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Yukon Olympic Property, Yukon
Project Summary | Property Description & Location | Accessibility, Climate, Local Resources, Infrastructure & Physiography | History | Geological Setting | Exploration | Mineralization | Proposed Exploration | Figures | Related News Releases | Photo Gallery
Property Summary
- The target at Yukon Olympic is an iron oxide copper-gold ("IOCG") deposit, similar to Olympic Dam in Australia (3.8 billion tonnes at 1.1% copper, 0.4 kg/t uranium (U3O8) and 0.5 g/t gold).
- Geophysical surveys planned for the Blackstone anomaly in 2006.
 Mineralization at Yukon Olympic consists of a large area of iron-rich breccia, associated intrusive rocks of intermediate to mafic composition and a variety of feldspar, silica and carbonate altered rocks. Copper mineralization occurs as disseminated blebs and fracture fillings of chalcopyrite in the intrusive rocks and in the specular hematite (iron oxide)-rich breccias. Many exposures are stained with secondary copper minerals. Breccias and associated copper mineralization have been shown to occur over at least six kilometers. Limited sampling has shown that the breccia is also enriched in rare earth elements, barium, fluorine and zinc. Additional sampling is required to more accurately assess the chemistry of this intrusive-breccia complex.
The Yukon Olympic breccia occurs at a flexure along a regional, east-west trending structure as defined by aeromagnetics. The breccia is related to aeromagnetic and gravity anomalies that are elongated parallel to this structural trend, in the central part of the property. The 2002 field program defined a +4.5 mGal gravity anomaly that is in excess of 8 km in length and over 1 km wide, believed to reflect hematitic breccia below a thin cover of Paleozoic sediments. The gravity anomaly has a large western peak and a subsidiary eastern high. The anomaly is related to, but not coincident with, the regional magnetic anomaly. A preliminary review of the data suggests that the gravity anomaly may reflect hematite-rich breccias, while the magnetic anomaly may be caused by magnetite-bearing intrusive rocks at depth. This interpretation is strengthened by the fact that the easternmost portion of the gravity anomaly trends into the Spectacular Creek breccia occurrence that locally contains copper mineralization. The 2004 detailed geophysical survey successfully defined a strong, roughly circular magnetic anomaly with a partially fringing gravity anomaly locally in excess of 2 milligals. The south-eastern portion of the gravity anomaly correlates with known, copper-bearing hematite (iron oxide) breccia in Spectacular Creek, while for the most part the source of the combined magnetic and gravity feature is hidden under younger cover rocks.
The pattern at Yukon Olympic with the gravity anomaly being displaced from the magnetic anomaly also conforms to the Olympic Dam model.
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Property Description and Location
The Yukon Olympic property consists of 272 claims with a total area of approximately 6,000 hectares located along the Dempster Highway, north of Dawson City, Yukon (see Figure 1).
Copper Ridge has earned a 100% interest in the Property, subject to issuing 800,000 additional shares to the vendor upon reaching certain advanced exploration and development benchmarks on the property and a 1.5% net smelter return royalty, of which 0.75% can be purchased for $2,000,000.
On July 10, 2007, the Company announced it had reached an agreement with Richmond Energy Corp. whereby Richmond has the right to acquire an undivided 51% interest in the property by making payments of $190,000, issuing 500,000 common shares, and completing a minimum of $2,500,000 in exploration work over four years. The first two payments, of $20,000 and $30,000 respectively, and the first year's work program of $250,000 are firm commitments. When Richmond has earned its 51% interest, it will then have the right to acquire a further 14% interest (for an aggregate 65% interest) by making another $50,000 payment, issuing another 500,000 common shares, and delivering a feasibility study within 5 years.
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Accessibility, Climate, Local Resources, Infrastructure and Physiography
The Yukon Olympic property is located 130 km north-northeast of Dawson in the north central Yukon in the Dawson Mining District (see Figure 1).
