- Published: 03 May 2012
- Written by Editor
Ocean Park Drills 105.2 metres of 1.03% Copper at the Cerro Grande Copper : Gold : Silver Skarn, Adelita Project, Mexico
Ocean Park Ventures Corp. ("Ocean Park" or the "Company") (TSX-V: OCP) is pleased to announce the first drill results from the Adelita copper - gold - silver project, Mexico. Drilling is testing the Cerro Grande skarn target. The discovery has a mapped strike of over 800 metres and has been drill confirmed over a 120 metre strike length and to a depth of 300 metres from surface. Results from the first two drill holes are summarized in the table below. The discovery remains open for extension in all directions.
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|Drill Hole |Interval|Interval|Interval| |Copper|Gold|Silver|CuEq|Comment|
| |From |To (m) |Length | |% |g/t |g/t |% | |
| |(m) | |(m) | | | | | | |
|------------------------------------------------------------------------|
|CGDD-12-009|5.6 |110.8 |105.2 | |1.03 |0.43|36.3 |1.74|Total |
| | | | | | | | | |Hole |
|------------------------------------------------------------------------|
|including |35.1 |110.8 |75.7 | |1.42 |0.59|50.0 |2.40|Main |
| | | | | | | | | |Zone |
|------------------------------------------------------------------------|
|including |35.1 |77.0 |41.9 | |2.21 |0.93|77.5 |3.73|Higher |
| | | | | | | | | |Grade |
|------------------------------------------------------------------------|
|CGDD-12-010|97.6 |131.3 |33.7 | |0.91 |0.34|46.4 |1.68|Main |
| | | | | | | | | |Zone |
|------------------------------------------------------------------------|
|including |98.6 |120.0 |21.4 | |1.40 |0.53|72.2 |2.60|Higher |
| | | | | | | | | |Grade |
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Table 1: Highlighted drill results of Adelita skarn drilling.
CGDD-12-009 tested the projection to surface of mineralization intersected in historic drill holes CGDD-10-001 and 002, which returned comparable grades.
Mineralization is highly consistent from 35.10 to 110.8 metres, returning at least 700 ppm (0.07%) to greater than 51130 ppm (5.11%) copper over 3 metre intervals, and defining a main mineralized zone with a drill indicated width of 75.7 metres. The drill hole was lost in mineralization at 110.8 metres, but was followed-up at depth with three subsequent drill holes for which assay results are pending.
Drill hole CGDD-12-010 cut across the mineralized zone at greater depth than holes 12-009, 10-001 and 10-002 and provides approximate true width of the system at that depth. Including the two historic drill holes, a total of six holes have been completed across more than 300 vertical metres on this drill fence.
Mineralization consists predominantly of chalcocite, with additional native copper, chalcopyrite, bornite, covellite and copper oxides, hosted by garnet exoskarn. Lithologies vary from hornfelsed marbles and granodiorite to a variety of intermediate to felsic dikes, plus various garnet skarns. Copper mineralization with associated gold and silver occurs as disseminated to semi-massive sulfide with disseminated to coarse blebby native copper.
Figure 1: Map of Cerro Grande mineralized skarn trend.
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The Company also reports that a review of historic drill core and original assay certificate data has identified an error in a previously reported drill hole from the 2010 program (see Minaurum Gold Inc. news release dated October 6, 2010). Drill hole CGDD-10-004, reported as 11.2 metres of 0.33% copper, 0.59 g/t gold and 39.9 g/t silver, should have been reported as 11.2 metres of 1.11% copper, 0.59 g/t gold and 39.9 g/t silver. The revised grades match those of Ocean Park's drilling, and indicate the strongly mineralized skarn has a minimum drilled strike length of 120 metres.
Figure 2: High grade copper-gold-silver mineralization as drilled from the Cerro Grande skarn. Host rock is garnet exoskarn.
