Vancouver, British Columbia--(Newsfile Corp. - September 3, 2024) - CopperCorp Resources Inc. (TSXV: CPER) (OTCQB: CPCPF) ("CopperCorp" or the "Company") is pleased to announce that it has expanded the Skyline Project land holdings with new exploration licences added directly adjoining its 100% owned Razorback Copper-Gold-REE property in western Tasmania, Australia.
Highlights
Combined 65km2 of new exploration licence holdings (granted and under application) expands and consolidates the Skyline Project group of southern tenements into a contiguous package covering an area of 332km2 over 58km of continuous strike.
The expanded Skyline Project now comprises five 100%-owned exploration licences covering a combined area of 569km2, further consolidating the Company's landing holding over the district-scale Cu-Au opportunity. The Company's land holding in western Tasmania now totals 1,878km2.
New Exploration Licence application EL11/2024 contains highly prospective ground situated on the Linda Transfer Zone structure that also hosts the Mt Lyell Cu-Au camp located within 2km of EL11/2024.
Drilling access now completed at Jukes. Drill contractor scheduled to mobilise to site early- to mid-September.
Stephen Swatton, President and CEO of CopperCorp, commented:
"This announcement confirms our confidence in the potential of the mineral endowment of the ground south of the Mount Lyell copper-gold mining camp. The geological team have done a tremendous job consolidating this land position in a highly prospective and prolific mining jurisdiction which is integral to the state's wealth and growth plan. We look forward to starting our inaugural drill program at Jukes this month, the details of which will be announced once we have commenced."
Expanded Skyline Project
The Skyline Project (Figure 1) has now been expanded to include the recently granted EL14/2023 and new application EL11/2024, as well as the existing EL16/2018, EL24/2020 and EL8/2023 properties and now covers a combined area of 569km2, along 92km of combined strike length over the eastern margin of the highly mineralized Cambrian-aged Mount Read Volcanics (MRV).
Four large-scale mines occur within 10km of the consolidated Skyline Project, all hosted within the MRV - including the Tier 1 Mount Lyell Cu-Au deposit (3 Mt contained Cu and 3 Moz contained Au @ 1.0% Cu and 0.3g/t Au), the world class Rosebery and Hellyer polymetallic VMS deposits, and the Henty Au deposit (1.64 Moz Au @ 12.5 g/t Au) (Figure 1).
Western Tasmania is an established mining region located within a low-risk, stable jurisdiction with a long, 150-year exploration and mining history. The region is rich in diverse mineral resources with large-scale multi-generational mines, established infrastructure, local skilled labor, and rail-to-port networks. The region is supplied by 100% renewable energy.
EL11/2024 (Application)
Exploration Licence application EL11/2024 comprises 37km2 of ground directly adjoining the northeastern margin of EL8/2023 (Razorback) and the southern boundary of EL16/2018 (Walford Peak). The licence area covers highly prospective ground over the Tyennan Margin Fault and the NW-trending Linda Transfer Zone (Figure 2).
Regional structure of the MRV is marked by longitudinal, subduction-parallel, broadly N-S trending syn-volcanic growth faults cut by NW- to WNW-trending transfer structures, including the Linda Transfer Zone. The location of the Mt Lyell Cu-Au camp as well as other significant deposits in the MRV show close spatial relationships to N-S growth faults (e.g. the Great Lyell Fault at Mt Lyell), with many deposits additionally located proximal to the intersection of the N-S growth faults and cross-cutting transfer structures.
Preliminary review of EL11/2024 indicates a set of coincident to offset magnetic and residual gravity anomalies located at the Linda South target, immediately south of the Company's Linda target zone within EL16/2018 (now renamed Linda North). The magnetic and gravity features are under a thick (>200m) sequence of barren cover and have never been drill tested although previous surface exploration has confirmed the presence of zoned hydrothermal alteration in the cover rocks at Linda South with similar mineralogy to alteration observed the upper and peripheral levels of the Mt Lyell Cu-Au system. The Company is currently undertaking a technical review of the EL11/2024 and looks forward to providing further updates upon the anticipated granting of the licence.
EL14/2023 (Granted)
Recently granted Exploration Licence EL14/2023 comprises 28km2 directly adjoining the southern margin of EL8/2023 (Razorback). The area is considered prospective of IOCG style mineralization extending southwards under cover from the South Darwin prospect. The licence was granted on June 27th 2024, and is currently the subject of a historical exploration and technical review.
Jukes Zone Drilling Update
The construction of drilling access tracks at the Jukes prospect is now complete. Initial drilling is anticipated to commence early- to mid-September following mobilization of the drill rig to site. An update will be provided on commencement of drilling.
Figure 1. CopperCorp exploration licences and project areas in western Tasmania.
