VANCOUVER, BC, Dec. 10, 2024 /CNW/ - Coast Copper Corp. ("Coast Copper" or the "Company") (TSXV: COCO) is pleased to announce the results of its second phase work program on its 100% owned Knob Hill NW property as well as the acquisition of the Hanson property in northwestern British Columbia ("BC"), Canada.
Knob Hill NW Property Update (Northern Vancouver Island, BC) As announced on September 23, 2024, Coast Copper completed a second phase program on its Knob Hill NW property located on northern Vancouver Island at the west end of the historical Island Copper Belt. This work followed up on initial copper ("Cu") and gold ("Au") results noted along the magnetic highs and along trend with Northisle Copper and Gold Inc.'s ("Northisle") Cu-Au porphyry deposits¹. The gold-rich, porphyry-style copper mineralization at Northisle's NW Expo deposit was delineated in 2024 and is located 4 kilometers ("km") east of the Knob Hill NW property.
The Northisle deposits are spatially related to tabular magnetic high geophysical features which are similar to those observed on the Knob Hill NW property in the area where Coast Copper's 2024 field work collected rock and moss mat samples that are highly anomalous in copper and gold. The fall 2024 sampling results returned elevated copper-in-soils (copper values up to 1,031 parts per million) from the west central portions of the property and are associated with a 1.1 km by 3.6 km magnetic high. The elevated gold (gold values up to 863 parts per billion) in moss mat samples occur along the southeastern portion of the property and are located on the edge of a large magnetic high trend similar to Northisle's deposit¹. This combined area represents a large 4 km by 7 km region containing interesting magnetic data bracketed by anomalous copper and gold in limited sampling. Further prospecting, mapping and soil sampling is recommended in 2025.
Hanson Property Acquisition (Babine Porphyry Belt, see Figure 1) Coast Copper is pleased to announce that it has staked the road accessible Hanson property located 150 km west- northwest of Prince George in the Babine Region of northwestern BC and 25 km north of Centerra Gold Inc.'s Endako Molybdenum ("Mo") mine. Given the widespread glacial cover, there is a possibility of finding a significant porphyry deposit particularly in areas that were not previously tested by drilling.
The Hanson property is within the southern portion of the under explored Stikine Terrane, one of BC's most prolific Cu-Mo-Au belts which includes Glencore Canada Corp.'s past producing Bell and Granisle mines, the Endako mine and Pacific Booker Minerals' advanced stage Morrison deposit. In addition, new discoveries and active exploration programs on the north part of the belt by American Eagle Gold at its NAK Cu-Au porphyry and Amarc Resources/Boliden Minerals at their Duke Cu-Mo porphyry ¹ provide evidence of continuing success in the area.
The Hanson property overlies a complex mix of intrusive, extrusive and metamorphic rocks that are extensively covered with glacial overburden, but where exposed, frequently exhibit alteration and host sulphide mineralization characteristic of intrusive related hydrothermal systems.
Mineralization at Hanson occurs as:
low-grade copper and molybdenum in fracture controlled stockworks within coarse grained quartz monzonite,
silicified zones with anomalous gold, silver, zinc, lead in quartz porphyry/quartz feldspar porphyry of probable Tertiary age,
silicified zones with anomalous zinc, lead, gold and silver values in felsic breccia, and
shear zones with anomalous copper and gold in older quartz diorite/amphibolite.
Sulphides occur in all areas principally as chalcopyrite, sphalerite, molybdenite and galena. Many of the soil anomalies and coincident ground IP anomalies defined by previous work have not been fully tested and these may be related to sulphide mineralization in bedrock. A 2012 airborne geophysical survey suggests there are significant conductivity anomalies outside of the main areas of previous exploration².
There has been intermittent historical work conducted on the Hanson property since the 1960's, with results highlighted by:
1972 drillhole H2 which returned 9.14 meters ("m") of 20.0 grams per tonne ("g/t") Ag, and 0.60 g/t Au ².
