An agreement among several parties sets the stage for the formation of a company to explore the Bear claim group in Telkwa Pass, 45 km southwest of Smithers, B.C.
Alberta-listed MRC Technologies will join forces with several private groups to form Telkwa Gold. The merger will be made by plan of arrangement, under which the merged entity will be owned 35% by the partners of the Limonite Creek Limited Partnership, 30% by shareholders of MRC, 21% by W.D. Thompson and 7% by Ken Thompson.
The merged entity will own the Bear claim group and conduct a diamond drilling program this summer to evaluate its gold-silver-copper potential.
The claims were originally held by Willard Thompson, a mining geologist.
The claim group comprises roughly 1,750 hectares and is centred on a ridge separating the Limonite Creek and Many Bear Creek drainages.
Access is provided by an upgraded forestry road, which traverses the Telkwa Pass. In addition to the forestry road, a power transmission line and natural gas pipeline pass through the claim group.
Exploration will focus on a target area consisting of a faulted sequence of Hazelton Group volcanic rocks of andesitic composition, which have undergone intense and locally pervasive, hydrothermal alteration as a result of episodic, intrusive activity.
Based on the presence of secondary alteration mineral assemblages, the target area has been identified as a “high sulphidation epithermal environment.” Minerals characteristic of this model have been noted within the target area, and the 1994 drill program is reported to have located massive sulphide mineralization within a large, hydrothermal, breccia zone.
In late 1994, prospecting located high-grade gold-silver-copper mineralization at surface, at the headwaters of Tatsi Creek, 16 km south of, and on regional strike with, the Bear group.
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