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GK Resources Ltd.
Summary
| Project: | Iron Lake | |
|---|---|---|
| Deposit: | Iron Lake | |
| Location: | Canada | |
| Commodities: | Gold-PGM-Copper-Nickel | |
| Date: | 1/7/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 7-1-2019: GK Resources Ltd. announces a Supporting Acquisition report for its Iron Lake deposit at the Iron Lake project. Summary of property in support of option agreement. The Iron Lake Project, located in south central British Columbia, comprised of 21 | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Bruce Laird (Mincord Exploration Consultants Ltd.) | |
| ABSTRACT: | The Iron Lake Project, located in south central British Columbia, comprised of 21 mineral claims, is a regionally distinct copper, cobalt, gold and platinum group elements project encompassing an area of 8,035 hectares (19,855 acres) 45 kilometres northeast of the City of 100 Mile House, BC. GK Resources Ltd has proposed an option agreement with Eastfield Resources Ltd to earn a 60% interest in the Iron Lake Property. To earn the 60% interest GK is required to complete $3,000,000 in exploration, pay $400,000 in cash and $250,000 in cash/share equivalents over a five year term. A minimum $100,000 program is required in the first year. Iron Lake covers a mafic to ultramafic intrusive body of early Jurassic age occurring in proximity to a slightly older granodiorite batholith that has been determined to be Upper Triassic Early Jurassic. Field relationships support the interpretation that the mafic to ultramafic body, named the Iron Lake Complex, intrudes the granodiorite batholith and presumably also the surrounding volcanic rocks belonging to the Nicola Group, both of which are part of the Quesnel Terrane. The Iron Lake Complex hosts disseminated and massive sulfide mineralization of a probable magmatic source that is significant for its copper, cobalt, gold, platinum, palladium and to a lesser extent nickel content. A prominent aeromagnetic high covering several square kilometres centred on the complex resulted in exploration starting in the mid 1970’s directed at porphyry copper. Significant platinum and palladium anomalies were discovered in soils in the late 1980’s. In 2000 mineralized olivine pyroxenite rubble was discovered while prospecting a 1989 soil site which had returned a value of 392 ppb Pd (Buskas, 1989). In 2001, prospecting initiatives had located mineralized float returning 0.59% Cu, 0.53g/t Au, 0.31g/t Pd+Pt and 377 ppm Ni (Morton, 2001). The bedrock source has not yet been identified. | |
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