1973 drillhole P8 which returned 91.44 m of 0.15% Cu and 0.012% Mo ².
Trench 89-T-12 completed in 1989 returning 0.37 g/t Au, 1.4 g/t Ag and 0.295% Cu over 70.2 m ³, and
1990 drillhole H90-3 which returned 22 m of 0.2% Cu and 0.1 g/t Au ².
Coast Copper will continue its review and compilation of the historical work on the property in preparation for the 2025 exploration field season.
Adam Travis, CEO comments: "In May 2024 we proposed to use proceeds from a private placement for the following four main objectives:
to make the final payment due September 2024 in relation to the Company's optioned Empire Mine property mineral claims (completed May 28, 2024);
to conduct field work on the newly acquired Sully property located adjacent to PJX Resources Inc.'s Dewdney Trail property¹ (completed September 23, 2024);
to continue Coast Copper's strategic mineral property acquisition program with the acquisitions of the Sweeney and the Hanson Properties by low cost staking and acquisition (August 14, 2024 and September 3, 2024 ); and
for working capital and general corporate purposes.
We have successfully achieved these milestones in a very cost-effective manner. We continue to target the expansion of the mineral resource estimates at our flagship Empire mine project and are also reviewing many other corporate and property opportunities that may strategically position the Company for success in a rising metals market. Our recent acquisition of the Hanson property by staking an underexplored portion of the Stikine Terrane is an example of this strategy. Although the property is under glacial cover, where rocks are exposed, they are frequently altered and mineralized which bodes well for the potential for new discoveries, similar to others that have been previously made in the same region."
AGM Results At the Company's Annual General Meeting held on December 4, 2024, all resolutions presented to shareholders were overwhelmingly approved with over 40% of total shares outstanding voted in favor of each resolution. The following resolutions were approved by the Company's shareholders:
The number of Directors of the Company was set at four (4);
Fletcher Morgan, Adam Travis, Dale Wallster and Dan Berkshire were elected Directors of the Company; and
Davidson & Company LLP, Chartered Professional Accountants, were re-appointed as the auditors of the Company.
Stock Option Grant The Company also announces that it has granted a total of 2,025,000 stock options to Directors, Officers, employees and consultants of the Company. Each stock option is exercisable into one common share of the Company, subject to certain vesting requirements, at an exercise price of $0.05 per share with an expiry of December 9, 2029. The stock options are subject to TSX Venture Exchange approval.
Qualified Persons The technical information contained in this news release has been prepared, reviewed, and approved by Wade Barnes, P.Geo. (BC), Coast Copper's geological consultant and a Qualified Person within the context of the Canadian Securities Administrators' NI 43-101; Standards of Disclosure for Mineral Projects.
About Coast Copper Corp. Coast Copper's primary exploration focus is the 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. In 2023, Coast Copper launched a generative program aimed at advancing its other properties in parallel with Empire. In 2024, Coast Copper acquired two new projects bringing its total number of 100% owned projects in BC to six, consisting of the mineral titles comprising the Empire Mine property, the Sully property located in southeastern BC, the Knob Hill NW property located on northern Vancouver Island, the Home Brew property located in central BC, its Sweeney property located in the central interior of BC and its Scottie West property located in the "Golden Triangle" of northern BC. Coast Copper's management team continues to review precious and base metal opportunities in western North America.
On Behalf of the Board of Directors: "Adam Travis" Adam Travis, Chief Executive Officer and Director
Cautionary Notes in News Release and/or Maps 1 This news release may contain information about adjacent properties on which Coast Copper has no right to explore or mine. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties. 2 BC Assessment Report 33,278 and 34,087, prepared for Stone Ridge Exploration Corporation in 2012 and 2013 3 BC Minfile Record Summary 093K 125. MINFILE Mineral Inventory. 4 Amarc Resources Ltd website, Duke Project Highlights map
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 a guarantee 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.
