Mr. Brian McClay reports
SPF-TSX.V ACQUIRES CHAOS CREEK CLAIM GROUP – NYE CTY NEVADA
Silver Pursuit Resources Ltd. has acquired a claim group known as Chaos Creek. Consideration for the claims is 100,000 shares and a 1-per-cent net smelter return (NSR) royalty.
The Chaos Creek prospect consists of 12 lode claims located in the Squaw Hills and are situated in northeast Nye county approximately 53 miles south of Eureka and 75 miles northeast of Tonopah in Nevada. Elevations range from 7,690 to 6,500 feet (2,344 to 1,981 metres) in the prospect area.
Chaos Creek is a raw prospect with potential for high-grade, epithermal precious metals veins and for disseminated gold mineralization hosted in the volcaniclastic rocks. Rhyolitic flow-dome complexes host crosscutting, mineralized breccias. Much of the host rock is covered by postmineral tuffs or gravel deposits. The gravel deposits are thought to be deposited in broken and altered zones of rhyolitic intrusive and felsic volcanic rocks of Eocene to Oligocene age.
A primary feature of interest is the intersection of two caldera margins along a deep-seated structural contact with the Paleozoic basement rocks. At the Chaos Creek claims, rhyolitic flow dome complexes are interpreted to be resurgent in character and are coincident with the nested margin of two intersecting volcanic centres of Oligocene age. A deep-seated, northeast-trending structural corridor is bounded, to the west, by Mississippian basement rocks. The rhyolitic domes and lavas are spatially coincident with localized anomalies modelled from remote-sensed ASTER data representing clay alteration and silicification. Surface exposures within the anomalies identified by ASTER are related to infilling and crosscutting silica veinlets that indicate episodic pulses of hydrothermal activity. To date, anomalous values of gold up to 0.45 gram per tonne have been discovered near the contact between the Paleozoic and Tertiary rocks.
Systematic surface sampling and an IP (induced polarization) resistivity survey are planned to define drilling targets. Trace element distribution, in the sampling results, will provide vectors to guide target definition. The geophysical survey is intended to create a 3-D understanding of the subsurface geometry of the older intrusive host rocks and to identify contrasting resistivity where mineralized zones and controlling feeder structures may be present.
A summary map and cross-sections outlining pertinent features of the property may be found on the company’s website.
Pavel Dubchak, PEng, is the qualified person as defined by National Instrument 43-101 who has reviewed and approved the contents of this news release.
About Silver Pursuit Resources Ltd.
Silver Pursuit is building a diversified portfolio of Nevada assets with a special emphasis on gold. The company continues to define its presence in Nevada with the compilation of data and historic work on a portfolio of 15 prospects acquired by staking and the acquisition of the East Bell. The company continues to hold mineral leases located in the Northwest Territories, where historic expenditures were more than $5-million.