We are pleased to announce we are conducting a phase one program of regional geological mapping, surface sampling, and ground magnetic survey on the Oakley Gold project. This project consists of 142 federal lode-mining claims and several Utah State leases comprising of approximately 4,000 acres. It's located in Cassia Country, Idaho, and 15 miles south of the town of Oakley and just north of the Utah/Nevada border. Otis has been expanding its land position, and to date, the Oakley Gold Project consists of three primary targets- Blue Hill Creek, Matrix Creek, and Cold Creek. Oakley has an NI43-101 complaint inferred resource of 163,000 ounces Au at a grade of 0.51 g/t Au. The ownership interest in the Oakley Gold Project is 100%.
The target is a classic bulk-tonnage epithermal hot spring-type deposit. The main target is on the Matrix Creek claims, a silver/gold rich black matrix breccia hosts the bulk of the mineralization within the Matrix Creek detachment fault zone cutting Palaeozoic quartzite. The Matrix Creek detachment breccia is situated in the Basin & Range geologic province.
The outcrop of this black matrix breccia is a continuous slab approximately 35-40 feet thick and covers a strike distance of 1000ft x 600ft which is believed to be a part of a large detachment system. Of the14 grab samples, being taken over this 1000ft strike length, some contain silver values up to 306 gpt, with an average of 70.4 gpt and 0.55 gpt gold (or 1.67 pgt gold equivalent). Preliminary metallurgical testing has been completed at ALS Chemex Labs in Vancouver, BC with CN soluble assays with a leaching of Au as high as 82% and Ag as high as 93%. This discovery of this ore-grade material at the surface in this detachment setting hosted within brecciated quartzite has an excellent potential to develop a significant gold-silver reserve. To date, no drilling has been conducted on this black matrix breccia.
Our current program at Matrix Creek is comprised of 1,350 soil and rock-chip samples which are being collected on a 650 feet x 82 feet grid, along with 40 stream sediment samples. We will use this collection of data to develop our drill targets for our first phase drill program. In addition to the sampling and regional mapping program, we are conducting a wide-ranging geophysical program to best define the principal exploration targets of Matrix Creek, Blue Hill Creek and Cold Creek and potentially new targets that may require the expansion of the Otis’ land position. When programs are completed, results will be released quickly.
You can review more Oakley Project details on our website, right here >