Access to the property is by the Dempster Highway or by helicopter from Dawson. By road, the Dempster Highway turn-off is 50 km from Dawson and the property an additional 105 km north along the highway.
The Yukon Olympic claim group is transected by the Blackstone River and the Dempster Highway. Elevations range from 850 m at river level to 1600 m on the highest ridges. The majority of the claim area is above tree line.
Most of the property can be accessed by foot. Helicopter and a small tracked personnel carrier have been used for more remote access within the property and canoe has been used for crossing the Blackstone River to access the eastern part of the claim group.
Climate is typical for northern Yukon, with long cold winters, but minimal snow cover. Summers are warm and typically dry. The field season usually runs from early June until mid-September, although for drilling and for geophysical surveys, this season can be extended significantly, from March to October.
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History
A small part of what is now the Yukon Olympic property was staked and briefly evaluated by a junior exploration company in 1993 and was dropped the following year. The current Yukon Olympic property was staked by prospector Shawn Ryan in 2000 and 2001. Ryan carried out prospecting and rock sampling during 2001 and early 2002 and located several new copper occurrences.
In 2002 and 2003, Copper Ridge and Canadian Empire Exploration completed gravity and magnetic surveys described below under Exploration. Canadian Empire drilled two holes and subsequently dropped its option. In 2004, Janina carried out additional geophysics, including gravity, magnetics and IP, on the shallower, eastern end of the anomalous trend, followed by a four hole drill program in 2005.
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Geological Setting
Recent studies have suggested that the Stuart Shelf area of Australia, that hosts Olympic Dam, and the Ogilvie-Wernecke trend in the Yukon were a part of the same land mass, 1.6 billion years ago at the time of breccia formation (see Figure 2). This work also suggests that the breccias and mineralization in both areas formed in response to extensional tectonics and related intrusive activity that affected the entire belt.
The property lies along a major crustal structure as indicated by regional aeromagnetics. Figure 3 shows this trend and the Monster and Olympic IOCG properties that occur along this trend to the west, in the Ogilvie Mountains. It can be seen that the Yukon Olympic property occurs at a large magnetic high on this trend, possibly reflecting a buried intrusive centre, and it also occurs at a flexure point along the structure.
The property (Figure 4) is underlain by Proterozoic Quartet Group shale and siltstone. These rocks have been intruded by a variety of gabbroic intrusives and related hematitic breccia bodies. The main breccia mass, east of the Blackstone River, covers an area of approximately 1.5 km by 1 km, with an additional occurrence noted six km to the west. The breccias are of Proterozoic age and correlate with many known hematitic breccias elsewhere in the Ogilvie Mountains and in the Wernecke Mountains further to the east.
The Proterozoic rocks are in turn overlain unconformably by Paleozoic sedimentary rocks, predominantly massive to bedded Cambrian limestone, in turn overlain by basinal shale to siltstone sequences. The Proterozoic to Cambrian unconformity is flat to gently north dipping.
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Exploration
During the summer of 2002, Copper Ridge completed ground geophysical surveys including 261 gravity stations covering an area of approximately 140 square km plus 90 line km of magnetics. Results are shown on Figure 5.
The magnetometer survey confirmed the magnetic patterns identified in the earlier, regional government airborne survey. A broad magnetic anomaly occurs on the eastern side of the property, east of the Blackstone River and trends in a linear fashion, with decreasing size and intensity, to the west. This linear trend increases again to a smaller magnetic high in the western portion of the property. The magnetic anomaly is believed to reflect the presence of a magnetite-bearing intrusive, or intrusives, at depth. The area covered by the ground survey was not sufficiently large to completely define these airborne magnetic high anomalies.
