Copper Road Resources Inc. (
TSXV: CRD)
(“
Copper Road” or the “
Company”)
announces the validation and expansion of the JR Zone (“JR Zone”)
copper-molybdenum porphyry and copper-gold breccia pipe targets at
its 21,000-hectare project, Batchewana Bay Ontario.
The JR Zone, comprising the Jogran Porphyry and nearby Richards
Breccia, is located approximately 12 km from the former Tribag Mine
Zone which the Company drilled in 2022 (see press release October
13, 2022.) The Company plans to expand surface exploration and
drill test the JR Zone in 2023 to establish a second large scale
near-surface mineralized zone at the Copper Road Project. The
Company is excited to be in a unique position to unlock value for
shareholders by continuing to advance both the Tribag and JR Zones
at its potentially district-scale copper project.
Due to fragmented claim ownership and regional staking closures,
the JR Zone has seen limited diamond drilling into these
near-surface porphyry and breccia-hosted Cu-Mo-Au-Ag targets.
Historical exploration at the Richards Breccia and Jogran Porphyry
by Jogran Mines (1964), Phelps Dodge (1966), Duration Mines (1988),
and Aurogin Resources (1997) encountered relatively broad
near-surface intersections of copper mineralization that is
untested below 150 m in the porphyry, and untested below 75 m in
the breccia.
The Company completed three reconnaissance Mobile Metal Ion
(“MMI”) soil sample lines over the JR Zone to evaluate the
potential for an expanded footprint of the mineralized system(s) in
areas outside of known mineralization. Significant Cu and Mo values
in the soil samples demonstrate possible porphyry and/or
breccia-style mineralization along strike between the Richards and
Jogran targets (located 900 m apart on a NE-SW trend), and to the
southeast of Richards, expanding the JR target zone to 1.5 km by
550 m.
Figure 1: Copper Road Project
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/10839564-8b3c-40a1-8cf8-ea6f7ed76f07
Figure 2: JR Zone Long Section
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ca618b29-54e4-45cc-9fea-d0607d441b24
MMI Soil Survey Results
The Company recently received results from its fall 2022
exploration program which collected 11 reconnaissance MMI soil
sample lines over eight historical and newly defined exploration
targets within its’ 21,000-hectare project. The JR Zone contained
strongly anomalous sample results in an area which hosts
drill-indicated porphyry-style Cu-Mo(±W-Ag-Au) mineralization in
the Jogran intrusive and host basalts, and drill-indicated
higher-grade Cu-Au-Ag breccia-style mineralization (similar to the
Tribag Mine) at the Richards occurrence.
Three reconnaissance MMI soils lines were
completed, including one long line (2.2 km) along the presumed
strike trend of the mineralization, and two “wing” lines, one each
directly over the Jorgran Porphyry (1.2 km) and the Richards
Breccia (1.1 km), see Figures 3 and 4. All lines returned strongly
anomalous Cu, Mo, W, Ag and localized Au over the known occurrences
(confirming limited drilling and trenching) but also extending the
anomalies for hundreds of metres in most directions in both Cu and
Mo (anomaly J1), and discovering new Cu anomalies. (J2, and R2 to
R4.). This indicates the potential for a much larger footprint of
the known mineralization, which at this point (with only 3
reconnaissance lines) is as much as 1.5 km along strike and up to
550 m wide (open). Anomalous W and Ag form a broad halo over the
whole system, with local Au strongest at Jogran (J1) and new Target
R4.
Besides responding to the know mineralization,
the expanded anomalies around the JR Zone are equal in strength to
those reported by Heberlein (2010) from MMI test lines completed
over the Mount Milligan and Kwanika alkalic porphyry Cu-Au-Ag±Mo
deposits in British Columbia, so the Company is reasonably
confident that the MMI anomalies at Jogran and Richards represent
valid potential concentrations of metals at shallow depth beneath
the thick overburden cover (2 to 15+ metres) that is common in the
project area.
Figure 3: Copper MMI Results
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b483b249-a7a5-4d9f-b225-ed2a6ae36216
Figure 4: Molybdenum MMI Results
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e08137ea-e647-4d28-8852-e3c1be9ebfba
Ongoing Historical Data Compilation and
Historical Drill Results
The company is currently finishing the
compilation of all historical exploration data, including drill
holes in the area of the MMI anomalies, after a full review of all
drill logs, the initial indications are that all holes proximal to
or within the MMI anomalies intercepted widespread and consistent
Cu±Mo mineralization. The core was subject to minimal sampling.
(e.g., on average only 7.6% of the Phelps-Dodge drill core was
sampled and assayed). The Company believes this was due to
historical copper exploration in the 1960’s-1980’s being focused on
sourcing copper grades above 1%, additionally, in the 1990’s, the
operator was reportedly focussed strongly on gold, so that copper
mineralization was not considered significant. Overall, but
especially in the 1960’s, assays for Au, Ag, Mo and W were rarely
performed, so the value of these potential by-product credits may
increase copper equivalent grades (“CuEq.”) significantly. For
example, the average grade (historical in nature and not 43-101
compliant) of the main holes drilled into the Jogran porphyry in
the 1960’s averaged 0.2% Cu and 0.032% Mo, which at todays’ current
LME spot metal prices (4.01 US$/lb Cu and 21.50 US$/lb Mo)
represent a CuEq grade of 0.37% (assuming 100% recovery and using
the formula CuEq % = % Cu + (% Mo x 5.36).
As part of the compilation, a small Gradient IP
survey completed in 1997 by former operator Aurogin Resources over
the Richards Breccia was digitized. The survey delineates two
distinct ovoid chargeability anomalies (with corresponding
resistivity lows), one of which underlies the known mineralization
at Richards Breccia (Figure 4), and a possibly larger and stronger
anomaly (approximately 145 x 260 m, open to the NW), completely
untested, located approximately 250 m NW of the Richards trench.
The subsurface below the trench was subsequently tested by three
drill holes (AR98-07: 27 m @ 1.46% Cu, 0.17 g/t Au, 3.8 g/t
Ag, AR97-25: 40 m @ 0.86% Cu, 0.06 g/t Au, 3.5 g/t Ag, AR97-24,
13.7 m @ 0.64% Cu, 0.06 g/t Au) that are located at the
north edge of the second chargeability high (approximately 190 m
wide) that extends SE for 130 m before trending off the survey
grid. A third chargeability high is located at the east end of the
grid but is so far only a two-station response on the south-most
line and remains to be fully delineated.
Figure 5: JR Zone Gradient IP Chargeability –
1997
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e74ab44d-1a84-4dde-9533-e02445bf7014
Copper Road Resources President/CEO John Timmons
comments “The validation and expansion of the JR Zone confirms the
potential of these near-surface Cu-Mo-Au-Ag zones which have seen
limited modern systematic exploration and diamond drilling. The
Company is planning further exploration and drilling in 2023 to
develop and de-risk the JR Zone targets, as well as expanding
regional exploration to further enhance additional mineralized
porphyry and breccia targets that have been identified through
historical data compilation over this large project area. This
includes the results of additional MMI reconnaissance lines that
were sampled in 2022, currently being evaluated, that will be
released in our next update in a few weeks.”
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 TimmonsPresident/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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