Shamrock Enterprises Inc. [SRS-CSE] is currently raising exploration funds for its projects in northern British Columbia, including a $250,000 private placement and a $400,000 flow-through unit offering.
Funds will be used to explore its three projects that include the company’s 100%-owned flagship Stellar copper project located in the Nechako area of the Bulkley Valley about 57 km southwest of Houston in north-central BC. The 2,344-hectare Stellar claim group is contiguous to the west, north and east of the Stars porphyry-style copper discovery reported by ML Gold Corp. [MLG-TSXV] that returned 0.45% copper (0.50% CuEq) over 204 metres, including 1.02% CuEq (0.93% Cu) over 40.2 metres from surface.
On June 19, Shamrock acquired another 15,372 hectares (the Bulkley Project) contiguous to the Stellar property, bringing the company’s land holdings at Stellar to 17,715 hectares.
Charles J. Grieg, P.Geo., a Director of Shamrock, stated, “Speculatively, Shamrock’s northern tenures are believed to cover intrusive rocks, marked by airborne magnetic highs, which could host mineralization. These will be the main targets for this season’s exploration in the area.”
The Stellar property covers the northern and eastern extensions of geology, structural setting and positive magnetic signature that characterize the ML Gold Stars Project discovery. As such, Shamrock will begin its exploration program with geophysical surveys to identify drill targets.
Also in the Bulkley Valley, 100 km southeast of Smithers, Shamrock has an option to acquire a 100% interest in the Topley-Richfield gold/copper/silver/lead/zinc project. The 2,313-hectare project hosts a number of old mine workings, shafts, trenches and drilling. The property has a reported “historic” reserve of 170,000 tonnes grading 3.5 g/t gold and 161 g/t silver (Ref B.C. AR# 17374, Esso Minerals of Canada, April 1988). The property is accessible year round via highways and Holmes Creek Forest Service Road which provides the best access for heavy equipment to the property.
The Topley-Richfield property features some 1,500 metres of underground workings on two levels. Over 8,000 metres of drilling has been completed and old trenches are visible. Some past significant drill results include 3.89 g/t gold and 218 g/t silver over 4.62 metres as well as 6.26 g/t gold and 195 g/t silver over 7.05 metres.
Only 12% of the property has been explored to date. A VTEM geophysical survey is planned.
In BC’s prolific Golden Triangle region 22 km northeast of Stewart, Shamrock has a 100% option to acquire the Portland Project that is contiguous with the Pretium Resources Inc. [PVG-TSX, NYSE] southern claim border. Fortuitously, a 138Kv powerline transects the property. The southern part of the property is road accessible.
For this exploration season, Shamrock is planning mapping, searching for other old known underground workings and small-scale geophysical surveys. At the Portland showing, an old adit grab sample returned 8.6 g/t gold and 432 g/t silver (GSC Canada report). At the Victor showing adit dump, a grab sample assayed 583 g/t silver, 44% lead, 22% zinc and trace gold (Minister of Mines 1910 report). There has been no modern exploration on the claims.