Discover, Develop, Operate

Overview

Ruddock Creek is a high grade zinc-lead project, located 155 km NE of Kamloops, BC. The property encompasses 22,195 hectares, consisting of 43 mineral claims. Project development will be an underground mining operation. Project permitting was initiated in July 2014 with the submission of the Project Description to the BC Environmental Assessment Office (BCEAO). In October 2014 the BCEAO issued a Section 11 Order which established the formal scope, procedures and methods for the environmental assessment of the Ruddock Creek project. In February 2016, the BCEAO office accepted the Valued Component Summary report submission identifying components of the project requiring special focus in future studies. During 2016 and 2017, the Company conducted baseline data collection and monitoring well testing in support of the environmental assessment process.

The Ruddock Creek project is operated by way of a joint venture with Imperial (50%), Mitsui Mining and Smelting Co. Ltd. (30%) and Itochu Corporation (20%). Imperial operates the project through its wholly owned subsidiary Ruddock Creek Mining Corporation.

2018 Exploration

Japan Oil, Gas and Metals National Corporation agreed to fund Imperial’s share of the 2018 drill program, and upon completion of the program has the assignable right to be vested in an approximate 1.57% Participating Interest in the joint venture. At that time, Imperial’s interest will be reduced to approximately 48.43%.

The planned three hole drill program targeted the deep extension of the V-Zone. Results from the first surface diamond drill hole RD-18-V41, included 21.7 metres grading 16.99% zinc and 3.44% lead and 2.41g/t silver, which included 10.4 metres grading 25.70% zinc and 5.41% lead and 3.44 g/t silver.

The drill hole targeted the V-Zone mineralization 425 metres below surface and about 300 metres below the deepest previous mineralized intercept in the zone.Drill hole RD-18-V41 was collared near the valley floor of Oliver Creek at an elevation of approximately 1,191 metres above sea level and drilled to a final depth of 828.8 metres.

The V-Zone is located near the western edge of the Ruddock Creek massive sulphide horizons, which have an indicated strike length of about five kilometers, and is approximately two kilometers west of the Creek Zone, the nearest zone of detailed drilling.Little or no exploration drilling has been conducted along the intervening section of the horizon. The V zone strikes east west and dips at about 70 degrees to the north. The zone had been traced with surface showings and by shallow drilling for a horizontal distance of about 700 metres, and with this recent intersection to a depth of approximately 425 metres.

Hole # Total
Length (m)
Interval
From (m)
Interval
To (m)
Interval
Length (m)
Estimated
True Thickness (m)
Zinc
(%)
Lead
(%)
Silver
(g/t)
RD-18-V41 828.8 751.5 784.4 32.9 32.7 12.01 2.47 1.74
including 751.5 773.2 21.7 21.5 16.99 3.44 2.41
and 756.9 767.3 10.4 10.3 25.70 5.41 3.44

Due to the steep terrain long, nearly flat drill holes from near the valley bottom were designed to test the zone at depth.Hole RD-18-V41 was drilled using an underground diamond drill rig bolted to a road accessible cliff face at an azimuth of 27 degrees and a dip of plus 10 degrees.Core size was HQ to a depth of 450m when the core size was reduced to NQ size, the hole was drilled to a final depth of 828.8 metres.

The decision to drill test the V-Zone at such a depth beneath the nearest intercept was supported by the highly predictable nature of the zinc-lead mineralization intercepted in the shallower helicopter supported surface diamond drill holes, electromagnetic and magnetic geophysical anomalies, and a re-interpretation of the geology.The V Zone in hole RD-18-V41, which was projected to be intersected at a depth of 750 metres, was intercepted at 751.5 metres confirming the anticipated predictability of the zone at depth. The highest grades previously intersected in the V Zone were in holes RD-12-V38, which intercepted 17.77% zinc and 3.72% lead over a true width of approximately 7.6 metres and RD-12-V40, which intercepted 10.00% zinc and 1.80% lead over a true width of approximately 10.9 metres.

Drilling of the second and third holes is in process.

Jim Miller-Tait, P.Geo., VP Exploration is the designated Qualified Person as defined by National Instrument 43-101 for the exploration program, and has reviewed and approved disclosure relating to drill hole RD-18-V41. Ruddock Creek samples for the 2018 drilling reported were analysed at Bureau Veritas Mineral Laboratories in Vancouver. A full QA/QC program using blanks, standards and duplicates was completed.

Update Oct | 2018
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