The Okeover (Ok) copper-molybdenum porphyry project is located in southern British Columbia approximately 100 kilometers northwest of the City of Vancouver. The project is accessible by an all weather industrial road approximately one hour driving time from a deep water port facility located at the Powell River pulp mill.
Okeover is a joint venture between Eastfield Resources Ltd. - 40% and Prophecy Resource Corp. - 60%. Prophecy satisfied the exploration expenditure requirements of a 2006 option agreement with Eastfield in 2008 and made the final option payment in 2010.
Porphyry style copper-molybdenum mineralization occurring at Okeover was discovered in 1965 and spawned a number of exploration campaigns starting in 1966 and continuing until present. Eight zones of mineralization have been discovered over a distance of 5 kilometers through the efforts of many different mining companies including Falconbridge Nickel Mines Ltd., Noranda Exploration Company Ltd., Asarco Exploration Company of Canada Limited, Duval International Corporation, Granite Mountain Mines Ltd., Sierra Empire and Western Mines Ltd. Exploration was continuous from 1966 to 1977 and then intermittent until Eastfield acquired an option to earn a 100% interest in the project from the original vendor in 2003 (since completely satisfied). In 2006 Prophecy Resource Corp. optioned a 60% interest in the project from Eastfield and earned its interest in 2010. In 2006 N.C. Carter, Ph.D. P. Eng calculated mineral resource, pursuant to the provisions of National Instrument 43-101, for the North Lake Zone which is the most explored area of mineralization on the property. Carter calculated a resource of 86.8 million tonnes grading 0.31% copper and 0.014% MoS2 for this zone. Subsequent to Carter's 2006 resource calculation sixteen additional diamond drill holes totaling 3,459 metres have been completed bringing total drilling to 98 diamond drill holes (17,291 meters) and 12 percussion holes (732 metres).
Okeover is fully permitted. The permit authorizes continued drilling in several areas of the property including the North Lake Zone and the establishment of 20 kilometers of grid line and induced polarization geophysical surveying and 600 meters of road construction. Management believes that this program will accomplish two objectives; 1) to continue to expand the envelope of several of the known mineralized zones including the North Lake Zone and 2) to provide better recognition of the full extent of the sulphide system with belief that what is currently recognized may only be the tip of the iceberg.
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