The gravity survey appears to have defined two separate features. On a property-wide scale, it shows increasing gravity to the north. This may reflect increasing thickness of limestone above the regional unconformity. The limestone is expected to have a slightly higher density than the basement siltstones and shales of the Quartet group. Superimposed on this is a linear gravity high, with a contrast ranging from 2 to 4.5 mGals, that extends from the area of known breccia outcrop at Spectacular Creek, east of the Blackstone River, in an arcuate trend to the northwest and west. The strongest part of this anomaly is over 8 km long, 1.5 km wide and lies on the northern flank of the western magnetic lobe. Its intensity is over 6 mGals, or 4.5 mGals above the regional high. It is believed to be caused by a hematite-rich breccia mass just below the Paleozoic unconformity. The depth to the top of this feature has not been estimated. Figure 6 shows a computer generated model that presents one possible interpretation for the gravity data, showing three discrete bodies, individually ranging in size from 0.6 to over 5 billion tonnes with a density of approximately 4.5 gm/cc.
In late October 2002, Canadian Empire Exploration commenced a two hole drill test. The first of the two drill holes, completed to a depth of 563 m at an angle of -70o, at the extreme west end of the gravity anomaly, encountered a small intersection of breccia with minor sulphide mineralization near the bottom of the hole, but it did not find an explanation for the gravity anomaly. A second hole, drilled on the Highway Showing, encountered hematite breccia with minor copper mineralization.
Subsequent to the drilling, Canadian Empire carried out a reconnaissance IP program. At the eastern end of the gravity anomaly, the IP chargeability showed an excellent correlation with the gravity anomaly and the know exposures of copper-bearing hematite breccia.
The 2004 winter exploration program included detailed gravity, magnetics and IP surveys on 31 km of line grid at the eastern end of the previously defined, 12 km long gravity and magnetic trend. The survey successfully defined a strong, roughly circular magnetic anomaly with a partially fringing gravity anomaly locally in excess of 2 milligals. The south-eastern portion of the gravity anomaly correlates with known, copper-bearing hematite (iron oxide) breccia in Spectacular Creek, while for the most part the source of the combined magnetic and gravity feature is hidden under younger cover rocks.
In 2005, Janina Resources Limited drilled four holes on the eastern extension of the Blackstone gravity anomaly. All the holes encountered hematitic breccia from top to bottom, with the exception of local intersections of apparently related mafic intrusive rocks. Copper mineralization, in the form of disseminated chalcopyrite, occurred throughout the core but in small quantities, largely below 0.1% copper.
In 2006, Copper Ridge completed three lines of detailed IP, gravity and magnetics along the Blackstone River valley floor over the Blackstone gravity anomaly. The IP survey successfully identified two zones of high chargeability within 200 m of surface, possibly reflecting metallic mineralization that correlates with the gravity high.
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Mineralization
The hematitic breccias of the Ogilvie and Wernecke Mountains have been recognized for their potential to host Olympic Dam or iron oxide copper-gold ("IOCG") style mineralization since the early 1980's, shortly after the discovery of the Olympic Dam deposit in Australia (3.8 billion tonnes at 1.1% copper, 0.4 kg/t uranium (U3O8) and 0.5 g/t gold). Similarities are in the style of mineralization, the character of the breccias and related alteration, geochemical signature, age of mineralization and evidence to suggest that this part of Yukon and Australia were once part of a single landmass and that the breccia bodies were formed during a major rift event. At the time these deposits were formed, tectonic plate reconstructions suggest that the Stuart Shelf area of Australia, the host of Olympic Dam, was actually connected to the Yukon as part of the ancient continent Rodinia (see the Ottawa Citizen article that can be accessed from this web site and also Figure 2).
Hematitic breccias are exposed over an area approximately 1 km by 1.5 km along Spectacular Creek, east of the Blackstone River. Although detailed petrographic study of the breccia has not been carried out, there are two distinct varieties. The first is pink to pale coloured, with disseminated hematite common in a fine-grained matrix, while the other is darker, chloritic, often has more massive hematite and is associated with the mafic intrusive rocks. This latter breccia variety has slightly elevated magnetic susceptibility. The copper mineralization is most often associated with chloritic breccia variety and with the mafic intrusive rocks (see Figures 8 to 10 for photos).
