#Mining #Stock
News- Coast Copper (TSX-V: $COCO.V) Makes New #Copper-
#Gold Discovery at Empire: 7.18 g/t Gold and 3.17% Copper over 16.3 m at Raven Bluff
Target; @CoastCopper_
Vancouver, BC, February 1, 2022- Investorideas.com Newswire, MiningSectorStocks.com Mining Stock News- Coast
Copper Corp. (TSX-V:
COCO) announces assay results for
the second batch of samples from its initial 19 drillhole (2,346 metre (“m”))
core drilling program completed in December 2021 on its optioned Empire Mine
Property (the “Property”); see news releases dated December
20, 2021
and January
25, 2022. Results reported in this news release
are from two drillholes and one partial drillhole (MW21-015, partial 016 and 017)
located in the Raven Bluff and Raven Pit approximately 200 m north of the past-producing
Merry Widow magnetite iron ore open pit mine (see Figure 1). Drill highlights
include 7.18 grams per tonne (“g/t”) gold (“Au”) and 3.17% copper (“Cu”) intersected
over 16.3 m at Raven Bluff: and 6.2 g/t Au over 1.67 m at Raven Pit. See
Table 1 for full list of highlights.
Read this news, featuring COCO in full at https://www.investorideas.com/news/2022/mining/02013TSXV-COCO.asp
The objective of drilling at the Raven Bluff
and Raven Pit targets was to test parts of the Property that, despite numerous
recommendations made over the years since 1988 by consultants, had remained undrilled.
The 2021 drillholes encountered significant copper and gold intercepts and more
drilling is clearly warranted.
At
Raven Bluff (see Figure 1) a detailed review of historical records,
compilation of previous geological mapping and our own site inspections
indicated that sulphide mineralization was more likely associated with
north-northwesterly trending greenstone dykes within a 200 m x 200 m area that has
never been adequately tested. Coast Copper’s drillholes MW21-015 &
MW21-016 were drilled as a preliminary test of this hypothesis and were
successful in intercepting semi-massive chalcopyrite and pyrrhotite bands, in
core lengths up to 16.28 m, associated with the margins of the greenstone
dykes. These sulphide-rich mineralized zones intercepted in hole MW21-015,
occurring as deep as 100 m below surface (see Figure 2 and Table 1), gave
assays of up to 7.18 g/t Au, 3.17% Cu over 16.28 m. Assay results have only
been partially completed for drill hole MW21-016, which was drilled below
drillhole MW21-015 returned initial assay results up to 0.55 g/t Au and 1.06%
Cu over 12.04 m and suggestive that the mineralization at Raven Bluff persists
to depth. Detailed controls to mineralization are still being determined and
complete assay results are awaited for the rest of MW21-016.
|
Table
1: 2021 Empire Drill Program Significant Raven Bluff Raven Pit Drill Results |
||||||||||
|
Zone |
Hole
ID |
From (m) |
To (m) |
Interval** (m) |
Au (g/t) |
Cu (%) |
Silver
(“Ag”) (g/t) |
Cobalt
(“Co”) (%) |
AuEq*** (g/t) |
CuEq**** (%) |
|
Raven Bluff |
MW21-015 |
15.76 |
16.30 |
0.54 |
4.67 |
5.81 |
38.6 |
0.192 |
16.62 |
10.10 |
|
and |
56.55 |
57.47 |
0.92 |
12.90 |
0.65 |
16.4 |
0.009 |
14.27 |
8.67 |
|
|
and |
77.53 |
79.42 |
1.89 |
11.47 |
0.51 |
13.7 |
0.011 |
12.60 |
7.65 |
|
|
and |
97.78 |
114.06 |
16.28 |
7.18 |
3.17 |
47.8 |
0.056 |
13.57 |
8.25 |
|
|
including |
100.46 |
105.16 |
4.70 |
16.86 |
0.22 |
1.7 |
0.004 |
17.28 |
10.50 |
|
|
including |
110.70 |
114.06 |
3.36 |
4.64 |
12.51 |
197.6 |
0.209 |
29.87 |
18.15 |
|
|
MW21-016 |
208.55 |
211.27 |
2.72 |
0.31 |
0.47 |
4.6 |
0.007 |
1.21 |
0.74 |
|
|
and |
266.96 |
279.00 |
12.04 |
0.55 |
1.06 |
12.2 |
0.007 |
2.52 |
1.53 |
|
|
including |
272.25 |
273.91 |
1.66 |
1.43 |
4.38 |
60.2 |
0.026 |
9.68 |
5.88 |
|
|
including |
278.00 |
279.00 |
1.00 |
2.49 |
3.49 |
30.2 |
0.021 |
8.84 |
5.37 |
|
|
and |
295.35 |
297.00 |
1.65 |
1.40 |
0.20 |
2.8 |
0.002 |
1.79 |
1.08 |
|
|
Raven Pit |
MW21-017 |
31.00 |
32.67 |
1.67 |
6.20 |
0.002 |
0.4 |
0.000 |
6.21 |
3.77 |
|
and |
32.67 |
34.70 |
2.03 |
0.36 |
0.28 |
9.9 |
0.067 |
1.61 |
0.98 |
|
|
and |
53.90 |
54.85 |
0.95 |
0.22 |
0.40 |
2.1 |
0.017 |
1.07 |
0.65 |
|
*The intervals reported
in this table represent drill intercepts and insufficient data is available at
this time to state the true thickness of the mineralized intervals. **The
Metal prices used in CuEq and AgEq calculations are as
follows: Gold $1750/oz, Silver $23.00/oz, Copper $4.20/lb and Cobalt $25/lb.
