VANCOUVER, British Columbia, March 12, 2012 /CNW/ - Olympic Resources (TSX-V: OLA) and YES Exploration Syndicate announce results of the work program conducted in September and October 2011 (the "Program") on the 4,384 hectare SUN Property (the "Property"), which is located within the Carmacks Caldera, a newly discovered 60km by 100km volcanic-related subsidence structure formed in the Late Cretaceous period and visible in Landsat images. The central part of the caldera is a low-lying unglaciated area of the Yukon Plateau. Whitehorse, the regional center for supplies and personnel, is 124km southeast of the south side of the caldera, accessed via the paved Klondike Highway.
The principal targets on the SUN property are epithermal gold-silver and/or porphyry copper-gold deposits. The Property is immediately adjacent to the east side of the Mt. Nansen high grade gold-silver mine (556,500 tonnes grading 11.93 g/t gold and 211 g/t silver).
2011 SUN Program Highlights
- 204 geochemical soil samples, concentrated in the northeastern portion and covering approximately 10% of the property;
- 19 rock samples, along with approximately 13 km of prospecting and reconnaissance geological traverses on the Property;
- Gold values in soils ranged from <0.005 to 0.06 ppm; three samples of 0.050, 0.055, 0.060 were in the 99th percentile (All soil results from YES Yukon work programs carried out in 2011 were statistically analyzed. Values in the 99th percentile represent the top 1% of all soil results returned);
- The Property was observed to have similar lithological and geophysical similarities to the nearby and adjacent gold deposits;
- Samples returned elevated values for arsenic and antimony, which are pathfinder elements commonly associated with hydrothermal-type mineralization, and
- The SUN Property originally consisted of 160 claims totalling 3,341 hectares. During the 2011 work program, a rhyolite dome showing epithermal silicification and alteration was discovered outside the Property boundary. Further staking was carried out to cover the discovery, bringing the SUN Property to its current size.
The rhyolite dome appears to have a northwest-trending contact with basement rocks. Northwest-trending structures are commonly associated with gold mineralization in Yukon, and are present in the adjacent Mt Nansen deposit, which produced 21,600 oz of gold and 76,700 oz of silver between 1996 and 1999.
Additional work for the property is planned for the 2012 exploration season. The recommended programs have the objective of outlining potentially economic gold mineralization and have been divided into Phase 1 and Phase 2 work. Phase 1 work recommendations consist of continued soil sampling, geological mapping, and a geophysical ground magnetic survey. The estimated cost is $520,000.
Phase 2 work is contingent upon Phase 1 work identifying suitable targets. Work would include, trenching, shallow drilling, a geophysical IP survey, and diamond drilling to test targets at depth. The estimated cost is $1,160,000.
Edward D. Harrington, B.Sc (Geology) and P.Geo supervised the work program for 2011 on the Property and has read and approved of the technical disclosure in this news release. A full copy of the technical report as required by NI 43-101 can be found on the Company's profile on www.sedar.com.
On behalf of the Board,
Olympic Resources Ltd.
CEO & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Olympic Resources Ltd
595 Howe Street, Suite 602
Vancouver, BC V6C 2T5
Telephone: (604) 629 7083
Fax: (604) 629 7084
SOURCE Olympic Resources Ltd