Golden Sky Minerals Corp. [AUEN-TSXV], through staking and property purchases, has acquired the approximately 11,000-hectare Rayfield copper-gold property in Southern British Columbia. With the acquisition of the ~505-hectare Rayfield 001 and ~80-hectare Owen properties, Golden Sky has consolidated its Rayfield property. Both properties are located within the staked boundary of the Rayfield Property, which will be 100% owned by Golden Sky with no underlying royalties.
The Rayfield Project is located in the Quesnel Trough approximately 20 km east of the Town of 70 Mile House and is accessible year-round by well-maintained service and logging roads extending from BC Highway 97.
The Rayfield property contains the Late Triassic alkalic Rayfield River Pluton, speculated to be part of the highly prospective Late Triassic Copper Mountain Magmatic Belt, which includes the Copper Mountain, New Afton and Mount Polley copper deposits.
Historic exploration on the property has been largely constrained to a ~505-hectare zone with an extensive copper-gold porphyry system outlined by soil sampling, drilling, and shallow-penetration radiometric and IP geophysical surveying.
In 1989, a 34 line-km Induced Polarization survey on the Rayfield property outlined several chargeability “high” zones, which were subsequently tested by drilling programs in 1989, 1990, and 2008. Importantly, due to the shallow response of the survey (limited to ~125 m depth), these anomalies are interpreted to remain open to depth.
Exploration drilling from the 1970s to the early 2000’s totalled just 60 holes (7,774.2 metres), with the majority of the holes being shallow percussion holes typically <60 metres in depth. Historic drilling outlined a broad footprint (~450 m x 2,100 m) of low-grade copper mineralization and hydrothermal alteration suggesting a very robust copper-gold porphyry system.
A 1989 exploration program of 8 diamond drill holes totalling 1,141 metres returned 0.18% copper and 71 ppb gold over 33.9 metres; 0.14% copper and 30 ppb gold over 66.7 metres.
John Newell, President and CEO, stated, “The Rayfield copper-gold property is a quality project with immediate exploration upside and the potential to delineate a major copper-gold porphyry system.”
Golden Sky signed a property purchase agreement to acquire a 100% interest in the Rayfield 001 property, subject to regulatory approval. Terms are a cash payment of C$3,000 upon signing, a cash payment of C$5,000 30-days after signing and 20,000 Golden Sky common shares.
Golden Sky also signed a property purchase agreement to acquire a 100% interest in the Owen property subject to customary conditions. Terms sre a cash payment of C$1,000 upon signing.
Newell added: “The acquisition of the contiguous Rayfield 001 and Owen claims extends our Rayfield project area. The Rayfield 001 property is where most of the historical drilling has taken place in the past and is where the potential for large-scale copper-gold porphyry mineralization was first defined. The historical work conducted on Rayfield 001 will act as a staging point in the property-wide search for the high-grade core areas of the copper-gold porphyry system.”
Golden Sky is planning an exploration and drilling program for 2021.
In mid-day trading on May 18, Shares gained $0.135 to $0.495, or 37.5%, on a volume of 87,100.