The target at Spius is a copper-molybdenum-gold porphyry deposit. The property is located in BC’s Quesnellia Terrane, host to numerous significant porphyry deposits including Highland Valley, Copper Mountain, Prosperity, Afton, Ajax, Gibraltar, Mt Polley and Mt Milligan.
The Spius Property comprises 6 mineral claims covering 2,101 hectares.
The Property is road accessible and located in southwestern British Columbia, 40 km southwest of Merritt, along the eastern edge of the Coast Mountains. Elevations range from 800 to 1,940 m. The claims cover a south facing slope overlooking the upper Spius Creek, which empties into the Nicola River near Merritt. Most of the rock outcrop is limited to the higher elevations and creek valleys. The Property is located 65 km SSW of Highland Valley and 85 km NW of Copper Mountain. Depending on elevation, seasonal exploration surveys can commence from about late May and normally end by late October. Drilling can be conducted year-round.
The regional geological framework is prominently marked by the Fraser River--Straight Creek fault system, representing a suture-like zone between two accreted terranes (Cadwallader and Bridge River terranes). This has produced a zone of ductile deformation favourable for hosting mineralization. The general claim area is underlain by the Mount Lytton Complex, a major, 160 km long intrusive complex trending northwest through central British Columbia. About 6 miles to the west, the granitic rocks are in fault contact with sediments of the Lower Cretaceous Jackass Mountain group.
The central part of the area is mostly underlain by the Eagle Granodiorite of Jurassic or later age. Based on field relations, the unit is interpreted to pre-date copper mineralization on the Property. Sulphide minerals, mostly pyrite, occur as disseminations and fracture coatings throughout the Eagle Granodiorite. Small, irregular, quartz-feldspar pegmatite bodies intrude the Eagle in several areas, some of which are mineralized.
A quartz-feldspar porphyry plug (QFP) intrudes the Eagle Granodiorite near the upper end of the Central Copper Anomaly. An intense quartz stockwork with minor sulphide cuts the feldspar porphyry. This may be the locus of mineralization in the area. Lamprophyre and felsic dykes intrude the older intrusions but are of minor importance.
A float boulder was discovered in 2016 assayed 2.53% Cu. It displayed intense potassic and sericitic alteration in a unique, unfoliated intrusive lithology that may represent the causative mineralizing intrusive, however the bedrock source of this sample has yet to be located.
Pyrite is widespread throughout the property, including an outcrop of breccia composed of coarse angular fragments of altered granodiorite and quartz feldspar porphyry, with pyrite throughout. In places chalcopyrite is associated with the pyrite, mostly noted in and near fractured rock veined with quartz-K-feldspar. Molybdenite has been noted associated with chalcopyrite and chalcocite within quartz veins at the Gossan Zone. Malachite and azurite oxidation typically coats copper mineralized exposures.
The strongest alteration observed was at the Gossan Zone, within the pyrite halo, where phyllic alteration was observed throughout as both fine-grained sericite as well as large flakes of secondary muscovite accompanying silicification, quartz-sulfide veining, and pyrite. Minor potassic alteration was also observed at the Gossan Zone, mostly restricted to vein selvages as growths of secondary biotite as well as a pink hue around the veins.
Within the Central Copper Anomaly, altered float rocks were found with pervasive phyllic and potassic alteration. This includes a pervasively silicified and sericitized rock cut by a quartz-pyrite “D-vein”, with a quartz-sericite selvage. Also located in the same area was a set of “Early Dark Mafic” or “EDM” veins cutting a malachite-stained and weakly k-spar altered intrusive rock.
Pervasive k-spar and sericite alteration also occurs within float boulders mineralized with disseminated chalcopyrite and bornite, assaying 2.53% Cu and 1.43% Cu, located within the upper portions of the Central Copper Anomaly.
The terms of the option agreement allow Pacific Ridge to earn a 100% interest in the Spius property by making payments of $210,000, issuing 1,000,000 shares and completing $800,000 in exploration by December 31, 2020. The agreement is subject to a 1% NSR to the property vendor, half of which can be purchased for $1.5 million, as well as an underlying 2% NSR, of which the Company has the right to buy down half for $1.5 million. In addition, bonus payments are payable upon certain advanced development mileposts. The underlying vendors of the Spius property include KGE Management Ltd., a company controlled by Gerald Carlson, President and director of the Company, as to a 25% interest.
The Company plans an IP survey to update and expand the earlier (1970’s) survey, additional soil sampling and geological mapping. The results of this work will be used to define targets for a drill test of the Central Copper Anomaly.