VANCOUVER, BC, Nov. 12, 2021 /CNW/ - Optimum Ventures
Ltd. ("Optimum" or the "Company") (TSXV: OPV), is
pleased to announce that the Company has received final TSX Venture
Exchange (the "Exchange") approval for the previously announced
option agreement (the "Option Agreement") with Teuton
Resources Corp. (TSXV: TUO) ("Teuton") pursuant to
which Teuton has agreed to grant to Optimum the option to acquire
an up to 80% interest (the "Option") in the Harry and
Outland Silver Bar properties which are located in the Skeena
Mining Division approximately 30 km northwest of Stewart, B.C. (collectively, the "Harry
Property"). Following receipt of Exchange approval the
Company issued the initial cash payment of $50,000 and issued 200,000 common shares to
Teuton. The property lies in a prospective corridor running
north-northwest from the Premier, Silver Coin, Big Missouri and
Dilworth gold deposits presently being developed by Ascot
Resources. Lying to the west and north of the Harry property are
the extensive holdings of Scottie Resources which include the
formerly producing Scottie Gold
mine. The property is also immediately adjacent to the extensive
holdings of Pretium Resources on the northeast boundary.
Tyler Ross, CEO of the Company
stated: "I am excited to have closed this recent acquisition for
Optimum. With others' near term production and recent M&A in
the immediate area, we look forward to unlocking similar potential
for significant upside potential through exploration, furthering
our expectations on the value of the Harry project."
Pursuant to the terms of the Option Agreement, the total
aggregate consideration payable by the Company to Teuton for an 80%
interest in the Harry Property is an aggregate of up to
$1,500,000 cash over five years from
September 13, 2021 (the "Effective
Date"); an aggregate of up to 4,000,000 common shares of
Optimum in installments over a five year period from the Effective
Date; and incurring expenditures on the Property (or making a cash
payment to the Teuton in lieu) of up to $9,000,000 in installments over five years from
the Effective Date. Upon the exercise of the Option and Optimum
acquiring an 80% interest to the Harry Property, the parties will
enter into a joint venture agreement for the operation of the
project and Optimum will grant to Teuton a 2% Net Smelter Royalty.
All securities issued in connection with the Option Agreement are
subject to applicable statutory hold periods for a period of four
months from the date of issuance.
In connection with the closing of the Option Agreement, Optimum
issued 750,000 common shares and made a payment of $27,000 to Jayden Resources Inc.
(TSXV:JDN)("Jayden") in connection with the previously
announced quitclaim agreement (the "Quitclaim Agreement") with
pursuant to which Jayden has agreed to terminate its option
agreement with Teuton dated September 4,
2020 in consideration of a cash payment of $27,000 and the issuance of 750,000 common shares
to Jayden.
In connection with the closing of the Option agreement and
Quitclaim Agreement, the Company has issued 229,706 common shares
to an arm's length party, David
Velisek, pursuant to a finder's fee agreement (the
"Finder's Agreement"). All securities issued in connection
with the Option Agreement, Quitclaim Agreement or Finder's
Agreement are subject to applicable statutory hold periods for a
period of four months from the date of issuance.
Technical Report on Harry Property
The Company is also pleased to announce the filing of a
technical report in compliance with National Instrument 43-101
Standards of Disclosure for Mineral Projects ("NI 43-101") on the
Harry Property prepared by the Company's independent geologies and
qualified person under NI 43-101, Alozjy Walus, M. Sc., P.Geo with
an effective date of October 15, 2021
(the "Technical Report"). A copy of the Technical Report is
available on the Company's profile on SEDAR at www.sedar.com.
The 43-101 report states: "The bulk of the Harry property
lies within a 3 km wide and at least 15 km long prospective
corridor which hosts a number of gold-silver deposits as well as
numerous prospects. Deposits within this corridor include Premier,
Big Missouri, Silver Coin, Martha
Ellen and Mt Dilworth.