Recoveries are assumed to be 100% for the purposes of equivalent
calculations.*** The AuEq formula used for calculations is: AuEq g/t = Au g/t +
(Cu % x 1.65) + (Ag g/t x $0.013) + (Co % x $9.80).****The CuEq formula used
for calculations is: CuEq % = Cu % + (Au g/t x $0.608) + (Ag g/t x
$0.008) + (Co % x $5.95)
Historical
records indicate that the 21 m wide, north-trending Raven magnetite deposit with
associated sulphides: pyrrhotite, pyrite, sphalerite and chalcopyrite was mined
in the Raven Pit during 1959. As a magnetite resource, its high sulphide
content made the Raven deposit uneconomic and after extracting about 22,000
tons, the Raven deposit was abandoned and later backfilled with waste rock from
the Merry Widow Pit (J. Lund 1966). A substantial body of massive pyrrhotite,
with lesser chalcopyrite and pyrite (with gold and silver values reportedly
associated with these sulphides),
cut by late occurring calcite-sphalerite veins, was described as occurring near
the Raven Pit’s eastern boundary².
Coast Copper’s drillhole MW21-017 (see Figure 2 and Table 1 and 2) is the
first ever drillhole to be drilled under the backfilled Raven Pit and, after
passing through 30 metres of waste dump material, immediately cored into 4.70 m
of semi-massive pyrrhotite and chalcopyrite that assayed 6.2 g/t Au over 1.67 m
followed by 2.03 m grading 0.36 g/t Au and 0.28% Cu. Deeper in the hole, other
bands of massive magnetite of up to 8. 6m were encountered. It is important to
note that it appears that this drillhole clipped the top of the zone and now
that the historical pit and mineralization has been re-located subsequent
drillholes can be properly located to test the entire reported widths of this
> 20 m wide zone.
Adam
Travis, Coast Copper’s CEO commented, “We have now reported two new gold
discoveries at Raven Bluff and Raven Pit, one
of ten main target areas on the Property, to go along with our significant
copper and gold results released last week, which I would encourage everyone to
read. Our drill success at Raven Bluff opens up at least a 200 m x 200 m target
area. These new discoveries confirms our belief that additional areas on the
Property are prime exploration targets for new copper and gold discoveries as
previous operators either focused on the mining of magnetite or drilling in the
Merry Widow Pit. Even within the Merry
Widow area which is a small portion of the overall Property zones such as South
Pit, Lower Marten and Whiskey Jack have not been drilled. This is also another
step forward in proving that the Empire Mine Property covers a large district
scale potential with multiple target types (magnetite, copper/gold and zinc
skarns, gold and copper veins, Iron Oxide Copper-Gold) that have seen little to
no modern exploration. We look forward
to adding this drill core to our display at the AMEBC Roundup conference
February 3rd and 4th, 2022 in Vancouver, B.C.”
Coast Copper will continue to update
its geological interpretation and modelling and will report additional assay results
once received. Photos of select drill core will be available on the Coast
Copper website under the Empire Mine Property tab.
|
Table 2: Drill Hole Locations, Azimuth and
Dip |
|||||||
|
Hole ID |
Easting |
Northing |
Elevation m |
Total Length (m) |
Azimuth |
Dip |
Size |
|
MW21-015 |
624343.6 |
5579888 |
703.803 |
148.5 |
77 |
-45 |
NQ |
|
MW21-016 |
624343.2 |
5579887 |
703.85 |
309.0 |
80 |
-60 |
NQ |
|
MW21-017 |
624299.6 |
5579882 |
704.577 |
84.0 |
288 |
-45 |
NQ |
QA/QC Statement on Assay Results
The
2021 drill sample collection was supervised on-site by Coast Copper personnel
and sub-contractors who inserted certified standards, blanks, and field
duplicates consisting of quarter core samples into each batch of samples at
regular intervals. QA/QC samples account for 8% of the total samples sent
to the labs. Samples were sealed on site
and shipped to MSALABS in Langley, British Columbia for analysis. Samples
were prepared by crushing the entire sample to 70% passing -2mm, riffle
splitting of 1kg and pulverizing the split to better than 85% passing 75
microns. MSALABS also conducts a rigorous QA/QC policy by inserting
standards, blanks and conducting pulp duplicates on certain drill core
intervals.
