Copper Road Resources Inc. (
TSXV: CRD)
(“
Copper Road” or the “
Company”)
is pleased to announce an update on its 2022 exploration activities
and a preview of 2023 exploration plans at the 21,000-hectare
Copper Road Project located 80 km north of Sault St. Marie,
Ontario, Canada.
Highlights:
- Tribag Mine Zone 2022 diamond drilling
program: a total of 3,000 metres of step-out diamond
drilling was completed in the former Tribag Mine area which
extended near-surface copper mineralization at the Breton and East
Breccias
Breton Breccia: TR22-06: 100 m @ 0.32% Cu, 2.99
g/t Ag (0.35% Cu Eq) from 18-118 m |
East Breccia: TR22-07: 66 m @
0.22% Cu, 2.94 g/t Ag, 0.02% Mo, 0.36 g/t Re (0.36% Cu
Eq) from 69-135 m |
|
- Regional Exploration Fall 2022:
- The Company executed a successful regional exploration campaign
of geological mapping and geochemical sampling. The Company
completed 120 lake sediments, 11 reconnaissance MMI (Mobile Metal
Ion) soil samples and stream silts to validate new regional
geophysical targets. The Company is currently compiling 2022
geochemical analytical results and digitizing historical
geochemical results in order to create a comprehensive database
across this extensive project.
- The Company has identified additional drill ready porphyry and
breccia Cu-Mo-Au-Ag targets across the district which are discussed
in detail below. The company plans a summer drill program based on
analysis of a voluminous historical database of DDH, Geophysics and
Geochemistry combined with recent 2022 regional exploration
results.
- 2023 Program: the “JR Zone” (Jogran Porphyry
and Richards Breccia) is approximately 10 kilometres southwest of
the former Tribag Mine and contains mineralized surface breccia and
surface porphyry targets. Examples of significant drill intercepts
at the Richards Breccia (Aurogin, 1997) include:
AR98-07: 27m @ 1.46% Cu, 0.17 g/t Au, 3.8 g/t
Ag |
AR97-25: 40m @ 0.86% Cu, 0.06 g/t Au, 3.5 g/t
Ag |
Figure 1: Copper Road Project
Figure 2: Copper Road Regional View
JR Zone: the JR Zone has seen limited shallow
diamond drilling into known copper/gold mineralization with surface
porphyry and breccia hosted Cu-Mo-Au-Ag. The targets are
approximately 1 kilometre apart and have seen no exploration since
1998.
Figure 3: JR Zone Long Section
A. Jogran Porphry Target
The Jogran Porphyry target is a quartz monzonite porphyry
intrusion emplaced into Neoarchean mafic metavolcanic rocks. The
Jogran Porphyry intrusion is exposed at surface and open at depth.
Historical drilling by Phelps-Dodge in 1958 and re-sampling by
Noranda in 1992 demonstrated consistent copper mineralization to a
drilled depth of 150 m. (Figure 3). Upcoming drilling will test
depth, grade and possible extensions of the Jogran porphyry towards
the Richards breccia.
Figure 4: Jogran Porphyry Target: Noranda
Resampling
B. Richards Breccia Target
The Richards Breccia target is a significantly mineralized
Cu-Au-Ag bearing breccia body that is both open laterally and at
depth. The copper-bearing Tribag breccia pipes are similarly
intrusion related, and likely formed contemporaneously with the
Jogran porphyry. The target has only been drill tested to a depth
of 80 m. returning historical intersections of AR98-07: 27m @ 1.46%
Cu, 3.8g/t Ag, 0.17g/t Au (from 36-63 m) and AR97-25: 40.5m @ 0.86%
Cu, 0.06 g/t Au, 3.5 g/t Ag (from 42.5-83m).
Figure 5: Richards Breccia Target: Superior
Copper Resampling
Tribag Mine ZoneThis zone consists of 6 known
mineralized breccia pipes of which the Breton, East and West
breccias were previously mined by Tribag Mining Company and Teck
Resources Limited from 1966-1972. Due to a downturn in the copper
market in 1972, production ceased, and the mine was closed to
staking from 1974-2008.
Figure 6: Tribag Mine Zone
The Tribag breccia pipes are associated with late Keweenawan
felsic porphyry intrusions and have transected both the thick
Keweenawan mafic volcanics as well as the older Archean
granite-greenstone terrane. Hydrothermal alteration within the
pipes occurs adjacent to fractures and becomes more pervasive at
depth. The breccias contain large tonnages of near-surface Cu-Mo-Ag
mineralization as per historical estimates from Teck Resources.
Historical drill logs note the Breton Breccia extends to a 700 m
depth and the East Breccia to an 800 m depth.
