Sep. 30, 2010 (TheNewswire.ca) --
Highlights include: 23 meters of 0.38% Copper, 0.43g/t Gold and 7.5 g/t Silver(including 2.1 metres @ 1.7g/t gold, 4.4% copper and 21.8g/t silver)
September 30, 2010, Vancouver, BC - Paul Matysek, acting President and Chairman of Ocean Park Ventures Corp. (OOTC:OCPFF) (TSXV:OCP) (TSX Venture - OCP) is pleased to announce the successful conclusion of the Phase 1 diamond drill program at the Chisna Project located in the Chistochina Mining District of south-central Alaska, 350 km northeast of the city of Anchorage.
The Chisna Project is a Joint Venture between Ocean Park's wholly owned subsidiary Ocean Park Alaska Corp. and Corvus Gold Inc. ("Corvus")(TSX: KOR). Ocean Park's 51 % interest in the Joint Venture is earned by its US$20M contribution for exploration expenditures over a 5 year period. Ocean Park may earn an additional 19% by producing a bankable feasibility that delineates a mining project on the Chisna property that produces at least 300,000 gold equivalent ounces per year.
The Summer 2010 exploration program, which included 2,926 metres (9600 feet) of diamond drilling, soil and rock sampling, airborne ZTEM surveying and ground-based magnetotelluric (MT) with three dimensional induced polarization (3D-IP) chargeability-resistivity surveying and inversion modeling over selected target areas. The program has successfully identified a large number of copper-gold targets, two of which were drill tested as part of the Phase 1 drill program. This work has identified several styles of mineralization within the nearly 10,000 square kilometre Chisna land package, including porphyry copper-gold-molybdenum, skarn copper-iron and copper-gold targets as well as structurally controlled gold-copper mineralization.
Assays from one of the three drill holes into the POW target (PW-10-02) returned 23 meters of 0.38% copper, 0.43 g/t gold and 7.5 g/t silver, including 2.1 metres @ 1.7 g/t gold, 4.4% copper and 21.8 g/t silver. The first drill hole (POW-10-01) returned an oxidized and variably faulted interval over 23.8 meters of 0.13% Cu, 0.16 g/t Au and 2.8g/t Ag. The third hole was lost in a fault zone prior to reaching the targeted down dip mineralization.
Significant POW Drilling Results, Chisna Project, Alaska
Hole # TotalDepth (metres) From (metres) To (metres) Interval (metres) Copper (%) Gold (g/t) Silver (g/t) PW-10-02 89 13.4 36.3 23.0 0.38 0.43 7.5 includes 24.2 26.3 2.1 4.40 1.66 21.8 PW-10-01 56 11.9 35.7 23.8 0.13 0.16 2.8
The POW drilling was a series of shallow holes ranging between 56-89 meters in depth (Table 1) and were designed to test the origin of an extensive surface soil anomaly (Figure 1) that could not be fully explained due to poor surface exposure. When drilling began it was thought that this was simple structurally-hosted mineralization and the holes were designed to test the orientation of the structure. However, the results show that mineralization is disseminated, with the potential to develop large volumes, and that the targeted structure is actually a post-mineral structure that cuts off the mineralization. Consequently, the true thickness of the zone of disseminated mineralization was not established. The third hole would have tested the actual thickness but was lost just after it entered the mineralized zone.
The POW target is just one of several copper-gold occurrences in the northern area of the Chisna project with copper and gold anomalism that covers approximately 36 square kilometres (Figure 1). Surface sampling conducted in 2010 has greatly expanded the area of known mineralization and, together with the POW shallow drill results, has highlighted the potential of this large and well mineralized area. Copper mineralization styles include veins, breccias and disseminated mineralization which are related to large under explored alteration systems. In this area copper-gold mineralization is associated with pyrite, magnetite, specular hematite and jasper suggesting that the system is oxidized, a favourable characteristic of large copper and gold mineral systems. The POW target area also contains numerous historical placer gold (OOTC:PGCR) mining sites, which are estimated to have produced in excess of 200,000 oz of gold since the late 1800's.
Figure 1: DEM photo base showing the locations of copper mineralization in the vicinity of the POW Prospect. Drill hole PW-10-03 was lost prior to reaching its target depth.
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The Grubstake target is a porphyry copper-gold system and is one of 4 priority targets in the southern part of the Chisna belt. At Grubstake copper-gold mineralization is associated with chalcopyrite stockwork veining within extensive potassic and sodic-calcic alteration zones that are exposed in outcrops and in drill holes. The Grubstake alteration has a characteristic zonation from a central potassic core with sodic-calcic alteration coincident with, gold bearing actinolite-magnetite veining. The area of anomalous gold and copper in soils covers more than 7.5 square kilometres (Figure 2). A 3D induced polarization survey, consisting of 53.6 line kilometres, was conducted over the central Grubstake target and identified a series of targets (Figure 2) four of which have been tested with one or more holes. All Grubstake assay results are pending, however, holes GS-10-01 and GS-10-03 encountered significant intervals of potassic alteration coincident with chalcopyrite mineralization.
The Southeast Chisna Block covers an area of 50,000+ hectares and includes the North and South Grubstake, Dome, Long Lake and Cobb prospects. The Grubstake prospect was the target of an extensive, 500+ soil and detailed bedrock geochemical mapping program from 2006 to 2008, and has been described as hosting superimposed porphyry copper-gold-molybdenum systems. This mapping and sampling program was expanded in 2010 with an additional 200+ soil and rock samples. Phase 1 drilling targeted porphyry-related mineralization in a series of six diamond drill holes. Drilling targeted multiple mineralization centers spaced between 1.0 and 1.5 kilometres apart. Drilling targeted prospective stratigraphy, at-depth continuity of positive surface geochemical results, and 3D-IP chargeability and resistivity anomalies. Assay results from this drilling are pending.
Figure 2: Ground IP chargeability of the Grubstake target with completed drill holes (results pending)
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"Our primary objective during the summer 2010 work program at Chisna was to indentify copper-gold porphyry mineralization at a number of targets," stated Paul Matysek, acting President. "We look forward to a detailed data review including multiple inversions on ZTEM, IP and MT data collected to date to facilitate further development of some of these Cu-Au targets during next years season. We are extremely fortunate to have such excellent support from the Ahtna Corporation and the local communities in the region which enables us to complete such a successful initial program."
Mr. Chris Taylor, M.Sc. P.Geo, is the Qualified Person as defined by National Instrument 43-101 responsible for the accuracy of this news release.
For further information please contact Mr. Paul Matysek, M.Sc. P.Geo., acting President and Chairman at 604-684-9007, or Mr. Chris Taylor, P.Geo., Senior Geologist at 604-681-0084.
ON BEHALF OF THE BOARD
Acting President and Chairman
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