent lead and 0.08 percent zinc. Silver Star has only seen minimal exploration and presents an excellent complimentary silver opportunity for Glacier Lake.
Glacier Lake is led by a management team with extensive expertise in developing and financing mining endeavors. The team is supported by a strong advisory team of world-class executives with a strong technical background in the resource space. Management is also significantly invested in the company.
- Two projects, focused on copper, silver, and gold, in British Columbia, a safe and stable Canadian jurisdiction.
- Silver Vista project with significant historical exploration identifying multiple exploration targets.
- The Silver Vista project is a large, district scale property (207 sq kms) with multiple sedimentary (sedex) hosted, copper and silver targets.
- A new gold-silver-lead-zinc zone uncovered through initial exploration in the north of the project (Golden Vista); Golden Vista highlight surface grab sample of 90 g/t gold, 196 g/t silver, 12.6 percent lead and 11.9 percent zinc.
- The Silver Vista property is fully permitted for 10,000 meters of drilling over the course of five years.
- 1273 meters of new drilling completed March 2018 at Silver Vista.
- Silver Star project, a minimally explored second British Columbia property, has returned a highlight select grab sample of 317 g/t silver, 0.39 percent copper, 0.8 percent lead and 0.08 percent zinc.
- A recently completed ground magnetics survey has identified suspected linear structures in the area of the grab sampling which presents an excellent target for hosting vein style mineralization.
Primary Project: Silver Vista
The Silver Vista property is made up of three large, contiguous claim blocks that total 207 square kilometers located in North-Central British Columbia, 55 kilometers northeast of the town of Smithers. The road accessible project has excellent infrastructure, including transportation, power and a proximal rail line with direct access to tidewater.
Silver Vista’s exploration history dates back to the early 1990s, when a local prospector uncovered three malachite-azurite breccia showings. The property was quickly optioned by Equity Silver Mines, who conducted initial surface exploration programs quickly followed by a 1,252-meter drilling program, comprising 14 holes, with a highlight intersection of 2.84 meters averaging 195.7 g/t silver and 3.65 percent copper.
Metal Mountain Resources optioned the property in 2009, completing a soil sampling program and outlining a 1,200-meter long and 300-meter wide +1.5 g/t silver anomaly.
Amarc Resources Ltd. (TSXV: AHR) acquired the Silver Vista project in 2012 and completed a 4,729-kilometer airborne magnetic survey followed by an extensive geochemical survey over a large bulk of the property, collecting 8,325 samples. Amarc was permitted for 14,000 meters of drilling, but the program was never initiated due to the poor market conditions that existed between 2013 and 2017.
The principal target on the Silver Vista property is the MR prospect, a sediment-hosted copper-silver zone. Since acquiring the option for a 100 percent interest in the project in May 2017, Glacier Lake completed a VTEM Airborne survey and conducted initial ground exploration programs in 2017 and completed its first drill program in 2018.
The 2017 exploration program confirmed the main MR Zone and prospected favorable areas identified by the previous owners in the southern portion of the project. Assays from sampling conducted in this first-pass exploration included highlight values of 46 g/t silver and 8,570 ppm copper 600 meters south of the main MR showing area and 6.1 g/t silver and 1,065 ppm copper from an area 1,000 meters away from the main showing.
The first round of exploration also led to the discovery of the Golden Vista, a new gold-silver-lead-zinc zone on the northwestern portion of the property, which included sample results of 16.90 g/t gold, 196 g/t silver, 12.6 percent lead and 11.9 percent zinc, from selected surface grab rock samples. Geological mapping, geochemical sampling and trenching is planned for the Golden Vista zone in the summer of 2018.
In February 2018, Glacier Lake launched its first drill program on the property, completing 1,273 metres of core drilling in seven holes at MR. Assay results are anticipated in late April to early May. Follow up drilling is planned for later in 2018.
