CHUCHI (Option to Pacific Ridge Exploration)
About the Chuchi South Project:
The Chuchi South Copper-Gold property is an early stage copper-gold porphyry deposit consisting of 13 mineral tenures covering approximately 31.2 km2 located 5km south of the Chuchi Lake Copper-Gold deposit and approximately 32km northwest of Centerra Gold’s Mt. Milligan copper-gold mine. Mt. Milligan has Proven and Probable Reserves of 170,576 Mt containing 2.148 Moz Gold and 837 Mlbs Copper as well as Measured and Indicated Resources of 125,103 Mt containing 1.396 Moz Gold and 521 Mlbs Copper (Centerra Gold Inc. 2020 Year-End Mineral Reserve and Resources Summary). In a non-43-101 compliant report from the BC Gov. Minfile Geologic Database (Minfile) it is reported that the Chuchi Lake Deposit contains a “geologic resource estimate” of 50 Mt of at least 0.21 g/t gold and 0.21% copper. The reader is cautioned that the presence of Cu-Au deposits proximal to the Property does not indicate that similar deposits occur on the Property.
The Creek Occurrence is within the Hogem Batholith and consists of chalcopyrite and pyrite veinlets with associated potassium feldspar and epidote alteration. A drill hole is reported to have returned 8 m @ 0.71 g/t Au and 1.27% Cu.
The Skook Occurrence is an alteration system with several small showings proximal to a crowded porphyry phase of the Hogem Batholith. A 1 m chip sample ran 13.4 g/t Au, 16.6 g/t Ag and 2.3% Zn; other samples have anomalous Cu as well.
The GG Occurrence is a small zone of quartz vein float containing sphalerite, galena, chalcopyrite and pyrite. It is hosted by volcanics adjacent to the Hogem Batholith.
The Rig Breccia occurs at the approximate contact between the Hogem Batholith and the surrounding volcanics. It is described as a gouge zone with sulphides; a 3 m chip sample returned 0.11 g/t Au, 2.5 g/t Ag, 0.12% Cu, 0.61% Zn and 0.03% Pb.
The SRM Occurrence consists of chalcopyrite, pyrite and pyrrhotite in veins and quartz breccia near the contact between volcanics of the Chuchi Lake Succession and the Hogem Batholith. A 5 m drill intercept ran 0.97 g/t Au and 0.70% Cu.
Geologic reconnaissance and sampling was completed in September 2020 and 47 grab samples were collected and analyzed. While samples were taken from the historical mineral occurrences (Minfiles), attention focussed on the COHO Zone, located halfway between the GG and SRM occurrences. An airborne magnetic survey was flown over the Property in October, 2020. With the new geologic information and airborne magnetic survey, an altered and mineralized diorite zone, approximately 30m in width and 350m in strike was outlined and remains open.
The COHO Zone contains Cu-Au ± Pb ± Zn mineralization in quartz-carbonate-sulphide veins associated with an east-west fault zone. The fault is marked by a steep prominent valley and a magnetic low. There are fine quartz-chalcopyrite-pyrite-malachite veinlets and fracture coatings that extend south from the main east-west fault. The host rock is diorite of the Hogem Batholith. Fresh diorite north and south of the mineralized zone is moderately to strongly magnetic. In the mineralized/altered diorite, magnetite has been altered and the rock has a low magnetic susceptibility. The altered and mineralized diorite has a width of ~30m and strike length of at least 350m, but is open to the east and west, where swamp and overburden prevent further delineation. Seventeen grab samples were collected in this area in 2020. Gold ranged from 0.019 to 16.15 g/t, with eight samples having in excess of 1 g/t Au. Copper assays range from 1,350 ppm to 46,100 ppm (0.14 to 4.61%), with sixteen samples containing more than 0.5% Cu. Anomalous lead and zinc is also present.