All
samples were analyzed by 48 element ultra-trace 4-acid ICP digestion. Copper
assays >10,000 ppm and Ag assays >100 g/t were reanalyzed with an Ore
Grade method. The analytical results are verified with the application of
industry standard Quality Assurance and Quality Control (“QA/QC”) procedures. The
gold assays were determined by 30g fire assay with AAS finish method which
reports in parts per million (“ppm; equivalent to g/t). Any samples
greater than 10.0 g/t gold were re-analyzed by fire assay method with a
gravimetric finish.
Iron
ore analysis was determined by borate fusion and XRF finish.
Qualified
Persons
The
technical information contained in this news release has been prepared, reviewed,
and approved by Wade Barnes, P.Geo. (BC) of Tripoint Geological Services, Coast
Copper’s geological consultant and a Qualified Person within the context of
Canadian Securities Administrators' National Instrument 43-101; Standards of
Disclosure for Mineral Projects.
About
Coast Copper Corp.
Coast Copper’s exploration focus is the optioned Empire Mine
Property, located on northern Vancouver Island, BC, which covers three
historical open pit mines and two past-producing underground mines that yielded
iron, copper, gold and silver. Coast Copper’s other properties include its 100%
owned Eldorado, Gin and Bonanza properties located in BC’s prolific Golden
Triangle district which are adjacent to Newcrest Mining Limited’s and Imperial
Metals Corporation’s Red Chris Mine, its Knob Hill NW Property located on
northern Vancouver Island and its 100% owned Sterling, Sandy and Home Brew properties
which are located in central BC. Coast Copper’s management team continues to
review precious and base metals opportunities in western North America.
On
Behalf of the Board of Directors:
“Adam Travis”
Adam
Travis, Chief Executive Officer and Director
For
further information, please contact:
Adam Travis, CEO
Coast Copper Corp
409 Granville Street, Suite 904
Vancouver, B.C. V6C 1T2, Canada
P: 877-578-9563
NR22-02
Cautionary
Notes Related to this News Release and/or maps
1.
NI 43-101 Technical
Report: Giroux, G.H., & Raven, W. (November 30, 2008). Technical Report on
the Copper Gold Resources for the Merry Widow Property. Filed on SEDAR January
22, 2009. The 2008 Grand Portage resource estimate was completed by Gary H.
Giroux, P.Eng, MASc, of Giroux Consulting Ltd. in Vancouver, B.C. The estimate
was based on a 3D geological model integrating 4,448 metres of diamond drilling
of 43 drill holes, 2,290 assays, with 104 down-hole surveys collected between
June and December 2006. The resource was reported utilizing gold cut-off grades
ranging from 0.10 g/t to 3.00 g/t gold, as more particularly set out in the
report. A complete copy of the report is available on Grand Portage's public
filings on SEDAR (www.sedar.com). A gold cut-off grade of 0.50 g/t gold was
selected as representing one possible mining scenario. For the purposes of the
calculations, lognormal cumulative frequency plots were used to assess grade
distribution to see if capping of high values was required and if so at what
levels. For all elements, capping levels were established based on the
individual grade distributions as follows: Gold -- a total of 18 gold assays
were capped at 32.0 g/t gold, Silver --a total of 9 silver assays were capped
at 165 g/t silver, Copper -- a total of 7 assays were capped at 11.7% copper,
Cobalt -- a total of 5 assays were capped at 0.48% cobalt, Iron -- all iron
assays were capped at 50% iron (the analytical detection limit).
2.
2017 Prepatory/Physical
Report for the Blue Gold Project. Dan P. Berkshire,
James Hume. April 15, 2018. British Columbia Geological Survey Assessment
Report 37,471.
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.
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information
contained or incorporated by reference in this press release, including any
information regarding
the proposed Transaction, private placement, board and management changes, as
to
our strategy, projects, plans or future financial or operating performance,
constitutes "forward-looking statements." All statements, other than
statements of historical fact, are to be considered forward-looking statements.
Forward-looking statements are necessarily based on a number of estimates and
assumptions that, while considered reasonable by Coast Copper, are inherently
subject to significant business, economic, geological and competitive
uncertainties and contingencies. Although Coast Copper believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance. Known and unknown factors could cause actual results to differ
materially from those projected in the forward-looking statements. Such factors
include but are not limited to: fluctuations in market prices, exploration and
exploitation successes, continued availability of capital and financing,
changes in national and local government legislation, taxation, controls,
regulations, expropriation or nationalization of property and general
political, economic, market or business conditions. Many of these uncertainties
and contingencies can affect our actual results and could cause actual results
to differ materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that
forward-looking statements are not guarantees of future performance and,
therefore, readers are advised to rely on their own evaluation of such
uncertainties. All of the forward-looking statements made in this press
release, or incorporated by reference, are qualified by these cautionary
statements. We do not assume any obligation to update any forward-looking
statements.
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