Grab rock samples from the Yukon Olympic property have shown that the breccias are locally enriched in copper (best results include 0.95% Cu over 3 m and several other grab samples in the 0.75% to 1% copper range), cobalt, fluorine, rare earth elements and barium, with local minor gold and uranium enrichment. Chalcopyrite and locally bornite mineralization have been observed within the breccias and related intrusive rocks throughout the property. Minor cobalt mineralization has also been observed.
The breccia zones are underlain by a large, east-west trending magnetic anomaly that may reflect a magnetite-bearing intrusive mass at depth.
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Proposed Exploration
Richmond plans a drill program during the 2008 field season to test the main Blackstone gravity anomaly, which appears to reflect a reasonably shallow, high density source. The one hole from the 2005 program in this area was not successful in penetrating the overburden cover and reaching bedrock. In 2006, Induced Polarization plus magnetics and detailed gravity surveys were completed over this gravity anomaly, indicating that the gravity anomaly is caused by a metallic source that occurs within 200 m of surface.
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Figures
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Plate tectonic reconstruction at the time of formation of Olympic Dam and the Yukon Olympic breccias (1.6 billion years ago) showing close relationship of Yukon and Australia -- courtesy of Dr. Derek Thorkelson, Simon Fraser University.
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(from GSC digital geology)
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Blackstone gravity anomaly, showing IP chargeability anomalies -- targets for 2008 drill program.
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Comparison with Olympic Dam, Australia, at approximately the same scale (red is Olympic Dam Cu-Au-Ag-U ore zone)
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Prospector/discoverer Shawn Ryan with Gerry Carlson examine copper mineralization at Distincta showing
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Looking west down Spectacular Creek towards area of the strongest gravity anomaly in the distance
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(Photo by Ken Galambos)
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Related News Releases
| July 10, 2007 |
Copper Ridge Farms Out Yukon Olympic IOCG Property |
| December 07, 2006 |
Geophysical Surveys Define Drill Targets At Copper Ridge's Yukon Olympic Property |
| August 18, 2006 |
Copper Ridge Field Program Update |
| May 17, 2006 |
Copper Ridge Closes Brokered Private Placement |
| May 05, 2006 |
Copper Ridge Brokered Private Placement Increased To $2.4 Million |
| April 11, 2006 |
Copper Ridge Arranges $2.04 Million Brokered Private Placement |
| December 22, 2005 |
Copper Ridge - Project Update |
| September 12, 2005 |
Drill Results from Yukon Olympic Project |
| July 05, 2005 |
Drilling Underway at Yukon Olympic IOCG Target; Drilling Completed at Lucky Joe |
| April 06, 2005 |
Copper Ridge Exploration Update |
| July 14, 2004 |
Yukon Exploration Programs Underway |
| June 16, 2004 |
New Target Defined At Yukon Olympic Iocg Property |
| March 18, 2004 |
Janina Resources Options Copper Ridge's Yukon Olympic IOCG Property |
| February 13, 2004 |
Yukon Olympic Update |
| October 02, 2003 |
New Olympic Dam Target Acquisition in Yukon |
| July 15, 2003 |
Exploration Underway at Three Yukon Field Projects |
| June 18, 2003 |
Exploration Crews Mobilized To Yukon Olympic |
| April 23, 2003 |
Canadian Empire to Drill Copper Ridge's Yukon Olympic IOCG Project |
| October 28, 2002 |
Drilling To Start At Yukon Olympic |
| September 25, 2002 |
Canadian Empire to Drill Copper Ridge's Yukon Olympic Project |
| August 13, 2002 |
Large Gravity Anomaly Defined Yukon IOCG HEM Project |
| May 14, 2002 |
Yukon Olympic Dam Target Acquisition |
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 Visit the Yukon Olympic Photo Gallery
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