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American Copper Corp. Acquires Ridgestake Copper-Gold Project in Prolific Mining Belt and Adjacent to Taseko Mines' New Prosperity Project
Marketwired
DENVER, CO--(Marketwired - Aug 12, 2013) - American Copper Corp. (OTCBB: AMCU) (herein after "American Copper" and/or "the Company") announces the Company's acquisition of the Ridgestake Copper-Gold Project as of June 2013. The copper-gold-silver-molybdenum prospect is located 77 miles (125 km) SW of Williams Lake in south-central British Columbia (BC), Canada, (just north of the Washington state border). The prospect is accessed via Provincial Highways and established forestry resource roadways.
The Ridgestake Prospect comprises 7 mineral claims totaling ~7,733 acres (3,129.48 hectares). The claims lie in a prolific mineral belt covering a 60-mile (100-km) area that contains several zones of copper and gold mineralization.[1]
Within the belt, and immediately adjacent to the prospect, is one of Canada's largest undeveloped copper-gold projects: the New Prosperity Project, which is under development by Taseko Mines (NYSE: TGB). The New Prosperity Project represents Proven and Probable reserves of 3.6 billion pounds of copper and 7.7 million ounces of gold.[2] New Prosperity is projected to produce an average 108 million pounds of copper and 247 thousand ounces of gold per year over a 20-year mine life.[3]
Mining activity and other deposits within the mineral belt include Bralorne Pioneer mine (4.2 million oz of gold production), Poison Mountain (280 Mt reserves at 0.261% copper & 0.142 g/t gold), Taseko Empress deposit (11 Mt at 0.61% copper & 0.023 oz/t gold), Pellaire deposit (estimated 90,000 tons at 0.79 oz/t gold; produced 2000 oz in 2002), and Taylor-Windfall (past gold producer).[1]
Roughly 18 miles (30 km) NE of the Ridgestake Prospect, the Newton Joint Venture includes 4 porphyry-style copper-molybdenum drill targets that Amarc Resources (TSX VENTURE: AHR) has identified for drill testing. Further north, Amarc also discovered the important Newton bulk tonnage gold deposit in 2010. The Newton deposit represents inferred mineral resources of 111.5 Mt grading 0.44 g/t gold and 2.1 g/t silver, containing 1.6 million ounces of gold and 7.7 million ounces of silver. The Newton deposit is located in the province's new gold belt, which also includes New Gold Inc.'s (TSX: NGD) 10+ million ounce bulk tonnage Blackwater gold deposit.[4]
The Ridgestake Prospect represents at least 2 types of potential mineralization. The first is copper-gold mineralization of the type related to porphyry copper systems, as at Taseko Mines' Prosperity deposit and other deposits in the belt. Porphyry copper systems have been exploited as bulk tonnage operations for over 100 years and account for the bulk of the world's copper production. The second potential type of mineralization is complex gold-copper mineralization similar to the Blackwater gold deposit to the northwest. Although possibly porphyry-related, this type of mineralization has strong stratigraphic and structural controls on mineralization distribution. The Newton discovery to the north of the property and to the north of the Prosperity deposit is interpreted to be of this type.[1]
American Copper is currently developing a rigorous exploration program to evaluate the Ridgestake Prospect's mineral potential. Program details will be announced as they become available.
American Copper's CEO, Alexander Stanbury, commented: "We couldn't be happier with our acquisition of the Ridgestake Copper-Gold Prospect. We're close to the US in mining-friendly Canada, and within Canada's leading copper producing province, BC. We're surrounding by rich mineralization and industry activity while being close to West Coast ports that service export markets. And we're targeting copper and gold in particular, both of which are in-demand metals. Our focus now is further exploration of the asset."
FOR ADDITIONAL INFORMATION Read more about the Ridgestake Copper Prospect and additional information about the Company and its latest press releases at American Copper Corp's official website: http://www.american-copper.com.
ABOUT AMERICAN COPPER CORP American Copper Corp is a publicly traded (OTCBB: AMCU), Denver, Colorado-based exploration and mining company targeting copper, gold and other metals and minerals. The Company continues to position itself for dynamic growth potential by using the latest exploration technologies and by targeting regions with proven copper production. The Company's Ridgestake Copper Prospect is located in a prolific mineral belt north of Washington state and immediately adjacent to one of Canada's largest undeveloped copper-gold projects: the New Prosperity Project, which represents Proven and Probable reserves of 3.6 billion pounds of copper and 7.7 million oz of gold.*
* Taseko Mines website, Jan. 18, 2013.
ON BEHALF OF THE BOARD OF DIRECTORS,
American Copper Corp Alexander Stanbury - CEO
1600 Broadway Suite 1600 Denver, Colorado 80202
This press release may include certain statements that are forward-looking in nature and that involve a number of uncertainties and risks. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in this press release are based on American Copper Corp's current projections and expectations in regard to future events, which are based on currently available information. The forward-looking statements in this press release may also include statements relating to American Copper Corp's anticipated business prospects, strategies, new developments, financial performance and similar matters. American Copper Corp disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
Cautionary Note to U.S. Investors: The United States Securities and Exchange Commission permits US companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We may use certain terms in this press release, such as "measured," "indicated," and "inferred resources," which the SEC guidelines prohibit US registered companies from including in their filings with the SEC. US investors are urged to consider closely the disclosure in our Form 10-K which may be secured from us, or from our website at http://www.american-copper.com.
SOURCES: 1. Ridgestake Yalakom Prospect Report, Dr. Stewart A. Jackson Ph.D, P.Geol, P.Geo, Dec. 12, 2012. 2. Taseko Mines website, Jan. 18, 2013. 3. New Prosperity Project website, Jan. 18, 2013. 4. Amarc Resources website, Jan. 18, 2013.
