The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
OCP: TSX-V
Chairman: Paul Matysek
CFO: Tony Ricci
Senior Geologist: Chris Taylor
Ocean Park Ventures Corp. spent US$6.2 million in 2010 to investigate the Chisna project, a 163,460-acre, or 661.5-square-kilometer, property in Interior Alaska that encompasses a cluster of porphyry copper-gold centers.
In November 2009, Ocean Park entered into the joint venture agreement with International Tower Hill Mines Ltd. to earn up to a 70 percent interest in the Chisna project.
Since that time Tower Hill has spun out Chisna into Corvus Gold Inc. (See Corvus Gold).
To earn an initial 51 percent stake in the porphyry copper-gold prospect, Ocean Park has agreed to pay a total of US$20 million, which includes exploration expenditures, staged payments and issuing shares over five years.
The junior can increase its stake to 70 percent by producing a bankable feasibility study that delineates a mining project on the copper-gold property with annual production of at least 300,000 gold-equivalent ounces.
To fund the JV, Ocean Park raised C$7 million in a private placement financing by issuing 14 million subscription receipts, at a price of C50 cents per receipt.
The proceeds of the financing were held in escrow until the TSX Venture Exchange approved the company's change of business associated with the Chisna JV. The 2010 exploration at the porphyry copper-gold prospect, being operated by Corvus, began with an airborne geophysical survey that was completed in mid-June, followed by a ground-based induced polarization survey.
Utilizing the geophysical information the partners launched a drill campaign.
The first holes of the program tested outcropping copper-gold mineralization associated with elevated bedrock and soil copper and gold anomalies at the Grubstake porphyry copper-gold system.
A number of other targets identified within a 40-mile-, or 65-kilometer-, long belt of gold and copper mineralization at Chisna were followed up with induced polarization surveys. A reconnaissance team led by Nadia Caira, Ocean Park's senior technical advisor at Chisna, has turned up a number of other targets across the 40-mile-, or 65-kilometer-, long belt of gold and copper mineralization at Chisna.
Cash and short-term deposits: C$5.7 million (at June 30, 2010)
Working capital: C$5.7 million (at June 30, 2010)
Market capitalization: C$12.91 million (at Sept. 11, 2010)
Ste. 303, 750 West Pender St. Vancouver, B.C. V6C 2T7
Tel: 604-681-0037 Fax: 604-681-0094
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