The property is located within Jurassic volcanic rocks
bounded by the Summit Lake stock
to the north and Texas Creek batholith to the south which are part
of the Texas Creek Plutonic suite in the Stewart Area. This suite of intrusive rocks is
associated with mineralization at the historic Premier mine located
15 km south of the property and the KSM copper-gold porphyries and
Brucejack Lake gold deposits. The Premier mine produced 2,000,000
ounces (oz) of gold and 49,000,000 ounces of silver. The KSM and
Brucejack Lake deposits contain 6.4 million ounces of gold in the
proven and probable categories.
One of the showings called Milestone is a 2.0 m wide quartz breccia vein which contains
pyrite, minor galena and locally dendrites of native gold. A grab
sample from the vein ran 1,553 g/t gold. A chip sample taken across
the vein returned 269.5 g/t gold over 2.0 metres (Teuton Resources
press release, December 9, 2020). The
second showing called S-1 represents a 10 metres wide vein swarm
comprised of numerous parallel quartz veins which contain up to 10%
of combined pyrite, galena and sphalerite. Four grab samples
collected from this showing returned up to 1.34 g/t gold and 32 g/t
silver. In addition to these two mineral occurrences, the area also
contains numerous quartz+/-carbonate veins with some of them
mineralized with pyrite, galena, sphalerite chalcopyrite and
tetrahedrite. Only a few of these veins were sampled as smooth rock
surfaces made it impossible to sample them.
During the 2020 exploration program the author identified a
large intrusive body of Premier Porphyry in the area of Milestone
and S-1 showings which is in contact with a large prominent
quartz-sericite- pyrite alteration zone at least 400 metres in
size. The presence of Premier Porphyry is very encouraging since
this rock was the source of mineralization in the historic Premier
Mine.
The Harry property has excellent potential for the discovery
of high-grade gold-silver mineralization as well as large-scale
low-grade gold-silver zones similar to those located within the
mineralized corridor described above."
The Harry Property is located north of Stewart, British Columbia, in the Skeena
Mining Division. It consists of 3 contiguous claims that cover a
gross area of approximately 1,333 hectares. As per the December 1, 2020 National Instrument 43-101
Technical Report on the Harry Property (available at:
https://sedar.com/GetFile.do?lang=EN&docClass=24&issuerNo=00005272&issuerType=03&projectNo=03159714&docId=4867842),
the majority of the Property including the Outlander claim lies
along the NW portion of a geological corridor prospective for
gold-silver mineralization that is up to 3 kilometers wide. It is
at least 15 kilometers long extending from south of the Premier
Mine, possibly in the US, north to the Scottie Gold Mine and
beyond. The property is situated near infrastructures such as a
year-round road, a powerline, and an ice-free port in Stewart. In addition, a mill is being
constructed by Ascot Resources at the site of the historical
Premier Mine.
In 2020, a new zone of mineralization called the "Milestone" was
discovered on the Harry property averaging 7.86 oz/ton gold (269.5
g/t) across a 2 metre width. The full width of this new
zone has not been defined due to overburden cover (see the Jayden
news release at:
https://sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00005272&issuerType=03&projectNo=03149389&docId=4852987).
The Technical report outlines a recommended Phase 1 exploration
program on the Harry intended to generate drilling targets which
subsequently will be drill tested consisting of rock sampling,
geological mapping, geophysical surveys drilling and core cutting
at an estimated cost of $500,000. The Company intends to complete
Phase 1 of the recommended work program in beginning in the
second quarter of 2022.
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. 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.
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.
This news release also contains scientific and
technical information with respect to adjacent or
similar mineral properties to the Harry Property, which the
Company has no interest in or rights to explore.
Readers are cautioned that information regarding
mineral resources, geology, and mineralization on
adjacent or similar properties
is not necessarily indicative
of the mineralization on the Company's properties.
SOURCE Optimum Ventures Ltd.