Bakar Property Expansion and VTEM Survey Initiated
May 24, 2019 - MK2 Ventures Ltd. (TSXV/NEX: MK.H; "MK2" or the “Company”) is pleased to announce that it has acquired additional mineral claims contiguous to the northwest and southeast, of the Bakar high grade copper property (the "Bakar Property"), located on Northern Vancouver Island, British Columbia. As announced on May 2, 2019, the Company entered into a definitive purchase agreement dated May 1, 2019 with Longford Capital Corp. to acquire a 100% ownership interest in the Bakar Property.
The additional mineral claims will increase the size of the Bakar Property from 1,349 hectares (ha) to 15,687 ha (Figure 1), at a cost of approximately $25,000. This much larger land package contains several BC MINFILE occurrences of redbed copper-silver style mineralization that has not seen any substantial or modern exploration. These additional mineral claims also cover prospective geological, geophysical, and geochemical features that include:
- a major structural suture that runs NW-SE through the property;
- magnetic high features adjacent to an extensive NW-SE magnetic low corridor that shows a significant flexure on the property;
- NW-SE trending copper in stream sediment anomalies; and
- copper in till anomalies that also trend NW-SE.
In addition, the Company has entered into a contract with Geotech Ltd., to complete an airborne Versatile Time Domain Electromagnetic (VTEM) Plus survey on the Bakar Property, including a large portion of the newly acquired mineral claims. This airborne VTEM Plus survey is expected to commence imminently.
Seven outcrop chip samples recovered from the Bakar Property in December 2018 returned assays ranging from 0.01 to 38.9% Cu, and <0.1 to 221.0 g/t Ag (Table 1). Four of these samples were recovered perpendicular to 0.5 to 1.0 m wide semi-massive sulphide (+/- native copper) lenses and veins. Disseminated, stringer, and fracture-hosted sulphide mineralization (chalcocite, bornite, and chalcopyrite) was observed to emanate from the high grade copper-silver lenses and veins hosted within a stratabound volcanic sequence showing an apparent thickness of over 30 m, and a NW-SE strike length of over 200 m.
The strong conductive nature of the mineralization observed on the Bakar Property makes VTEM Plus the preferred geophysical survey method for detecting potential significant redbed copper-silver type deposits. The VTEM Plus survey will be flown at 100 m line-spacing in order to provide the detail required to assess priority levels of any identified targets for drill testing (Figure 1).
Garrett Ainsworth, CEO of MK2, commented: “The expansion of the Bakar Property was part of our objective early on to acquire a large land package with prospective geologic features in a largely underexplored area. Bakar is now a regional scale land package, which contains geological units and contrasting contacts associated with metal precipitation, which is supported by stream sediment and till geochemical anomalies, and prospective magnetic features. We are excited to commence modern exploration at Bakar with the first ever VTEM Plus survey, which will be used to direct our geological mapping and geochemical work program over the next few months.”
Galen McNamara, VP Exploration & Development of MK2, commented: “The Bakar Property and additional staked area both contain very encouraging high grade copper at surface from which we identified widespread regional geological features, that we interpret to be fertile for redbed-style copper-silver mineralization. Because these deposits typically contain strong concentrations of highly conductive native copper and copper sulfides, VTEM is the ideal solution to identify anomalies which may lead to the detection of significant mineralization.”
All scientific and technical information in this news release has been prepared by or reviewed and approved by Garrett Ainsworth, PGeo, President and CEO of the Company and Galen McNamara, PGeo, Vice President Exploration and Development of the Company. Each of Mr. Ainsworth and Mr. McNamara is a qualified person for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The chip samples from outcrop reported in this news release were recovered by Mr. Ainsworth and Mr. McNamara perpendicular to outcropping mineralization across widths of 0.5 to 1.0 m. A total of seven chip samples were then transported from the Bakar Property to Bureau Veritas Mineral Laboratories (BVML) in Vancouver, BC for preparation and analysis. Samples were analyzed for 45 elements with four acid digestion Inductivity Coupled Plasma – Mass Spectrometry (ICP-MS). Over limit sample values were re-assayed for copper values over 10.0% using copper assay by classical titration (GC820), and silver values over 200 g/t by four acid digestion Inductivity Coupled Plasma - Emission Spectroscopy (ICP-ES).
Table 1: Bakar Outcrop Chip Sample Assay Results
|Sample Number||Easting (m) NAD83||Northing (m) NAD83||Sample Interval (m)||Cu (wt%)||Ag (g/t)||Sample Description|
|3267001||566249||5611229||1.0||0.8||1.8||Quartz carbonate veining within an altered tuff with prevalent malachite staining.|
|3267002||565856||5611130||1.0||0.01||<0.10||Possible fault breccia of oxidized medium grained basalt with intensive limonite staining|
|3267003||566799||5612393||1.0||0.01||<0.10||Intense shearing and extensive limonite alteration present in a fine grained basalt with highly oxidized sulphides.|
|3267004||566620||5612443||0.5||38.7||221.0||Strongly mineralized and oxidized sheared basalt with tarnished sulphides including bornite, chalcocite, chalcopyrite and native copper.|
|3267005||566623||5612447||0.5||7.7||6.4||Moderately mineralized and oxidized sheared basalt with tarnished sulphides including bornite, chalcocite and malachite|
|3267006||566627||5612451||1.0||34.3||37.7||Strongly mineralized and oxidized sheared basalt with tarnished sulphides including bornite, chalcocite, chalcopyrite and malachite|
|3267007||566620||5612443||1.0||10.3||65.7||Moderately mineralized and oxidized sheared basalt with tarnished sulphides including bornite, chalcocite, chalcopyrite and native copper.|
ON BEHALF OF THE BOARD
President and Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding “Forward-Looking” Information.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including completion of the acquisition of the Bakar Property and the results of planned exploration activities thereon. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that regulatory approval to the Purchase Agreement will be obtained, that general business and economic conditions will not change in a material adverse manner and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company’s planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: that planned exploration activities do not achieve anticipated results, regulatory approval to the acquisition of the Bakar Property will not be obtained such that the transaction will be completed in accordance with its terms or at all, that the Company will not complete the required expenditures and that, as a result, the Bakar Property will be forfeited without any repayment to the Company, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.