MK2 Completes VTEM Survey and Commences Ground Survey at the Bakar Property
June 10, 2019 - MK2 Ventures Ltd. (TSXV/NEX: MK.H; "MK2" or the “Company”) is pleased to announce that it has completed its previously announced airborne Versatile Time Domain Electromagnetic (VTEM) Plus survey on the Bakar high grade copper property, located on Northern Vancouver Island, British Columbia.
As announced on May 2, 2019, the Company entered into a definitive purchase agreement dated May 1, 2019 with Longford Capital Corp. to acquire a 100% ownership interest in the Bakar Property. In addition, as announced on May 24, 2019 the Company subsequently staked additional mineral claims along trend and adjacent to the claim comprising the Bakar Property purchased from Longford Capital Corp., which increased the size of the property to 15,687 hectares (together, the "Bakar Property").
Garrett Ainsworth, CEO of MK2, commented: “We are very pleased with the preliminary VTEM results that show conductive anomalies along trend from outcropping high grade copper-silver mineralization. The final VTEM data will be interpreted by Condor Consulting, which will help us gain a better understanding of the intensity and geometry of these conductive anomalies. Our assessment of the Bakar Property is executing like clockwork, and we will have completed our
$200,000 work commitment on the Bakar Property upon completion of the recently commenced geological mapping and geochemical sampling program.”
Galen McNamara, VP Exploration & Development of MK2, commented: "Building on the finding of these new conductive VTEM anomalies, we are now moving forward with a field program aimed at gaining a strong understanding of the high grade mineralization present on the property in preparation for a potential drill program. Additionally, the forest cover over and surrounding the Millington copper anomaly is scheduled for immediate logging by the owner of the forestry rights. This activity is expected to result in both uncovering new outcrops and the construction of new access roads”.”
Preliminary VTEM Results
A total of 804 line-kms of VTEM Plus was flown on two survey grids (Millington and William Lake) on the Bakar Property (Figure 1). The VTEM Plus survey was selected due to the strong conductive nature of the redbed copper-silver type mineralization observed on the property. Preliminary results of the VTEM Plus survey over the Millington Showing identified two distinct conductive bodies along a 4.5 km NW-SE trend that appears to be associated with the Holberg Fault. High grade copper-silver assays from outcrop at the Millington Showing are located along the SE edge from one of these conductive bodies, which is consistent with the type of electromagnetic signature that may be expected from a stratabound volcanic sequence containing sulphide mineralization.
A second survey grid was flown over the William Lake area (Figure 1). Preliminary VTEM Plus results from the William Lake area identified a 3 km long NW-SE trending conductive anomaly that appears to be associated with the strongly elevated copper-silver assay results hosted within Karmutsen volcanic and sedimentary package similar to Millington.
Geological Mapping and Geochemical Sampling Program
A detailed geological mapping and geochemical sampling program has commenced on the Bakar Property with a focus on the Crackerjack Creek area (Millington Showing). Data from this detailed fieldwork program will be integrated with the regional, historical, and recent VTEM results in order to prioritize drill targets.
Initial geological mapping (Figure 2) efforts will focus on defining prospective target horizons and important mineralized cross structures associated with the existing high grade copper-silver showings at Millington. Anaconda style fact mapping will focus along creeks and drainages where the best outcrop exposures are present. Mapping will include a detailed investigation of the historical adits and surface cuts where structural measurements will be collected to assess the orientation of mineralized horizons and structural features.
Channel samples (Figure 2) up to 5.0 m in length will be collected across mineralized stratabound horizons at Millington to better understand the grade distribution emanating away from the high grade copper-silver mineralized veins and lenses. The channel samples will be recovered in multiple orientations to generate a robust geologic model.
Soil survey lines (Figure 2) will be completed along the ridgeline spurs adjacent to Crackerjack Creek to obtain geochemical data between and along strike from mineralized outcrop. Samples will be spaced at approximate intervals of 100 to 200 m, and will be recovered systematically from the A and B soil horizons.
An orientation stream sediment survey (Figure 3) will also be carried out along Crackerjack Creek at 10 to 25 m above where any secondary or tertiary tributaries enter the main channel, which will assist with vectoring in on sub-cropping or buried mineralization. In addition, a general stream sediment survey (Figure 3) will be conducted on creeks and streams originating from Mount Hansen, and along strike from the mineralized showings at Millington. The objective of this
survey will be to identify additional drainages that provide anomalous copper in stream sediments to discovery new mineralization, and to assess further potential strike extensions from the known mineralization.
All scientific and technical information in this news release has been prepared by, or reviewed and approved, by Garrett Ainsworth, PGeo, President and CEO of the Company and Galen McNamara, PGeo, Vice President Exploration and Development of the Company. Each of Mr. Ainsworth and Mr. McNamara is a qualified person for the purposes of National Instrument 43- 101 - Standards of Disclosure for Mineral Projects and each of whom has verified the VTEM Plus survey data disclosed in this news release by Geotech Ltd..
On Behalf of the Board of Directors ON BEHALF OF THE BOARD
President and Chief Executive Officer 604-628-5616
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Cautionary Statement Regarding “Forward-Looking” Information.
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including completion
of the acquisition of the Bakar Property, confirmation of preliminary exploration results and the completion and anticipated results of planned exploration activities thereon. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that regulatory approval to the Bakar acquisition will be obtained, that the preliminary VTEM results will be confirmed and that the Company’s planned exploration activities will be completed in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: that planned exploration activities do not achieve anticipated results or are not completed in a timely manner or at all, that the preliminary results of completed exploration activities are not subsequently confirmed, that regulatory approval to the acquisition of the Bakar Property will not be obtained such that the transaction will be completed in accordance with its terms or at all, that the Company will not complete the required expenditures and that, as a result, the Bakar Property will be forfeited without any repayment to the Company, that actual results of planned exploration activities are different than anticipated, negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, , changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.