 |  | 
Satellite Map
click to enlarge |
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 which may be purchased from the vendor for $2 million on commencement of commercial production. Cash payments to the vendor totalling $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 totalling $88,000 are payable by Prophecy pursuant to the terms of the agreement between Prophecy and Eastfield.
Goldrush, from who 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.
View from Okeover Property
click to enlarge |
The following represents information summarized from a technical report on the Okeover project dated October 5, 2006 entitled "Technical Report on the OK Copper Property", prepared by N.C. Carter, Ph.D. P.Eng. pursuant to the provisions of National Instrument 43-101.
Prior Exploration
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.
Road Building - Spring 2006
click to enlarge |
Interpretation And Conclusions From The Okeover Property 43-101 Report
The Okeover Property includes a multiple phase granitic complex which hosts widespread copper and lesser molybdenum mineralization. Eight mineralized zones over a 5 kilometres distance have been partially defined by previous drilling programs and all zones remain open both laterally and to depth. The most consistent copper (+molybdenum) mineralization identified by past drilling is associated with quartz veinlets and stockworks developed in quartz diorite and leucocratic phases along the margins of an essentially barren, large quartz-feldspar porphyry dyke.
An Inferred Mineral Resource for the North Lake Zone is estimated to be 86.8 million tonnes with average grades of 0.31% copper and 0.014% MoS2 at a copper cutoff grade of 0.20%. The zone remains open to depth, along trend to the south and along most sections to the east. Similar grades of copper and molybdenum have been identified within the other known zones and the property has the potential to host
a significantly large resource of low grade copper and molybdenum.
Higher grades of copper, accompanied by some silver values, are associated with the Breccia Zone in the southern property area. There are indications of similar breccias elsewhere within the large property area and these warrant further investigation inasmuch as they may assist in upgrading some of the other lower grade copper and molybdenum zones.
Results from recent drilling of the North Lake Zone indicate that precious metals values are very low within this particular zone. Previous and recent bedrock sampling in various parts of the property has returned essentially inconsequential gold values but low silver values appear to accompany zones of better grades of copper and molybdenum. Previous soil sampling indicated the presence of elevated silver values associated with coincident copper and molybdenum in soil anomalies suggesting that silver could be a significant component of the mineralized system.
As noted, post-mineral, barren dykes are ubiquitous within the various mineralized zones. The orientation of these is not well known but it is critical that these should be mapped in detail where exposed. A 2004 airborne geophysical survey identified a number of anomalous features of which only a few have been investigated to date. Recent geochemical surveys have provided useful results and more work of this nature is warranted.
Exploration Program - North Lake Zone, Spring 2007
As recommended by N.C. Carter, the Company commenced a first phase program at Okeover in spring 2007 that included additional drilling of the North Lake Zone to expand upon the currently identified mineral resources.
In July, 2007 Prophecy received the results from the first four drill holes of a seven hole program recently completed at the Okeover copper-molybdenum property. The drill holes reported here were designed to expand the current resources of the North Lake Zone.
Hole OK-07-04, drilled near the western boundary of the North Lake Zone, intersected an aggregate intercept of 76 metres grading 0.34% copper and 0.020% MoS2, including an intercept of 19 metres grading 0.42% copper and 0.020% MoS2. Hole OK-07-04 was drilled adjacent to and beneath a hole completed in 1972 with much of the mineralized interval, including the higher grade section, occurring beneath the 1972 hole, which bottomed at a depth of 97 metres.
Hole OK-07-02, drilled 350 metres to the east of the area corresponding to the North Lake resource, intersected 23 metres grading 0.24% copper and 0.031% MoS2 at the bottom of the hole, establishing that mineralization is very much open ended to the east and suggesting that the North Lake Zone may be considerably larger than the 2006 estimate. In addition, molybdenum grades appear to be increasing to the east.
