ARCPACIFIC RESOURCES CORP January 9, 2015 - Vancouver, British Columbia Plate Resources Inc. is pleased to announce the completion of its initial drill program at the Lucky Mike property near Merritt BC. In the program, 16 diamond drill holes totalling 3004 meters, as outlined below:
LUCKY MIKE 2014 DRILL LOCATIONS | |||||||
Bore | AREA | Azimuth | Dip | Easting | Northing | Elev. | Depth |
deg. | deg. | m. | m. | m. | metres | ||
DDH-LM-1 | LUCKY MIKE | 110 | -45 | 664,440.00 | 5,574,682.00 | 1558.00 | 141.43 |
DDH-LM-2 | LUCKY MIKE | 110 | -60 | 664,440.00 | 5,574,682.00 | 1558.00 | 114.91 |
DDH-LM-3 | LUCKY MIKE | 110 | -45 | 664,439.00 | 5,574,616.00 | 1582.00 | 150.30 |
DDH-LM-4 | LUCKY MIKE | 110 | -60 | 664,439.00 | 5,574,616.00 | 1582.00 | 148.74 |
DDH-LM-5 | LUCKY MIKE (abandoned) | 110 | -45 | 664,431.00 | 5,574,578.00 | 1598.00 | 47.24 |
DDH-LM-5a | LUCKY MIKE | 110 | -60 | 664,431.00 | 5,574,578.00 | 1598.00 | 151.79 |
DDH-LM-6 | LUCKY MIKE EAST | 180 | -60 | 664,535.00 | 5,574,391.00 | 1584.00 | 202.69 |
DDH-LM-7 | LUCKY MIKE NORTH | 270 | -45 | 664,282.00 | 5,574,953.00 | 1582.00 | 200.25 |
DDH-LM-8 | LUCKY MIKE NORTH | 90 | -60 | 664,282.00 | 5,574,953.00 | 1582.00 | 151.79 |
DDH-LM-9 | LUCKY MIKE WEST | 45 | -60 | 663,560.00 | 5,574,596.00 | 1564.00 | 293.52 |
DDH-LM-10 | LUCKY MIKE WEST | 90 | -60 | 663,560.00 | 5,574,596.00 | 1564.00 | 300.84 |
DDH-LM-11 | LUCKY MIKE LAKE ROAD | 90 | -60 | 663,717.00 | 5,574,479.00 | 1582.00 | 300.84 |
DDH-LM-12 | NORTH LUCKY MIKE | 270 | -60 | 663,175.00 | 5,575,576.00 | 1473.00 | 145.08 |
DDH-LM-13 | NORTH LUCKY MIKE | 110 | -60 | 662,845.00 | 5,575,658.00 | 1469.00 | 151.49 |
DDH-LM-14 | LUCKY MIKE WEST | 0 | -90 | 663,800.00 | 5,576,184.00 | 1552.00 | 151.49 |
DDH-LM-15 | LUCKY MIKE WEST | 270 | -60 | 663,469.00 | 5,576,184.00 | 1552.00 | 200.25 |
DDH-LM-16 | NORTH LUCKY MIKE | 110 | -60 | 663,497.00 | 5,575,653.00 | 1468.00 | 151.49 |
16 holes | 3,004.14 | ||||||
The drilling was funded by a Consortium including Korea Resources Corporation (KORES) and Nexgeo Inc., (NEXGEO), Korean companies, under an agreement announced September 24, 2014, in which the Consortium can acquire up to a 70% interest in Plate's Lucky Mike Project.
The Lucky Mike Project has a number of targets derived from the 2013 and 2014 exploration programs, including:
- A Copper Tungsten Skarn deposit with historical shallow workings
- One or more Porphyry Copper/molybdenum targets
- Lead-zinc-silver targets along a structural zone at the Sunshine showings, west of the Lucky Mike zone (described in the Technical Report)
- Alteration zones in an altered rhyolitic body adjacent to the Sunshine area
The initial targets evaluated with the current program are the Lucky Mike Tungsten-Copper Skarn area and adjacent geophysical anomalies. Several sections mineralized with disseminated sulphides and scheelite were observed during core logging and sampling. Core samples were taken at 1 to 2 meter intervals and a total of 874 samples were taken.
