June 22, 2010
Skeena Acquires a Copper Porphyry Prospect in Yukon
Skeena Resources Limited (TSX.V: SKE) is pleased to announce that it has entered into an option agreement to acquire a 100% interest in the Karma copper porphyry prospect in the Carmacks Porphyry-Epithermal Belt, near the village of Carmacks, Yukon. The target on this property is bulk tonnage, precious-metal enriched porphyry copper-molybdenum mineralization similar to other significant porphyry deposits in the Stikine Terrane of northern British Columbia and the Yukon such as the Minto, Casino, and Williams Creek deposits.
The property was first staked by a major mining company in 1977 and explored with induced polarization ("IP") and ground magnetic geophysical surveys, mapping, and, in 1980, 3 short diamond drill holes. The IP survey indicated a coincidental chargeability high and resistivity low associated with an extensive area of pyritization and intense silica, clay, sericite, hematite and jarosite alteration, quartz veining, and molybdenite, fluorite and gypsum mineralization. The drill holes, which encountered anomalous copper, gold and silver mineralization, are interpreted to have intersected a marginal "pyrite halo" to the current area of interest, based on a classic zonation model for this type of deposit.
Subject to regulatory approval, Skeena may acquire a 100% interest in the claims from a private vendor for an initial payment of 1 million shares of Skeena and $10,000.00 cash, and by the further payment of $600,000 in cash (or shares of Skeena, at Skeena's election) over a 4 year period. The vendor will retain a 2% NSR royalty of which half may be purchased at any time for $2 million.
A "Yukon Mining Incentives Program" grant of $25,000 has been approved by the Yukon Government toward funding of this season's initial program of geochemical sampling, prospecting, mapping and core re-sampling, which work has already begun. A phase 2 program of grid emplacement and induced polarization and magnetic geophysical surveys is proposed for early this fall.
http://www.skeenaresources.com/s/NewsReleases.asp?ReportID=406182&_Type=News-Releases&_Title=Skeena-Acquires-a-Copper-Porphyry-Prospect-in-Yukon
