Any "Sullivan 2" suckers out there?
I rode the Providence/Eagle Plains horse at the end of 2010 searching for "Sullivan 2" - didn't end so well. Now I'm on the Omineca Mining (OMM.V) horse looking for the elusive next Sullivan mine. They should know in 5-7 days if they are on the right path. They have $3 million in cash and only 18 million shares out trading at $.31/share. Here's a summary of the play and then the latest 2 press releases:
Omineca Mining and Metals ltd. (OMM:TSX-V) is a junior Canadian exploration and development company formed in May 2011. The company operates in Western Canada and is managed by the same team that brought you Eagle Plains and Copper Canyon Resources.
History
In June 2006, Copper Canyon Resources was created by way of plan of arrangement and spun-off from Eagle Plains Resources on a one for one share basis to the shareholders with three projects in it?s portfolio, Copper Canyon, Abo and Severence with the Kiwi property acquired subsequently.
In May 2011, NovaGold Resources purchased the Copper Canyon Project from the company (1 NG share for 13.6 CPY shares) and the remaining assets, Abo and Kiwi, were reorganized as Omineca Mining and Metals Ltd. This company, also created by way of plan of arrangement, was spun-out on a 1 for 4 share basis to the shareholders.
The Sully Project
The company's flagship is the Sully Project located approximately 30km from the world-class Sullivan Mine in SE B.C. Omineca Mining and Metals has an option to acquire all the outstanding shares of Gravitas Metals who in turn hold an option to earn 80% of the Sully Project.
The main target of the Sully project is a prominent geophysical (gravity) anomaly, possibly indicative of sedimentary-exhalative (“sedex”) massive sulphide mineralization such as is found at Sullivan. Recent geophysical modeling suggests that previous drilling efforts stopped well short of the target depth. Analysis of existing drill core in the target area is encouraging and supports the interpreted potential for sedex-type base-metal mineralization at depth.
Diamond drilling to test the nature of the gravity anomaly commenced in late March 2012 and it is expected to take approximately 30 days to reach target depth.
Latest 2 press releases:
Omineca Provides Update on Sully Drill Program
Cranbrook, B.C.; 02 April, 2012: Omineca Mining and Metals Ltd. (TSX-V:OMM) provides the following update on exploration drilling at the Sully project, located near Fort Steele in southeastern British Columbia. As of April 1st, drilling has progressed to a depth of 377 m (1237 feet), with an average daily advance rate of approximately 50 m (164 feet) since the program commenced. The Sully target is projected at a minimum depth of approximately 640 m.
The Sully property comprises rocks of similar age and origin to those which host the famous Sullivan mine, one of the largest sedimentary-exhalative (SEDEX) deposits in the world, that produced silver, zinc, lead, tin and other metals over its 100 year mine life. The Sully property has been the focus of new geological mapping and a detailed geophysical (gravity) survey completed in 2011. The resulting interpretation of that work yields the compelling SEDEX target currently being drilled. The parties caution that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Sully property.
As expected above the target, drilling has intersected dark to medium grey carbonaceous wacke laminate (CWL) of Hughes Range Facies Aldridge Formation unit A1c, that is characteristic of- and tentatively correlated with- the top of the lower Aldridge Formation at Sullivan. Drilling also intersected scattered thin pyrite and lesser pyrrhotite along laminations and as cross-cutting veinlets. These are observed in Sullivan-like stratigraphy but otherwise are not important to the target setting. Drilling has progressed down-section through A1b and is presently coring a portion of A1a. To date drilling has been in the steep limb of an overturned fold above the target zone.
| Omineca Commences Drill Program at Sully |
Cranbrook, B.C.; 26 March, 2012: Omineca Mining and Metals Ltd. (TSX-V:OMM) announces that drilling activity has commenced at the Sully Project, located near Fort Steele in southeastern British Columbia. As announced on March 21st, Omineca has the exclusive right to acquire all outstanding shares in Gravitas Metals Corp., which has the option to earn an 80% interest in the Sully Property.
Gravitas has advanced the Sully Property to the drill-ready stage through work it carried out in 2010-11. By combining new geological mapping and a recent geophysical (gravity) survey, the resulting interpretation yields a compelling sedimentary-exhalative (SEDEX) drill target on the Sully property.
FB Drilling of Cranbrook, B.C. has been retained to complete an initial 1,500m (5,000’) drilling program on the property. Paul Ransom, P.Geo., a recognized SEDEX expert has been contracted to supervise exploration work on the property and is hereby identified as the “Qualified Person”, under N.I. 43-101. Drilling activity is expected to take 4-5 weeks to complete.
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Warning - Investing in "Sullivan 2" plays can be hazardous to your health and wallet :)
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