The Keepsake occurrence is part of the Iron Range showings, located near the crest of the ridge that is west of and parallel to the Goat River. The location is centred on an early 1920s opencut within the southern portion of the Keepsake claim, at the headwaters of Crackerjack Creek.
The regional geology, deposit description and local geology for this occurence is similar to that of the American Flag occurrence (082FSE016) which lies approximately 1500 metres to the north.
The hematite is partly massive and partly a mixture of minute grains of quartz in a hematite matrix. This zone is hosted in the Middle Proterozoic Middle Aldridge Formation along the north trending, subvertical Iron Range fault zone. The Aldridge Formation in the vicinity of the showings consists of well bedded quartzofeldspathic wacke, laminated siltstone and quartzite, intruded by the Middle Proterozoic Moyie intrusions (gabbro).
At this occurrence, the iron zone is 2.4 metres wide at the north end and 1.2 metres at the south end. A sample taken across 2.4 metres of iron mineralization contained 46 per cent iron (Geological Survey of Canada Economic Geology Series 3). Quartz veining is common in the immediate area and the surrounding country rock has a brecciated appearance.
The original Iron Range prospect was discovered and staked in 1897 along an extensive belt of iron oxide showings. In 1939, the Consolidated Mining and Smelting Company of Canada Ltd.—with its parent company, Canadian Pacific Railroad (CPR)—acquired many of the historic Crown grants on the northern part of Iron Range Mountain. The claims were evaluated by CM&S (later known as Cominco Ltd., then Teck Cominco Ltd. and now Teck Ltd.), to assess the potential for a large iron resource. In 1957, Cominco Ltd. completed an extensive trenching program exposing the Iron Range structure and mineralization over more than 4 kilometres strike length. Most of the Iron Range Crown grants were held by Cominco–CPR until 1999, when they were reverted after being held privately for over 100 years. Eagle Plains Resources Limited restaked the original Crown grants on the day they lapsed.
Initial fieldwork by Eagle Plains consisted of a property-scale wide-spaced soil geochemical survey, rock sampling and geological mapping. The work identified iron oxide copper-gold indicators associated with the main Iron Range structure in the area of the historic trenches and along the projections of structural splays. Fieldwork also identified Sedex-style geochemical anomalies along the surface trace of the Lower to Middle Aldridge Contact, the time-equivalent to the Sullivan silver-lead-zinc deposit.
In 2005, Eagle Plains completed four diamond drill holes to test the Lower to Middle Aldridge Contact. All of the holes intersected "Sullivan smoke", including albite and tourmalinite alteration, fragmentals and disseminated and locally laminated and/or bedded sulphides at or near Sullivan time. One of the holes, IR05-003, returned values of 3.83 grams per tonne gold and 46 grams per tonne silver over 2 metres in a fault breccia believed to be a splay from the main Iron Range fault system. Eagle Plains included a high-resolution versatile time domain electromagnetic geophysical survey, detailed soil sampling and trenching (www.eagleplains.bc.ca).
From 2007 to 2009, the exploration focus shifted to evaluating the main Iron Range faults in the area of the historic Cominco trenches. The 2008 drilling by Eagle Plains intersected 51.52 grams per tonne gold and 2.39 grams per tonne silver over 7 metres in a drillhole collared adjacent to the historic O-Ray iron oxide showing. Follow-up drilling by option partner Swift Resources in 2009 intersected 1 metre of 22.5 grams per tonne gold in a drillhole collared in the same area (www.eagleplains.bc.ca).
In September 2010, a two-hole diamond drilling program was initiated and designed to test a potential Sedex target. Hole No. 2 intersected a significant interval located at or near the Sullivan Horizon, containing pervasive tourmaline and albite-altered sediments interlayered with discrete conformable bands of pyrite, pyrrhotite (iron) and chalcopyrite (copper) sulphides (www.eagleplains.bc.ca).
In 2011, Providence Resources Corp. and Eagle Plains Resources Ltd. completed a systematic compilation and analysis of historical soil geochemistry data on the Iron Range property. The analysis confirmed that the property displays an anomalously high background metal endowment and demonstrated that the entire property is prospective for gold mineralization in addition to the traditionally explored Sullivan-style lead-zinc mineralization (V STOCKWATCH, January 17, 2012).
In 2012, a six-week 2411-metre diamond drill program was conducted on the Iron Range property. Highlights included Drillhole IR12-035, which intercepted a 28-metre alteration zone containing elevated gold, silver, zinc, lead and arsenic associated with brittle northeast-trending faults. The best intercept consisted of 7 metres grading 0.19 gram per tonne gold and 1.29 grams per tonne silver (V STOCKWATCH, July 30, 2012).