VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 11, 2016) – Copper North Mining Corp. (“Copper North” or the “Company”) (TSX VENTURE:COL) is pleased to announce additional results from infill drilling at the Carmacks Cu-Au-Ag project, Yukon, Canada. Following up on successes in the Phase 1 drilling completed in July and August, the Company conducted Phase 2 drilling in October and November. Copper North believes that the exploration successes of 2015 demonstrate the potential to significantly expand known oxide mineral resources on the Carmacks Cu-Au-Ag property.
Phase II, comprised drill holes CN15-23 to CN15-34, encountered oxide copper mineralization in each drill hole. The 12 holes intercepted near surface oxide copper mineralization at the south end of Zone 13 and the north end of Zone 12. Phase II drilling has expanded the known area of copper mineralization in Zones 12 and 13. The zones remain open along strike at each end and are open to depth.
Phase II Drilling Highlights
Zone 12 and 13 Drilling
Zone 13 drilling is located approximately 700 metres south-east from the edge of the proposed open-pit for Zones 1, 4, 7 and 7A. Zone 12 is located 200 metres along strike to the south of Zone 13. It is unclear whether the gap between zones 13 and 12 will connect as a continuous zone.
Zone 12 and Zone 13 mineralization is not included in the Measured and Indicated resource of 11,980,000 tonnes grading 1.07 % total copper, 0.86% acid-soluble copper in Zones 1, 4, 7 and 7A (see Preliminary Economic Assessment filed on May 30, 2014). Copper North has completed sufficient definition drilling in Zones 12 and 13 to prepare a resource estimate for the drill area.
The new mineralized intercepts from the 12 holes are within 70 metres from surface. Assays for oxide copper and sulphide copper mineralization are summarized in Table 1. Intercept grades of up to 0.6% acid-soluble copper demonstrate attractive grades for near-surface oxide copper mineralization in Zones 12 and 13 that have the potential to be mined with a low strip-ratio.
Estimated true widths vary but based on geological interpretation of cross-sections, true widths are estimated to be typically 80% to 90% of the intersected widths. The drill hole locations, dip angles and azimuths can be found, along with maps and cross sections, on Copper North’s website: www.coppernorthmining.com.
New Resource Estimation
The Phase II drill results will be added to drill holes CN15-09 to CN15-22 completed in Phase I drilling (see September 8, September 23, October 22, 2015 news releases). The new resource estimate also includes drilling in Zone 2000S (see September 8, 2015 news release) and historical drill holes. The new resource estimate is in progress and has the potential to increase the resources and the life of the proposed mine. Previous estimates of resources do not include mineralization from zones 12, 13 and 2000S.
Investors are cautioned that the drill results in this news release show potential to expand mineral resources on the Carmacks Project, however no current NI43-101 compliant resources or reserves have yet been estimated for Zones 2000S, 12 and 13.
|Table 1: Drill results from Phase II 2015 drilling, Zones 12 and 13, Carmacks Project.|
|Hole||Zone||From (m)||To (m)||Intercept width (m)||Au (g/t)||Ag (g/t)||Total Cu (%)||Oxide Cu (%)||Style|
|CN15-25||12||21.63||52.00||30.37||0.07||1.38||0.36||0.17||Oxide & Sulphide|
|CN15-27||12||33.65||56.05||22.40||0.03||0.48||0.15||0.08||Oxide & Sulphide|
|CN15-29||12||34.10||61.50||27.40||0.11||1.96||0.44||0.16||Oxide & Sulphide|
Quality assurance and quality control procedures include the systematic insertion of duplicate and standard samples in to the sample stream. Drill core samples were sawn in half, labelled, placed in sealed bags and were shipped straight to the preparatory laboratory of ALS Minerals in Whitehorse. All geochemical analyses were performed by ALS Minerals in North Vancouver. Total copper assays were performed by four-acid digestion with an AAS finish. Soluble copper assays were carried out by sulphuric acid digestion with an AAS finish. Gold was analysed by a 30 gram charge fire assay with an AAS finish. Silver was analyzed by four-acid digestion and ICP-AES finish.
Dr. Harlan Meade, P.Geo. is the Qualified Person responsible for the preparation of this news release.
On behalf of the Board of Directors:
Dr. Harlan Meade, President, CEO and Director
About Copper North
Copper North is a Canadian mineral exploration and development company. Copper North’s assets include the Carmacks Project located in the Yukon, the Redstone Property located in the Northwest Territories, and the Thor Property in British Columbia. Copper North trades on the TSX Venture Exchange under the symbol COL.
This news release includes certain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to results from current and previous exploration on the Carmacks Project; proposed exploration plans, their timing, and results achieved from such activity; the potential for expanding the known mineral resources; development, engineering and permitting activities, and their timing; and future economic operating results. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include, among others, the timing and success of current and future exploration and development activities; exploration and development risks; market prices; exploitation and exploration results; availability of capital and financing; general economic, market or business conditions; uninsured risks; regulatory changes; defects in title; availability of personnel, materials and equipment; unanticipated environmental impacts on operations; and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the current and proposed exploration and development of the Carmacks Project will proceed as planned; early exploration success will increase mineral resources; market fundamentals will result in sustained metals and mineral prices; and any additional financing needed will be available on reasonable terms. The Company expressly 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 otherwise required by applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.