Okeover Project Overview
The Okeover Property (copper-molybdenum) consists of eleven contiguous legacy and cell mineral claims located in the Vancouver Mining Division of southwestern British Columbia, 25 kilometres north of Powell River and 145 kilometres northwest of Vancouver. Collectively, the claims cover an area of approximately 3,950 hectares between latitudes 49o59.5' and 50o04.6' North and longitudes
124o37.0' and 124o41.2'
All claims are registered in the name of Eastfield and are subject to a March 4, 2003 option agreement with Robert Edward Mickle of Likely, B.C. whereby Eastfield has the right to earn a 100% interest in the property subject to a 2.5% net smelter royalty interest. This royalty interest may be purchased from the vendor for $2 million on commencement of commercial production. Cash payments to the vendor totaling $88,000 over a five year period are due at six month intervals in addition to the annual issuance of Eastfield securities amounting to 125,000 shares over the term of the agreement. The payments totaling $88,000 are payable by Prophecy pursuant to the terms of the agreement between Prophecy and Eastfield.
Goldrush, from whom the Company gained the right to earn an interest in the Okeover property via an assignment, entered into an agreement with Eastfield on March 8, 2004. Goldrush maintained the option in good standing through to March, 2006 at which time Goldrush assigned its interest in the option agreement to the Company in exchange for 100,000 shares of the Company and a $10,000 cash payment. At the same time the Company concluded a new agreement with Eastfield which provides the Company with the option to earn a 60% interest in the Okeover Property by making cash payments and/or stock issuances amounting to $110,000 to Eastfield over the next four years, plus incurring exploration expenditures totalling $1 million over the same period. Upon the Company earning its 60% interest in the Okeover property, the Company and Eastfield will form a joint venture for the further exploration and development of the Okeover property with Eastfield becoming the operator. To date, the Company has spent approximately $612,000 on exploration of the Okeover property and plans to earn its 60% interest in the Okeover property during the 2008 exploration season utilizing funds on hand.
History
Copper and molybdenum mineralization was discovered in creek bottoms in the central part of on the Okeover Property by the current registered owner in 1965. Between 1966 and 1977, seven companies carried out a number of geological, geochemical and geophysical surveys, mechanical trenching and more than 14,000 metres of drilling. Companies working on the property included Noranda Exploration Company Ltd., Asarco Exploration Company of Canada Limited, Falconbridge Nickel Mines Ltd., Duval International Corporation, Granite Mountain Mines Ltd., Sierra Empire and Western Mines Ltd.
Drilling completed between 1966 and 1977 consisted of 13,831.5 metres of diamond drilling in 82 holes and 12 vertical percussion holes totalling 732 metres. Most of the diamond drill holes were inclined at - 45° or less and five were vertical holes. Average hole length was 169 metres and the deepest hole drilled was 363 metres in length. Average vertical depth tested was between 120 and 140 metres below surface. Vertical percussion holes were drilled to 61 metres depths. Readily available reports pertaining to drilling include only those of Western Mines Ltd. in 1974 and 1977. Original drill logs and analytical results for core and cuttings samples from all holes drilled between 1966 and 1977 were digitized in the late 1980s and these data were acquired on behalf of Goldrush in late 2004.
Work on the property conducted between 1979 and 1982 by Aquarius Resources Ltd. was mainly directed to a breccia zone with enhanced copper, molybdenum and silver values in the southern property area.
Work included limited diamond drilling (3 holes totalling 205 metres), geological mapping, an Induced Polarization geophysical survey and soil geochemical surveys, road building and trenching.
CanQuest Resource Corporation acquired the rights to the property in the early 1990s and a reconnaissance geological mapping and sampling program was undertaken in the area of the southern breccia zone in 1994. A small grid (4.2 line kilometres) was established in 1995 to cover this area in the south-central part of the Okeover C mineral claim and an Induced Polarization survey was completed. An area of higher chargeability identified by this survey was tested by one short (154 metres) inclined diamond drill hole in 1996. Follow-up work in 1997 included mapping of bedrock exposed in newly constructed logging roads. An expanded program in 1998 consisted of geological mapping and bedrock chip sampling in other areas of the property plus limited soil geochemical sampling and orientation magnetometer, VLF-EM and Self Potential geophysical surveys in selected areas.
A geological mapping, prospecting and bedrock sampling program on the Okeover Property was undertaken by Mincord Exploration Consultants Ltd. on behalf of Lumina Copper Corp. in October of 2003. This work, which was mainly directed to bedrock exposures along logging roads in the central southern property area, included geological mapping at 1:5000 scale, petrographic studies and the collection and subsequent analyses of 81 rock samples. Total cost of this program was $31,509.
An airborne geophysical survey over a large part of the property was completed between July 12 and 15, 2004 by Fugro Airborne Surveys Corp. on behalf of Goldrush. This survey, conducted by helicopter, involved the collection of electromagnetic, resistivity and magnetic data. Program costs were in the order of $82,000. Goldrush also funded a six hole, 975 metres diamond drilling program in 2005 which cost approximately $175,000 to complete.
A surface exploration program was completed on the Okeover Property by the Company over a five week period between late May and late June of 2006. As an adjunct to the geochemical programs undertaken, a large excavator was used to improve road access within and marginal to the North Lake Zone. This work involved the extension of existing roads and construction of several drill pads east of 05-01, 05-03 and 05-05 drill holes completed in 2005. A number of grab samples were collected from bedrock exposed along the newly constructed roads. Chalcopyrite and molybdenite were found in quartz stockwork cutting quartz diorite between newly constructed drill pads east of hole 05-3.
Sites of 1960's drilling in the Claim Lake Zone were located and a road route into this area was investigated.
Some investigation and bedrock sampling was also undertaken in several areas in the northern and southern parts of the property during the 2006 program. Further examination of the Breccia Zone suggests that it forms the core of a wider zone of silicification, minor brecciation and moderate quartz stockwork development hosting variable chalcopyrite and molybdenite mineralization.
The two new soil grids were established. The northernmost grid area, which is immediately northwest of the North Lake Zone, was selected following a review of 2004 airborne geophysical data which had identified geophysical responses similar to those underlying the North Lake Zone. These included a relatively low magnetic response and generally coincident high resistivity readings. A flagged grid consisting of 15 lines at roughly 100 metres intervals was established off part of the original survey baseline. A total of 499 soil samples were collected at 25 metres intervals along the flagged lines and submitted to Acme Analytical Laboratories in Vancouver for 4-acid digestion and the subsequent determination of 35 major and trace elements (including copper and molybdenum) by ICP -- emission spectrography procedures.
Enhanced copper and molybdenum values were found throughout the grid area with the highest values being 1244 ppm (parts per million) copper and 534 ppm molybdenum. A previous statistical analysis of soil sample results from the Okeover Property suggested that anomalous values were >260 ppm copper and >27 ppm molybdenum. Assuming these values to be applicable to the results obtained from the 2006 program, less than 20 samples contain what might be referred to as anomalous values. Significantly, several of these are near the western limits of the sample grid. Molybdenum on the other hand features a much broader distribution of "anomalous" values with some 90 samples collected throughout the grid area containing values in excess of 27 ppm.
A smaller grid, consisting of three flagged lines at 100 metres spacings, was established to further assess the potential of the Southwest Zone situated southwest of the Breccia Zone. Ninety-nine soil samples, collected at 25 metres intervals, returned only slightly enhanced copper and molybdenum values with the highest values being 115 ppm copper and 52 ppm molybdenum.