Geochemical analyses using standard chemical dissolution and ICP methods were completed by Acme Labs, an accredited analytical laboratory based in Vancouver B.C., owned by Bureau Veritas. Acme Labs is arm's length to Plate. The analyses were complemented by rigid QA/QC procedures including field and laboratory standard samples, duplicates and blanks which showed excellent correlation and reproducibility.
Discussion of resultsThe Lucky Mike Tungsten-Copper Skarn area was tested by 6 drill holes of which 5 (holes LM 1,2,3,4 and 7) intersected mineralized skarn horizons with base metals and tungsten values. The following Table 6 summarizes the most significant intersections obtained to date on the Lucky Mike Property (among others of lower value).
LUCKY MIKE PROJECT | |||||||
Significant Drill Intercepts, among others of lower values | |||||||
Hole No. | From(m) | To(m) | Width | Cu | Ag | W | *WO3 |
m. | m. | m. | % | ppm | % | % | |
DDH-LM-1 | 16.50 | 35.50 | 19.00 | 0.10 | 0.14 | ||
including | 16.50 | 18.50 | 2.00 | 0.40 | 10.10 | ||
and | 32.00 | 35.50 | 3.50 | 0.35 | 11.89 | ||
DDH-LM-2 | 8.00 | 28.00 | 20.00 | 0.15 | 0.18 | ||
DDH-LM-3 | 46.00 | 55.00 | 9.00 | 0.17 | 26.37 | 0.12 | 0.15 |
and | 76.00 | 78.00 | 2.00 | 0.36 | 200.00 | 1.13 | 1.42 |
DDH-LM-4 | 42.10 | 66.00 | 23.90 | 0.17 | 0.22 | ||
including | 44.00 | 66.00 | 22.00 | 0.06 | |||
including | 50.00 | 66.00 | 16.00 | 9.00 | |||
DDH-LM-7 | 170.43 | 194.00 | 24.83 | 0.20 | 8.60 | 0.08 | 0.10 |
Drillhole LM-7 also had a long section of anomalous zinc. *WO3 (Tungsten Trioxide) = W(Tungsten) x 1.2616 | |||||||
(The above intercepts are core widths and not true widths, which are not known at this time.)
Drill holes 5, 6, 8, 11,12, 13, 14, 15 and 16 were drilled on various geophysical targets, but had no significantly mineralized sections.
Drill hole 9 and 10 drilled from the same drill pad, were positioned to evaluate the zone 2 anomaly. On surface a strong propylitic altered volcanic contained magnetite as ground mass and chalcopyrite as blebs and thin veins. The two drillholes have long sections of strongly anomalous Molybdenite (MoS2). Hole 10 for example includes 34 meters (from 79 m to 113 m) with 0.033% MoS2. Parts of holes 9 and 10 that were not analyzed will be split and analyzed in the future. The occurrence of the MoS2 in this area is a new discovery and will be subject of follow-up drilling.
The several broad tungsten skarn intercepts were considered encouraging as they indicate that the Lucky Mike zone extends to depth and along strike. More than one mineralized horizon may be present; these are interpreted as mineralization of limy horizons in the upper part of the Nicola Group. The intercepts in Drillholes LM1 and 2 are about 450 meters distant from that in LM 7, indicating a prospective strike length which may be tested by further drilling in 2015
On behalf of the Consortium, KORES and NEXGEO have provided Plate with a Letter of Intent stating that they wish to proceed with a Phase 2 program of at least $1 million, which will mainly consist of additional drilling to extend the mineralized zones intercepted in the Phase 1 drilling and exploration and drilling of a number of other targets on the western part of the large property. Planning and budgeting is proceeding for this next exploration phase.
Plate Resources is a junior mineral exploration company with the Lucky Mike copper, gold Property in British Columbia and oil properties in Alberta. Plate Resources Inc. trades on the TSX Venture under the symbol PLR. James A. Turner, P.Geo., an independent Qualified Person, and Barry Price, M.Sc. P.Geo., Director, have verified the results to the extent possible by reviewing the QA/QC data including blanks, standards and duplicates, and calculationg the mineralized intercepts, and have read and approved this press release. For more information on the Company and its projects, please visit the website at: www.plateresourcesinc.com
ON BEHALF OF THE BOARD OF DIRECTORS
"Charalambos (Harry) Katevatis"
Charalambos (Harry) Katevatis President and Director
Disclaimer and Cautionary Statement Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All statements, analysis and other information contained in this press release about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change except as required by applicable laws. Investors should not place undue reliance on forward-looking statements.
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