Entourage Metals (EMT-V) buys option on Odin property in B.C.
June 3rd, 2013 - News Release
Entourage Metals Ltd. has acquired an option to earn a 100-per-cent interest in the Odin copper-gold property, located north of Colorado Resource's North ROK discovery and Imperial Metals in-construction Red Chris mine. The property displays characteristics similar to recent porphyry copper gold discoveries in this part of Western Canada and is accessible by road.
"Entourage is excited to commence exploring in this area of recent copper-gold discoveries in Northern B.C.," said Jeff Sundar, president and chief executive officer of Entourage. "Coupled with our portfolio of gold properties in the Canadian Shield, and our silver property in Yukon, the Odin property is an excellent addition that complements our geologic team's collective technical strength."
The property is located approximately 18 kilometres north of the town of Iskut, B.C., and consists of five mining claims covering 6,499 hectares. Access is from Highway 37 on the eastern side of the claim group. Geologic highlights include:
- Aeromagnetic data display prominent northeast oriented magnetic high across the western portion of the property;
- High-grade copper and gold occurrence located 3,500 metres northeast along the magnetic trend;
- Overburden cover has limited mapping and prospecting on the property.
Entourage is planning an initial program, consisting of soil sampling, geological mapping and geophysical surveying, which is expected to begin shortly. This work will target the northeast trend of magnetic highs that appear to correlate with areas of known alteration and copper gold mineralization, located approximately 3.5 kilometres north of the Odin property boundary. Historic explorers collected grab samples of altered dacite, adjacent to a quartz monzonite intrusion hosting up to 15 per cent disseminated pyrite and chalcopyrite, that assayed 8 per cent copper and 1.4 grams per tonne gold (Copeland and Neelands, 1982). Entourage has not independently verified this historic occurrence and should not be relied upon.
The regional airborne magnetics suggest unrecognized significant northeast-striking faults on the property. Large faults zones are often represent the primary structural geologic control for mineralized porphyry systems.
The Odin property is located approximately 22 kilometres north of Colorado Resources Ltd.'s North ROK property, and 35 kilometres from Imperial Metals' Red Chris porphyry copper-gold-silver deposit, currently under construction. Colorado recently announced diamond drill hole NR13-001, that assayed 242.0 metres of 0.63 per cent copper and 0.85 gram per tonne gold in an altered monzonite. This porphyry copper-style mineralization is associated with coincident magnetic and soil geochemical anomalies (see Colorado Resources news released dated April 25, 2013).
The agreement
Entourage Metals can earn a 100-per-cent interest in the property from an arm's-length third party company by paying $95,000 in cash and issuing 650,000 shares over five years, subject to approval of the TSX Venture Exchange. Upon completion of an initial National Instrument 43-101-compliant mineral resource estimate, Entourage will issue an additional one million shares. Pacific Empire will retain a 2-per-cent net smelter returns royalty on the property, one-half of which (1 per cent) may be purchased by Entourage at any time for $2-million.
Entourage's exploration activity in British Columbia is performed under the supervision of Jodie L. Gibson, PGeo, senior geologist and consultant to the company. Mr. Gibson is a qualified person as defined by National Instrument 43-101. Mr. Gibson prepared and approved the information contained in this release.
We seek Safe Harbor.
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Entourage Metals adds four claims to Odin in B.C.
June 11, 2013 - News Release
Entourage Metals Ltd. has expanded the area of its recently announced Odin copper-gold property (see Entourage news release from June 3, 2013). The additional four claims, contiguous and to the southwest and to the north, expand the project area to nine claims for a total of 10,702 hectares. The company has the right to earn a 100-per-cent interest in both the original Odin claim block and the additional claims.
The Odin property displays characteristics similar to recent porphyry copper gold discoveries in this part of Western Canada, is accessible by road, and is located north of Colorado Resource's North ROK discovery and Imperial Metals' in-construction Red Chris mine in northwestern British Columbia.
"Entourage is excited to have been able to extend the size of the geologically promising ground at Odin," said Jeff Sundar, president and chief executive officer of Entourage. "With this year's acquisition of the La Liga silver project in the Yukon, and our portfolio of gold properties in the Canadian Shield, the Odin property gives us an excellent exploration pipeline."
Entourage Metals can earn a 100-per-cent interest in the property from an arm's-length third party company by paying $49,000 in cash and issuing 385,000 shares over four years, subject to approval of the TSX Venture Exchange. Upon completion of an initial National Instrument 43-101-compliant mineral resource estimate, Entourage will issue an additional 500,000 shares. The vendor will retain a 2-per-cent net smelter returns royalty on the property, one-half of which (1 per cent) may be purchased by Entourage at any time for $1.5-million.
The Odin property is located approximately 18 kilometres north of the town of Iskut, B.C., and now covers nine mining claims covering 10,702 hectares; an increase of just over 60 per cent. Access is from Highway 37 on the eastern side of the claim group. The newly acquired claims are located approximately 20 to 25 kilometres north of Colorado Resources Ltd.'s North ROK property, and 35 kilometres from Imperial Metals' Red Chris porphyry copper-gold-silver deposit currently under construction. Colorado recently announced diamond drill hole NR13-001 that assayed 242.0 metres of 0.63 per cent copper and 0.85 gram per tonne gold in an altered monzonite. This porphyry-copper-style mineralization is associated with coincident magnetic and soil geochemical anomalies (see Colorado Resources news release dated April 25, 2013).
Entourage is planning an initial program consisting of soil sampling, geological mapping and geophysical surveying.
Details of the Odin property, as well as the rest of the Entourage Metals portfolio, can be reviewed at the company's website.
Entourage's exploration activity in British Columbia is performed under the supervision of Jodie L. Gibson, PGeo, senior geologist and consultant to the company. Mr. Gibson is a qualified person as defined by National Instrument 43-101. Mr. Gibson prepared and approved the information contained in this release.
We seek Safe Harbor.
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