Vancouver, British Columbia–(Newsfile Corp. – February 25, 2021) – ArcPacific Resources Corp. (TSXV: ACP) (“ACP” or the “Company“) is pleased to provide an update on the ongoing data analysis for its 100% owned 8,136 hectare Lucky Mike Silver Lode Project (the “LMSL” or the “Project”) located adjacent to Canada’s largest producing copper mine in the prolific Quesnel Trough in southern British Columbia. The LMSL boasts excellent infrastructure and year round access.
Highlights:
- Identified multiple hydrothermal system centers in and surrounding the Project area, representing a possible “cluster” scenario.
- Observable temperature gradients in litho-geochemistry suggest tilted hydrothermal systems possibly explaining why previous drilling confined to high level part of the system.
- New geological model suggests largest hydrothermal center remains untested.
- Unusual combinations of Silver/Lead/Zinc in conjunction with Copper/Molybdenum in places suggests overprinting of events.
- Porphyry-epithermal signatures present, with unusual high silver values.
- Three main zones outlined on LMSL Project:
- Sunshine Area: silver-lead-zinc-copper-gold structurally controlled breccias and stockwork.
- Lucky Mike Area: copper-gold-molybdenum porphyry environment with proximal silver-lead-zinc-copper and tungsten skarns.
- Corona Area: high grade silver veins in possible chimney or skarn setting.
- Drilling permit and Induced Polarization (IP) permit application has now been submitted for potential 2021 program.
- New maps and full litho-geochemical interpretation and summaries are now available on the Company’s website on the LMSL project page.
Adrian Smith, CEO of ArcPacific Resources comments: “It is very exciting to see such prominent targets emerge from the newly compiled data. The more information we input into the geological model, the more intriguing and surprisingly wide-open the targets on the LMSL Project become. We have now submitted permit applications to test the new geological model developed, beginning with an IP survey and followed by drilling, that could lead to a new discovery in the heart of this historic mining camp.
“Separately, we have completed our 3D modeling of the historic underground gold mine at the Rickard project in the Timmins area of Ontario. We are now in the process of finalizing the planned drillhole locations based on this detailed work and plan to move quickly towards project implementation within the coming months. It is going to be an exciting year for ArcPacific as we are well positioned with high quality assets for gold, silver, and copper.”
Figure 1: Regional Geology map for the LMSL Project showing regional structural corridor.
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/6963/75443_3097e65044a93b68_001full.jpg
LMSL Litho-geochemistry Analysis Summary
As part of the data analysis, a review of the regional geological setting was also undertaken. It was determined that the LMSL Project is located along pronounced mineralized structural corridor stretching from Kodiak Copper’s MPD project and possibly all the way to New Gold’s New Afton Project. Given the project is also directly adjacent to Teck’s Highland Valley mine (as shown in Figure 1), the Project sits in a well-endowed region of BC.
The litho-geochemical analysis showed that geochemical signals in the Project area are consistent with a series of hydrothermal centers present at varying levels of exposure at surface. These range from the lithocap/advanced argillic environment down to a high temperature potassic level. Porphyry-epithermal signatures are present but are unusually associated with distinctively high silver values. This may represent overprinting events, or reflect high host rock reactivity and skarn formation during the early onset of an evolving system.
In the context of superimposed and genetically related skarn/porphyry systems, the patterns observed could be explained adequately. Carbonate horizons in the Nicola or Ashcroft likely captured early base and precious metal fluids as skarns and the evolving system could generate sericite in volcanic facies of the Nicola in proximity to said skarns.
It was also observed that the historic drilling in the Lucky Mike Area most likely focused on a very high level part of a porphyry system, within the molybdenite halo (see Figure 2) and on base and precious metals or “proximal skarns” within the surrounding stratigraphic horizons.
If the system is tilted with the top towards the north-northeast, as suggested by the data, then a possible underlying porphyry is likely located within and adjacent to the molybdenum anomaly (as shown in Figure 2). A more detailed review and summary of the analysis, including map and presentations summarizing this process, can be viewed on the Company’s website on the LMSL project page.
Figure 2: Lucky Mike area showing relationships between molybdenum halo and skarn type occurrences. Note: the central area of the system remains untested.
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/6963/75443_3097e65044a93b68_002full.jpg
Based on the positive results from the data analysis, the Company has now submitted diamond drilling permit and Induced Polarization (IP) application for a possible planned 2021 program.
Rickard Gold Project
ACP continues to move quickly towards its initial planned and fully permitted 2021 drilling program at the Rickard gold project (the “Rickard Project”). Following the recent completion of the 3D modeling of the historic mine workings located within the Rickard Project area, the Company is now in the final stage of selecting drill locations for the upcoming program. The drilling will target the high grade gold shoots within the well-developed vein system present at the historic Rickard gold mine on the Rickard Project.
The Company is also pleased to announce that based on the positive results from the LMSL data compilation and analysis, the Company has engaged the same contractor to initiate a complete data compilation program for the Rickard Project that will help guide regional exploration as follow-up to the upcoming drilling on its massive 56.56 square kilometer property.
The Rickard Project is located in the Abitibi greenstone belt in Ontario, Canada, approximately 70 kilometres from Timmins in the Timmins Gold Camp. This camp alone has produced over 80 million ounces of gold over the last 100 years, making it one of the most prolific gold camps in Canada. The Rickard Project sits within 25 to 60 kilometres of six currently producing gold mines and eight previous producers.
Additional Rickard Project updates will be provided leading up to the commencement of the 2021 drilling program.
Corporate Update
The Company is pleased to welcome Mr. Mike Collins, P.Geo., to the board of directors. Mr. Collins, is currently the CEO of Exploits Discovery Corp. a company active in the modern day gold rush in Newfoundland, Canada, and who are one of the leaders in that area with a substantial land package. Mr. Collins brings over 25 years of industry experience with a deep understanding of numerous mineral camps and deposit types around the world. Mr. Collins also brings over 14 years of experience as an officer and director of public companies. Mr. Collins understands intricacies of building corporate structure, marketing and value accretion and will be a valuable addition to the ArcPacific team.
Disclaimer
The Qualified Person for the Company has not verified the historic analytical data disclosed within this release. While the Company has obtained all historic records including analytical data from the ARIS (Assessment Report Indexing System) from the Government of British Columbia, the Company has not independently verified the results of the historic sampling.
Qualified Person
Adrian Smith, P.Geo., is Qualified Person (“QP”) as defined by National Instrument 43-101 for the above-mentioned project. The QP is a member in good standing of the Association of Professional Engineers and Geoscientists of British Columbia (EGBC) as a registered Professional Geoscientist (P.Geo.). Mr. Smith has reviewed and approved the technical information disclosed above.
About ArcPacific Resources Corp.
ArcPacific Resources Corp. (TSXV: ACP) is a Canadian based exploration company expanding the exploration initiative at multiple historic past producing gold and silver mines in the Timmins Gold Camp, Ontario, and in the Nicola Mining Division in Southern British Columbia. The Company is focused on creating shareholder value through new discoveries and strategic development of its mineral properties.
For further information, please visit http://www.arcpacific.ca. or contact us at: [email protected] or 1.778.331.3816.
ON BEHALF OF THE BOARD OF DIRECTORS
/S “Adrian Smith”
CEO and Director
Certain information in this press release may constitute forward-looking information, including statements that address future production, reserve potential, exploration and development activities and events or developments that the Company expects. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. There are a number of risk factors that could cause future results to differ materially from those described herein. Information identifying risks and uncertainties is contained in the Company’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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