VANCOUVER, British Columbia, Sept. 16, 2022 (GLOBE NEWSWIRE) -- Optimum Ventures Ltd. (“Optimum” or the “Company”), announces that the Company has completed an induced polarization (IP) and magnetic geophysical surveying at The Harry Project within the "Golden Triangle "of Stewart BC, Canada
IP surveying has yielded new and important information that will help guide drilling and surface exploration work. This survey was carried out to outline known structures and uncover unknown structures due to overburden in the area. This has outlined areas of sulphide concentrations as well as areas of quartz – sulphide stock works. The final survey report has demonstrated the program's success by outlining numerous anomalies.
IP Survey Highlights (click to see map):
- Twenty-seven chargeability anomalies (first to third order) have been identified, which are interpreted and presented in the attached map.
- Drilling targets can now be selected from the first priority on the 2D sections for future exploration follow-up.
- The east side of the Grid (L7E, L8E, and L9E), depict the strongest chargeability at both extents of the profiles.
- The western profiles (L5E, L6E, and L11E) depict the strongest chargeability in the central parts of the sections
- Discovery of new zone Ursula South
- The first and second priority zones are relatively shallow compared to the third priority zone, which extends to a depth of more than 300m. Aside from anomalous zones, overall chargeability is in the high range, which reflects major amounts of pyrite and high sulphide percentage in the survey area. The chargeability zones are generally controlled by the sub-vertical faults.
The report states that “the IP resistivity models display a subsurface resistivity variation range from 200Ωm to 20000+Ωm. The survey area generally has low to moderate resistivity, and the range of resistivity shows the area's sedimentary and volcanic rock units. The resistivity sections resolved the distinct changes in resistivity from south to north along the parallel lines. Sub-horizontal contacts are mapped in this region and several sub-vertical faults are resolved, which extends from surface to a depth of more than 400m.”
The Company has completed several drill pads to:
- Test a strong IP anomaly over the Golden Summit zone mineralization.
- Test the mineralization on the Swann.
- Test the mineralization on the BR located a short distance above the Swann.
- Test the wide zone of mineralization on the Saw Cut zone.
Exploration is presently working at exposing the strike and dip of the Swann zone to aid in the azimuth and dip of drilling going forward. Drilling is expected to commence within the next couple of weeks. To date, the Company has sent approximately 1000 surface rock samples collected based on their sulphide content and talus fines, as well as Shaw drill core for assaying.
The Company has also selected representative grab samples from different zones for rush assaying to guide the continuing exploration. Assays are expected within a week.
Tyler Ross, CEO of the Company, states: "The Company is extremely pleased with the progress achieved by our contractors on this project. I would like to thank geologist Alex Walus who has located and identified numerous new showings, Hardline Exploration, and K-6 Consulting, for conducting a highly successful program. The ongoing work is expanding on the strike extensions of new structures through mapping, saw-cut, and Shaw core sampling of new zones and continued sampling in exposure areas after snow melt. We are excited to start receiving assays, and to start a drill program to not only test IP anomalies but to test new zones as well as enlarge on the success of drilling on the Swann zone."
Ed. Kruchkowski, P. Geo., a qualified person under National Instrument 43-101, is in charge of the exploration programs on behalf of the Company and is responsible for the contents of this release. E Kruchkowski supervised the exploration on behalf of the Company on this property. He is not independent of the Company as he is a director of Optimum.
About Optimum
Optimum Ventures Ltd. is a Canadian based mineral exploration company actively seeking opportunities in the resource sector. Its properties and projects are all located in British Columbia and the extensions of the "Golden Triangle" area of northern British Columbia into Alaska. The company has an option agreement with Teuton Resources Corp. pursuant to which Teuton has agreed to grant to Optimum the option to acquire an up to 80-per-cent interest in the Harry and Outland Silver Bar properties, located near Stewart, B.C. For more information visit www.optimumventures.ca.
Qualified Persons
Mr. Edward Kruchkowski P.Geo., a member of the Company's Board of Directors and registered in the Provinces of British Columbia is the "Qualified Person" under NI 43-101 and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Tyler Ross
Optimum Ventures Ltd.
Tel: (604) 428-6128
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events including, among others, assumptions about future prices of gold, silver, and other metal prices, currency exchange rates and interest rates, favourable operating conditions, political stability, obtaining government approvals and financing on time, obtaining renewals for existing licenses and permits and obtaining required licenses and permits, labour stability, stability in market conditions, the impact of the COVID-19 pandemic, availability of equipment, availability of drill rigs, and anticipated costs and expenditures. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Optimum's ability to complete all payments and expenditures required under the Option Agreement; and other risks and uncertainties relating to the actual results of current exploration activities, the uncertainty of reserve and resources estimates; the uncertainty of estimates and projections in relation to production, costs and expenses; risks relating to grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with adjacent properties and the Company's expectations; operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); metal price fluctuations; environmental and regulatory requirements; availability of permits, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, political risks, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks involved in the mineral exploration and development industry, and those risks set out in the filings on SEDAR made by the Company with securities regulators. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, other than as required by applicable securities legislation.