Figure 3. Location of the Razorback property and new Exploration Licences (ELs) relative to the Mt Lyell copper-gold mine. Blue outlines are CopperCorp's 100% owned licenses.
Additionally, CopperCorp announced that it has entered into a Digital Marketing Services Agreement (the "Agreement") with Senergy Communications Capital Inc. ("Senergy") pursuant to which Senergy will provide certain digital marketing services (the "Services") to the Company.
The Services provided by Senergy will include, but not be limited to, digital advertising, media program management and coordination, email marketing, shareholder engagement reports and social media analytics reports. The Agreement has a term of three (3) months. As consideration for the provision of the Services, and in accordance with the terms and provisions of the Agreement, the Company will pay Senergy a fee of C$50,000 plus GST.
Senergy is a British Columbia based company headed by Aleem Fidai who is operating at arm's length from the Company. Senergy owns 0 (zero) shares of the Company, and neither Senergy nor any of its principals and affiliates holds any other interest, direct or indirect, in the Company.
About CopperCorp
CopperCorp is focused on the exploration and development of its Skyline, AMC, and Whisky Creek copper-gold-REE projects in western Tasmania. The company is well-financed with approximately C$4.1M in working capital as reported in the August 27, 2024 news release1.
Qualified Person & National Instrument 43-101 Disclosure
The Company's disclosure of technical or scientific information in this news release has been reviewed and approved by Sean Westbrook, VP Exploration for the Company. Mr. Westbrook is a Qualified Person (QP) as defined in National Instrument 43-101.
Information on historical and recent prospecting, mining, and exploration activities at the Skyline Project group of properties contained within this news release has been reviewed and verified by the Qualified Person. In the opinion of the Qualified Person, sufficient verification of historical and new data has been undertaken to provide sufficient confidence that past exploration programs were performed to adequate industry standards and the data reported is fit for substantiating the prospectivity of the project in general, supporting the geological model/s proposed, planning exploration programs, and identifying targets for further investigation.
This news release contains information about adjacent properties on which the Company does not have an interest. The QP has been unable to verify the information on these adjacent properties and the information is not necessarily indicative to the mineralization on the properties that is the subject of this news release.
References
1CPER: TSXV Interim MDA for the Period Ended June 30 2024, 27th August 2024
CPER: TSXV News Release 26th August 2024 CPER: TSXV News Release 19th August 2024 CPER: TSXV News Release 13th May 2024 CPER: TSXV News Release 4th March 2024 CPER: TSXV News Release 18th January 2024 CPER: TSXV News Release 15th November 2023 CPER: TSXV News Release 20th September 2023 CPER: TSXV News Release 6th June 2023
Adjacent Property (Mt Lyell) Information Sources: Sibanye-Stillwater company website information as of May 12th 2024 New Century Resources: ASX Announcement 23rd January 2023 New Century Resources: ASX Announcement 27th October 2021
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain "forward-looking statements" under applicable Canadian securities legislation relating the Company's expectation and plans regarding the Skyline Project in Tasmania; the granting of exploration licence EL11/2024; plans for future exploration and drilling at the Jukes prospect and the timing of same; the merits of the Company's mineral projects and other plans of the Company. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "encouraging", "expects", "plans", "anticipates", "believes", "interpret", "intends", "estimates", "projects", "aims", "suggests", "often", "target", "future", "likely", "pending", "potential", "goal", "objective", "prospective", "possibly", "preliminary" and similar expressions, or that events or conditions "will", "would", "may", "can", "could" or "should" occur, or other statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and that such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Factors that could cause future results to differ materially from those anticipated in forward-looking statements include risks associated the timing and outcome of the approval process for final granting of the EL11/2024 application; that the Company may experience difficulties in exploration and drilling and carrying out related work; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; possible accidents; the possibility that the Company may not be able to secure permitting and other governmental approvals necessary to carry out the Company's plans; the risk that the Company will not be able to raise sufficient funds to carry out its business plans; the possibility that future exploration results will not be consistent with the Company's expectations; increases in costs; environmental compliance and changes in environmental and other local legislation and regulation; interest rate other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors and exchange rate fluctuations; changes in economic and political conditions; and other risks involved in the mineral exploration industry. The reader is urged to refer to the Company's Management's Discussion and Analysis, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR+) at www.sedarplus.ca for a more complete discussion of risk factors and their potential effects.
Forward-looking statements are based on a number of assumptions, including management's assumptions about the following: the availability of financing for the Company's exploration activities; operating and exploration costs; the Company's ability to attract and retain skilled staff; timing of the receipt of necessary regulatory and governmental approvals; market competition; and general business and economic conditions. The Company 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 required by law.
Neither TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
