VANCOUVER, BC, Feb. 9, 2022 /CNW/ – CopperCorp Resources Inc. (TSXV: CPER) (“CopperCorp” or the “Company”) is pleased to announce that applications for 6 Exploration Licenses (“ELs”) in western Tasmania were recently granted. The newly granted ELs add 1,208km2 in new mineral tenement holdings at the Company’s 100%-owned Alpine and Skyline projects in western Tasmania, Australia. Total combined tenement holdings over the projects are now 1,400 km2 (see Table 1). Each EL expires 5 years following the grant date.
Total Area km2
Table 1. Summary of CopperCorp’s new and existing granted exploration licenses in western Tasmania, Australia.
Stephen Swatton, President and CEO of CopperCorp commented, “These new exploration licenses granted to CopperCorp put the Company in a dominant position over highly prospective yet under-explored terranes in western Tasmania. These holdings underpin CopperCorp’s strategy targeting district-scale discoveries. We’re very excited about our upcoming exploration programs focused on copper and also targeting other base and precious metals. This area of Tasmania has a long history of discovery and mining. Based on our review and interpretation over this region we are very encouraged by the discovery potential over these land holdings. In 2022 we are proceeding with drilling several of our more advanced targets and our ongoing work will be focused on continuing to build our pipeline of drill targets over this large and prospective land package.”
All exploration licenses detailed in Table 1 are held by CopperCorp’s 100% owned Australian subsidiary, Georgina Resources Pty Ltd.
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Figure 1. Location plan showing CopperCorp’s exploration licenses and project areas in western Tasmania, Australia.
About Western Tasmania
Western Tasmania is an established mining region located within a low-risk, stable jurisdiction with a long, 150-year exploration and mining history. The region is rich in diverse mineral resources with large-scale multi-generational mines, established infrastructure, local skilled labor, and rail-to-port networks. The region is supplied by 100% renewable energy.
About the Alpine Project
The Alpine Project is located on the Neoproterozoic-Cambrian Arthur Metamorphic Complex (AMC), a regional-scale metamorphic structural deformation zone that is host to widespread magnetite-sulphide-silicate alteration and mineralization indicative of a large Iron Oxide Copper Gold (IOCG)-style system and includes the Savage River magnetite mine (498 Mt @ 46% DTR magnetite (Grange Resources Limited, 2021)) and CopperCorp’s advanced exploration Alpine copper prospect. With the new granted licenses, the Alpine Project now covers a total of 1,066 km2 along 100 km of strike length over the AMC and adjacent areas and establishes CopperCorp as the dominant ground holder in the district.
The Company is currently undertaking infill drilling and ground exploration programs at the advanced Alpine prospect (our initial target on the larger Alpine Project) where wide spaced historical drilling delineated IOCG-style mineralization over a 700m strike length with significant drill hole intercepts including
- AP004: 28.1m @ 1.0 % Cu from 58.7m and 41.3m @ 0.3% Cu from 111.6m
- AP007: 62.7m @ 0.5% Cu from 62.7m.
Recently completed ground exploration activities at the Alpine prospect include soil and stream sediment sampling programs and a detailed ground gravity survey, designed to assist with the identification of priority exploration drilling targets to extend the mineralization footprint at the prospect and surrounding areas. Results from these programs are currently being finalized. Receipt of initial assay results from the Company’s drilling at Alpine prospect is anticipated within the month.
The Alpine prospect is located 30 km northwest of the local mining hub of Zeehan and within 5 km of two large-scale operating wind and hydro-electric renewable energy projects.
About the Skyline Project
With the new granted licenses, the Skyline Project comprises 2 exploration licenses covering a total of 334 km2 of prospective ground along the eastern margin of the highly mineralized Cambrian calc-alkaline volcanic arc of the Mount Read Volcanics belt. Two large-scale operating mines lay within 5 km of the project – the Mt Lyell Cu-Au deposit (3 Mt Cu and 3 Moz Au @ 1.0% Cu and 0.3g/t Au), and the Henty Au deposit (1.64 Moz Au @ 12.5 g/t Au) (Seymour et al, 2007). The Company is currently preparing to commence field exploration programs over high-priority targets.
The Skyline prospect is located 10 km northeast of the local mining town of Queenstown and with 10km of operating hydro-electric renewable energy projects.
CopperCorp is a mineral exploration company targeting world class copper-gold discoveries in western Tasmania, Australia. The Company is well-positioned to fund its exploration efforts with a cash balance of approximately $10.5 million. The Company maintains a head office in Vancouver, British Columbia, and a field office in Zeehan, Tasmania.
Grange Resources Limited, 2021. Update to Savage River Mineral Resources and Ore Reserves, ASX Release 31 March 2021.
Seymour, D.B., Green, G.R., and Calver, C.R. 2007. The Geology and Mineral Resource of Tasmania: a summary. Geological Survey Bulletin 72. Mineral Resources Tasmania, Department of Infrastructure, Energy and Resources Tasmania.
Quality Assurance / Quality Control
Full information on historical exploration activities and results at the Alpine property are included in the Technical Report (NI 43-101) dated 18 April 2021. True widths of historical drill hole intercepts are yet to be determined. Reported intervals are calculated as length weighted intercepts using a 0.3% Cu lower cut-off grade.
The Company’s disclosure of technical or scientific information in this press release was reviewed and approved by Sean Westbrook, VP Exploration for the Company. Mr. Westbrook is a Qualified Person as defined under the terms of National Instrument 43-101.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements in this news release include, but are not limited to, statements regarding the discovery potential over the Company’s land holdings; that in 2022 the Company is proceeding with drilling several of its more advanced targets and the ongoing work will be focused on continuing to build the Company’s pipeline of drill targets over the large and prospective land package; that receipt of initial assay results from the Company’s drilling at Alpine prospect is anticipated within the month; and that the Company is currently preparing to commence field exploration programs in respect of the Skyline Project over high-priority targets. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including risks related to: that the Company may experience difficulties in drilling and carrying out related work; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information, and other risks and uncertainties. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE CopperCorp Resources Inc.