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The Adelita project hosts two main mineralized targets, the Cerro Grande copper-gold-silver skarn, and the Mezquital copper-gold-silver-molybdenum porphyry target. Phase 1 drilling is ongoing with the drill currently testing the Mezquital porphyry target located 1.5 kilometres west of the Cerro Gande skarn. The Mezquital target is marked by a 3.5 square kilometre copper - molybdenum +/- gold - silver in soil anomaly sourced by a multi-phase intrusive body, with associated geophysical signatures including high chargeability IP and magnetic anomalies. Mapping has identified propylitically altered intrusive rocks and copper mineralized quartz-tourmaline veins and stockworks across two kilometres of strike.
Cross sections of drilling and additional photographs of mineralization at the Cerro Grande skarn are posted to the Company's web site at www.oceanparkventures.com.
Ocean Park can earn up to a 75% interest in the Adelita project through its joint venture with Minaurum Gold Inc. (TSX-V: MGG). The Property is located in Sonora State, Mexico, and lies 3 kilometres east of Pan American Silver Corp.'s (TSX: PAA) open pit Alamo Dorado silver mine. The geologic setting is broadly similar to that of Alamo Dorado (proven and probable reserves of 10 Mt of 95 g/t silver and 0.33 g/t gold) and the Piedras Verdes Porphyry Copper deposit of Frontera Copper Corp. (proven and probable reserves of greater than 500 Mt of greater than 0.36% copper), located 60 kilometres to the northwest.
Drill core assay results are evaluated through a Quality Assurance and Quality Control (QAQC) procedure that includes the use of standards with known precious and base metal values, duplicated core intervals and blank samples in order to determine accuracy. Assaying was carried out by ALS Group of Vancouver, British Columbia.
Mr. Chris Taylor, M.Sc. P.Geo, is Vice President Exploration with Ocean Park and is the Qualified Person as defined by National Instrument 43-101, who supervised the preparation of the above information. Information related to past drilling and highlighted mineral properties was taken from previous public disclosures issued by the companies listed above.
For further information please contact Mr. Paul Matysek, M.Sc. P.Geo, Acting President and Chairman, Mr. Chris Taylor, M.Sc. P.Geo, Vice President Exploration or Mr. Robert Orr, Investor Relations at 604-681-0084.
OCEAN PARK VENTURES CORP.
On behalf of the Board
"Paul Matysek"
Paul Matysek, Acting President and Chairman
Copper Equivalency Calculations and Zone Geometry
Copper equivalencies were calculated using values of copper at $3.00/lb, gold at $1400.00/oz and silver at $25.00/oz. All values are in US dollars. No provision was made for metallurgical recoveries. The Cerro Grande target is a skarn occurrence, which deposits are generally variably mineralized and may have irregular geometries that are controlled by a combination of syn-mineralization structure, genetically related intrusions, and variation in the host lithologies. The geometry of the Cerro Grande skarn is being defined through ongoing diamond drilling.
About Ocean Park Ventures
Ocean Park is a well-funded Canadian mineral exploration company working in three leading jurisdictions, with active exploration including diamond drilling underway on 3 properties. Ocean Park can earn a 70% interest through its joint venture in the Trapper Gold project, northern British Columbia, where Ocean Park has identified a gold-copper porphyry complex with a surface signature of over 15 square kilometres and visible gold in drill core. The Company can earn up to a 100% interest in the Metla property, located 5 kilometres south of Trapper, through its earn-in agreement. The Company can also earn up to a 70% interest through its joint venture in the Chisna Gold project, south-central Alaska, where a 12+ kilometre gold-in-bedrock and soils target has been identified returning results as high as 260 g/t gold, the Golden Range. A 75% interest can be earned through its joint venture in the Adelita Copper-Gold-Silver project, Sonora, Mexico, where a 10+ square kilometer polymetallic soil anomaly having a porphyry signature includes a copper-gold-silver mineralized, drill-tested skarn.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This new release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements.