Teck Resources 1972 Historical Estimates:Breton
Breccia: 40 million tons @ 0.40% CuEast Breccia: 125 million tons @
0.13% Cu, 0.05% Mo
These are non-NI 43-101 compliant historic estimates
which should not be relied upon, and are presented for historical
information purposes only
2022 Drill Tribag Mine Zone Drill Results
The Company completed 3,000 metres of diamond drilling in the
Tribag Mine Zone confirming lateral extension of both targets while
returning lengthy intersections of Cu-Ag mineralization at the
Breton Breccia, and Cu-Mo-Re-Ag mineralization at the East Breccia.
The Breton Breccia is open to the southwest, and the East Breccia
to the west towards the Creek Zone which may contain the central
location of the causative porphyry intrusion as demonstrated in
historic drill hole AR98-03 which intersected altered porphyry at
shallow depth.
Breton Breccia Drill Highlights |
TR22-03: 60 m @ 0.29% Cu, 3.51 g/t Ag
(0.32% Cu Eq) from 16-76 m |
TR22-06: 100 m @ 0.32% Cu, 2.99 g/t Ag
(0.35% Cu Eq) from 18-118 m |
Including 7 m @ 1.02% Cu, 8.39 g/t Ag |
East Breccia Drill Highlights |
TR22-07: 66 m @ 0.22% Cu, 2.94 g/t Ag, 0.02% Mo,
0.36 g/t Re (0.36% Cu Eq) from 69-135 m |
TR22-08: 48 m @ 0.27% Cu, 4.84 g/t Ag, 0.01% Mo,
0.37 g/t Re (0.37% Cu Eq) from 34-82 m |
9 m @ 0.60% Cu, 6.83 g/t Ag, 0.15% Mo, 0.56 g/t Re
(1.47% Cu Eq) from 330-339 m |
|
Copper Road Resources President/CEO John Timmons comments, “We
are pleased with our first drill campaign at the Tribag Zone, the
program confirms that the Breton and East breccias are both open
laterally and at depth for expansion. The combination of near
surface copper, large historical tonnage estimates and multiple
untested targets confirm the potential of the Tribag Zone.
The JR Zone is an exciting opportunity with near-surface
high-grade breccia hosted copper located one km from porphyry
copper-molybdenum mineralization at surface. Both targets have seen
limited exploration and are open at laterally and depth.
We are excited about compiling the incoming 2022
geochemical results and digitization of historic geochemical
surveys, to be released in the next few weeks to further de-risk
known and prospective targets.
We have near-surface copper, 20 km from the TransCanada in a
tier-one mining jurisdiction with multiple discovery opportunities.
In 2023, shareholders can expect the company to advance the Tribag
and JR Zones with targeted geophysics and diamond drill programs in
conjunction with additional regional greenfields exploration.”
Qualified Person
Mr. Augusto Flores IV, P.Geo., a qualified
person for the purposes of National Instrument 43-101, has reviewed
and approved the technical disclosure contained in this news
release.
For further information, please contact:
Mr. John Timmons
President/CEO and DirectorCopper Road Resources
Inc.Cellular (416) 931 2243Email: jtimmons@copperroad.caWeb:
www.copperroad.ca
Copper Road Resources Inc. is a Canadian based
explorer engaged in the acquisition, exploration and evaluation of
properties for the mining of precious and base metals. The Company
is exploring for large copper/gold deposits on the 21,000-hectare
Batchewana Bay Project 80 km. north of Sault St. Marie, Ontario,
Canada.
Caution Regarding Forward-Looking
InformationThis news release contains forward-looking
information that involves substantial known and unknown risks and
uncertainties, most of which are beyond the control of Copper Road.
Forward-looking statements include estimates and statements that
describe Copper Road Resource’s future plans, objectives or goals,
including words to the effect that Copper Road Resources or its
management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as
“believes”, “anticipates”, “expects”, “estimates”, “may”, “could”,
“would”, “will”, or “plan”. Since forward-looking statements are
based on assumptions and address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Although these statements are based on information currently
available to Copper Road Resources, the Company provides no
assurance that actual results will meet management’s expectations.
Risks, uncertainties and other factors involved with
forward-looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking information.
Forward looking information in this news release includes, but is
not limited to, the Company’s objectives, goals or future plans,
statements, details of the exploration results, potential
mineralization, Copper Road Resource’s treasury, management team
and enhanced capital markets profile, the estimation of mineral
resources, exploration and mine development plans, timing of the
commencement of operations and estimates of market conditions.
Factors that could cause actual results to
differ materially from such forward-looking information include,
but are not limited to, failure or inability to complete the
Offering on disclosed terms or at all, regulatory approval
processes, failure to identify mineral resources, delays in
obtaining or failures to obtain required governmental, regulatory,
environmental or other project approvals, political risks,
inability to fulfill the duty to accommodate First Nations and
other indigenous peoples, uncertainties relating to the
availability and costs of financing needed in the future, changes
in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects, capital and operating costs varying significantly from
estimates and the other risks involved in the mineral exploration
and development industry, and those risks set out in the Company’s
public documents filed on SEDAR. Although the Company believes that
the assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all.
Copper Road Resources disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than
as required by law.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this news release.
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