Okeover Property Drill Map
click to enlarge |
A summary of results of the first four holes is as follows:
Hole OK-07-01
Excluding several internally dilutive dykes greater than 4 metres in thickness:
| Beginning |
Ending |
Aggregate
Mineralization |
Copper
% |
MoS2
% |
| 29 m |
203 m |
147 m |
0.18 |
0.009 |
Mineralized intervals in OK-07-01 in detail
From
m |
To
m |
Interval
m |
Copper
% |
MoS2 |
| 29 |
47 |
18 |
0.16 |
0.010 |
| 56 |
90 |
34 |
0.17 |
0.008 |
| 92 |
132 |
40 |
0.17 |
0.009 |
| 138 |
166 |
28 |
0.17 |
0.007 |
| 171 |
191 |
20 |
0.24 |
0.010 |
| 196 |
203 (end) |
7 |
0.19 |
0.019 |
OK-07-01 is located approximately 75 metres to the east of the 2006 North Lake Zone (south side).
Hole OK-07-02
From
m |
To
m |
Interval
m |
Copper
% |
MoS2 |
| 165 |
188 (end) |
23 |
0.24 |
0.031 |
OK-07-02 is located approximately 350 metres to the east of the 2006 North Lake Zone.
Hole OK-07-03
Excluding several internally dilutive dykes greater than 4 metres in thickness:
| Beginning |
Ending |
Aggregate
Mineralization |
Copper
% |
MoS2
% |
| 73 m |
188 m |
75 m |
0.19 |
0.029 |
Mineralized intervals in OK-07-03 in detail
From
m |
To
m |
Interval
m |
Copper
% |
MoS2 |
| 73 |
116 |
43 |
0.17 |
0.031 |
| 123 |
135 |
12 |
0.17 |
0.020 |
| 151 |
156 |
6 |
0.27 |
0.032 |
| 160 |
170 |
10 |
0.27 |
0.030 |
| 176 |
179 |
3 |
0.24 |
0.020 |
| 187 |
188 (end) |
1 |
0.19 |
0.028 |
OK-07-03 is located approximately 50 metres to the east of the North Lake Zone (north side). The interval from 73.7 metres to 74.5 metres returned grades of 1.26% copper and 0.639% MoS2.
Hole OK-07-04
Excluding several internally dilutive dykes greater than 4 metres in thickness:
| Beginning |
Ending |
Aggregate
Mineralization |
Copper
% |
MoS2
% |
| 41 m |
141 m |
76 m |
0.34 |
0.020 |
Mineralized intervals in OK-07-04 in detail
From
m |
To
m |
Interval
m |
Copper
% |
MoS2 |
| 41 |
61 |
20 |
0.35 |
0.029 |
| 72 |
91 |
19 |
0.42 |
0.027 |
| 104 |
141 |
37 |
0.29 |
0.012 |
OK-07-04 is located near the western boundary of the North Lake Zone, adjacent to and underneath a hole drilled in 1972, hole 72-16, which bottomed at 97 metres.
Holes OK-07-01 to 04 have confirmed that mineralization in the North Lake Zone has not been constrained by depth and remains open on the eastern and western edges, offering substantial
opportunities for expansion of the resource.
Several sites have been prepared in the North Lake Zone, where the company plans to resume drilling in the spring of 2008. Exploration of the Okeover property is being conducted under the supervision of J.W. (Bill) Morton, P.Geo., a director of the Company and qualified person within the context of National Instrument 43-101.
South Breccia Zone
click to enlarge |
Exploration - South Breccia Zone, Winter 2007
The final drill program of 2007, which started in late October, was completed on December 15, 2007. This three hole drill program was designed to test the South Breccia Zone located 3,500 metres south of the North Lake Zone.
At the South Breccia Zone, well altered and locally highly mineralized exposures of hydrothermal breccia and silicified quartz diorite were previously identified but, until now, have had very little exploration. Three holes were completed totalling approximately 790 metres (2,600 feet). Both the first and second holes completed during the program returned large footages with visible chalcopyrite and molybdenite
mineralization, however no conclusions can be drawn as to the nature or extent of such mineralization prior to the receipt of assays, which should be available in late January.
Fall 2007 Drill Program - South Breccia Zone
click to enlarge |
Exploration of the Okeover property is being conducted under the supervision of J.W. (Bill) Morton, P.Geo., a director of the Company and qualified person within the context of National Instrument 43-101.
| |
)
)
)
)
)
)