Royal Oak eyes Gunsite’s porphyry deposit potential

Since taking control of Royal Oak in July, the former president of Neptune Resources has been shopping for new property acquisitions.

That process is still ongoing. However, Royal Oak has secured an option allowing it to earn up to a 60% joint venture interest in the Gunsite property which hosts vein and disseminated copper, gold and silver mineralization.

Although still an early stage project, Royal Oak plans to explore the property for its high tonnage porphyry copper-gold potential, as well as its high grade quartz vein mineralization.

Royal Oak will be earning its interest from Alaska Three Metals Mining which conducted a work program on the property last summer. Although high grade values in copper and gold were noted in grab sample assays from the quartz veins, Royal Oak believes the most significant potential lies with the widespread occurrences of disseminated gold and copper mineralization on the property.

In contrast to the Colomac gold project in the Northwest Territories, the 13-sq-mi Gunsite property is near a major paved highway, the Alaska railroad and a large powerline. Royal Oak plans to begin its work on the property in the 1990 season.

Teck Corp. (TSE) currently holds about an 18% interest in Royal Oak as a result of a 1.25-million-share private placement made earlier this year.

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