Comment: Dundarave has no money and in this climate, will have trouble raising capital. they probably didn't want to give up half the property. Hopefully the drill program produces some interesting results to get our stock up again. GLTA
Ocean Park to acquire 50% of Dundarave's Jesse Creek
2012-11-19 07:06 MT - News Release
See News Release (C-OCP) Ocean Park Ventures Corp
Mr. Chris Taylor of Ocean Park reports
DRILLING NOW UNDERWAY ON 2000 METRE PHASE 1 PROGRAM
Ocean Park Ventures Corp. has signed a letter of intent to earn a 50-per-cent interest in the Jesse Creek porphyry and skarn project from Dundarave Resources Inc. The property is located immediately adjacent to the Craigmont mine in Southern British Columbia near the town of Merritt. The Jesse Creek project contains three known mineralized occurrences:
- A Craigmont-style copper-silver skarn with preliminary historic test drilling including 10.01 metres of 0.75 per cent copper and 6.6 grams per tonne silver, overlying a newly defined induced polarization and magnetic target suggestive of buried, undrilled porphyry mineralization;
- An alkalic porphyry system yielding copper-mineralized grab samples from surface of up to 2 per cent copper and presumably genetically associated with the main skarn showings;
- A calc-alkalic-type porphyry target with surface exposures of hydrothermal breccia including chalcopyrite-bearing copper mineralization. Most of this target is concealed beneath glacial sediment cover and has not yet been drilled.
A 2,000-metre phase 1 drill program is now under way, which will test all porphyry targets by the close of 2012. A property inspection completed by Ocean Park in late October confirmed the presence of copper mineralization within various skarn, hydrothermal breccia and porphyry host rocks in all drill target areas.
The Jesse Creek property covers an approximately 10-kilometre-by-six-kilometre area, comprising a 5,896-hectare contiguous claim package. The property is located approximately seven kilometres east of the Craigmont mine, a porphyry-associated skarn which had estimated total production from 1962 to 1982 of 33.7 million tonnes at 1.77 per cent copper and 19 per cent iron. Airborne and ground-based geophysical surveys completed during 2012 by Dundarave at Jesse Creek have identified three highly prospective targets with associated surface showings of mineralized skarn or porphyry rocks. Maps showing results from Dundarave's recent work are provided on the Ocean Park website.
The project is characterized by excellent infrastructure including a paved highway, power lines and a network of logging roads either on the property or within one kilometre of its claim boundaries.
Under the terms of the LOI, Ocean Park can earn a 50-per-cent interest in the Jesse Creek project by making cash payments of $1-million, paying one million shares and completing $3-million in exploration expenditures over 38 months.
Chris Taylor, MSc, PGeo, is vice-president, exploration, with Ocean Park and is the qualified person as defined by National Instrument 43-101, who supervised the preparation of the above information. Information related to past drilling and highlighted mineral properties was taken from previous public disclosures and technical reports issued by the companies listed above.
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