The 1,487-hectare Silver Star project was acquired in December 2017 and is located in central BC. The property is underexplored save for a small 2015 program, which uncovered a surface mineral showing. This showing provided a grab sample of malachite and azurite stained siliceous andesite with highlight values of 317 g/t silver, 0.39 percent copper, 0.8 percent lead and 0.08 percent zinc. Other samples included values of 42.7 g/t silver, 310 ppm copper, 563 ppm lead and 585 ppm zinc.
Historically, a 1992 structural study conducted by the Geological Survey of Canada shows that the property sits within regional fault structures that extend south from the Equity Silver mine, which boasts historic production of 33.8 million tonnes at grades of 0.4 percent copper, 64.9 g/t silver and 0.46 g/t gold between 1990 and 1994. Glacier Lake has not verified the Equity Silver Mine data, and also cautions mineralization at Equity Silver is not necessarily indicative of similar mineralization at Silver Star.
Satvir ‘Saf’ Dhillon—President, CEO and Director
Saf Dhillon has worked in the Banking, Investment and Securities Industries for the last 25 years for various companies in both the Public and Private Markets. During this time, he has assisted in raising over $100 million in the capital markets as both a director and in business development. The majority of his time has been focused on the growth, development and corporate communications of U.S. Geothermal Inc. (NYSE MKT: HTM & TSX:GTH), since the early stages of the company publicly listing on the TSX Venture Exchange in 2004, as well as providing his skills and knowledge to several other private and public companies.
Michael Withrow is a successful natural products and technology entrepreneur with over 25 years in public markets. He has an extensive business network throughout the Americas and Pacific Rim, his experience in international trade and regulatory compliance have been essential to the companies he has structured. He has sat on the board of Newton Gold (formerly New High Ridge Resources) a company with a property in the BC Mining area of Chilcotin. The project was later acquired by Amarc Resources.
Stan Szary has over 30 years of business and professional experience. A graduate of the University of Saskatchewan (1978) he has worked for the international accounting firm of Coopers & Lybrand (now PricewaterhouseCoopers) and as an investment advisor with the investment firms of Midland Walwyn and Prudential Bache Securities in Saskatoon and Calgary (1978-1987). He has consulted to major international investment funds, including sovereign funds, in structuring and administrating ventures involved with public companies and has played an instrumental role in spearheading national and international start up ventures as founder, financier and manager in established and emerging markets working in London, Geneva, Barbados and Poland (1987-2001). Since 2001 he has been based in Vancouver primarily involved in the junior resource sector as investor, director and executive, assisting in the formation, listing, administration and financing of several resource companies.
Scott Davis is a chartered professional accountant and founding partner of Cross Davis & Company LLP. He serves as Chief Financial Officer to several publicly traded companies in the junior sector, and brings over 15 years of experience in senior management positions in both the public and private sectors.
Pete Parsley—VP Exploration
Pete Parsley is a Senior Geologist with over 32 years of experience in exploration, mine permitting, development, compliance and mine disturbance reclamation in North America, including in high grade gold deposits in Alaska, Africa, Asia, and South America. He has a Masters Degree in Geology and has been working with Daniel Kunz & Associates from Boise, Idaho for the last 4 years.
Tim Henneberry is a Professional Geoscientist registered in British Columbia. He has over 37 years of experience in both exploration and production and as a member of executive management with public companies. Mr. Henneberry has extensive experience in mineral exploration and development for precious and base metals, as well as industrial minerals. He has worked in western and northern Canada, the southwestern United States, Africa and South America. Mr. Henneberry is currently a Director and Interim CEO of Sojourn Exploration Inc. He is QP and a former director of Broadway Gold Mining Ltd. He sits on the Advisory Board and/or acts as QP for Canadian Zeolite Corp. (TSX.V: CNZ), Cava Resources Inc. (TSX.V: CVA), Max Resource Corp. (TSX.V: MXR, Resolve Ventures Inc. (TSX.V: RSV), and Tasca Resources Ltd. (TSX.V: TAC).
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